New contract, fundraising and Indian developments
Hardman & Co Research on Cyanconnode (CYAN): New contract, fundraising and Indian developments
CyanConnode is awaiting news with respect to the first large tranche of smart meter contracts in India, for which it is an established supplier of intelligent communications modules. In the meantime, contract wins in other markets continue; for example, this week's announcement of a win in the Middle East and North Africa (MENA) region, which we expect has a multi-million pound value. The recent fundraising of £2.0m gross saw strong investor support ‒ this was a growth-centric initiative as the new funds will be primarily used to fund inventory of components in short supply and/or have longer lead times. Our DCF-implied fair equity value is £91.4m compared with the current market capitalisation of £40.5m.
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