£257.2m market cap
570p last close
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 Amazon and Microsoft.
Investment summary
WANdisco continues to make substantial strategic progress. It recently announced a strategic deal with a major enterprise cloud vendor for both data migration and replication, while new partnerships with Neudesic and Databricks aim to address the opportunity to migrate on-premise Hadoop data to the cloud. The full financial benefits of these partnerships will take time to feed through but in our view the company’s exceptional growth prospects and potential strategic value justify a premium rating.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 19.6 | (0.6) | (7.8) | (19.4) | N/A | 374.1 |
| 2018A | 17.0 | (9.4) | (16.3) | (37.5) | N/A | N/A |
| 2019E | 31.3 | (0.4) | (7.4) | (16.9) | N/A | 41.8 |
| 2020E | 40.7 | 6.2 | (0.8) | (2.0) | N/A | 43.5 |
| Last updated on 18/09/2019 | ||||||
Industry outlook
WANdisco 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. Ahead of a shift to recurring revenue visibility is limited but our scenario analysis suggests $84m by FY23 as a base case (a fivefold increase from FY18 levels).
Last updated on 18/09/2019
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Share price graph
Balance sheet |
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| Forecast net cash (US$m) | 23.3 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| David Richards | CEO |
| Erik Miller | CFO |
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