WANdisco

LN: WAND

Market Cap£148m

Last Close 247p

WANdisco’s proprietary replication technology enables its customers to solve critical data-management challenges created by the shift to cloud computing. It has established partner relationships with leading players in the cloud ecosystem including Oracle, Amazon, IBM and Microsoft.

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Investment summary

WANdisco’s (WAND’s) Q122 trading update demonstrated that the momentum we reported on earlier this year has continued, with bookings and remaining performance obligations up significantly. The company’s momentum is in line with our expectation that as WAND continues its transition to a consumption-based model, it should generate more predictable revenues. This is shown by the recent growth in remaining performance obligations (up 49%). Our estimates for FY22 may be conservative, especially if WAND continues to build on its momentum, but we leave our forecasts unchanged pending the FY21 results announcement.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 16.2 (11.7) (18.4) (38.8) N/A N/A
2020A 10.5 (22.2) (30.4) (57.3) N/A N/A
2021E 6.0 (29.2) (37.3) (59.3) N/A N/A
2022E 10.0 (24.7) (31.8) (50.1) N/A N/A
Industry outlook

The shift to the cloud is arguably the most significant trend in enterprise computing today. It enables enterprises to reduce the cost of storing huge and rapidly expanding datasets, while enhancing the performance of business-critical functions. By providing guaranteed consistency for these datasets, WANdisco’s LiveData accelerates this shift in three ways: data migration, hybrid cloud and multi-cloud.

Last updated on 24/05/2022
Content on WANdisco
WANdisco – Multiple contract wins bolster momentum
TMT | research Update | 11 April 2022
WANdisco – Momentum in bookings and RPO
TMT | research Flash note | 7 February 2022
WANdisco – Deepening the Oracle partnership
TMT | research Flash note | 1 February 2022
View more
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Share price graph
Balance sheet
Forecast net cash (US$m) 22.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (10.8) (8.5) (41.1)
Relative* (10.2) (8.1) (43.2)
52-week high/low 425.0p/222.5p
*% relative to local index
Key management
David Richards CEO
Erik Miller CFO