WANdisco

LN: WAND

Market Cap£201m

Last Close 338.5p

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 Microsoft and AWS.

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Investment summary

Following the integration of LiveData with leading cloud vendors (Microsoft and AWS) and the recent signing of major partnership deals, including a recent deal with South African financial services group Sanlam to migrate hundreds of terabytes of data, all the pieces are now in place for a big acceleration in growth in FY21. WANdisco expects commercialisation of these deals to begin shortly and, predicated on migrating over 130PB of data in FY21, is guiding to sales of ‘at least $35m’. We expect sales to rise to $60m in FY22. H121 results should be released on 30 September.

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 37.0 (2.4) (9.4) (16.9) N/A N/A
2022E 60.0 15.3 8.4 14.2 32.6 17.4
Industry outlook

The rapid adoption of cloud computing coupled with WANdisco’s proprietary technology creates a significant opportunity for both long term growth and high margins in our view. The company has set out its ambition to generate annual revenue of at least $100m in the next three to five years from a combination of 1) data migration; 2) hybrid cloud; and 3) multi-cloud. Our analysis suggests that the Microsoft relationship alone could generate more than $80m in annual revenues by 2023 with the data migration element alone presenting a $1.4bn opportunity in the long term.

Last updated on 20/10/2021
Content on WANdisco
WANdisco – executive interview
TMT | Edison TV | 17 May 2021
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Share price graph
Balance sheet
Forecast net cash (US$m) 44.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 8.5 (16.4) (24.8)
Relative* 5.0 (20.2) (39.4)
52-week high/low 540.0p/260.0p
*% relative to local index
Key management
David Richards CEO
Erik Miller CFO