WANdisco

LN: WAND

£328.3m market cap

729p last close

WANdisco is a distributed computing company. It has developed a suite of solutions based on proprietary replication technology, which solve critical data management challenges prevalent across cloud computing, big data and the ALM software markets.

Investment summary

WANdisco’s designation as an Amazon Web Services (AWS) Advanced Technology Partner strengthens its position in the cloud ecosystem. We believe that a large, strategic deal remains in the pipeline, and the $17.5m capital raising (at a premium), should reassure potential partners. Our estimates are adjusted to reflect the new shares, but are otherwise unchanged. As highlighted in our last update note, there could be upside to FY19 estimates if a strategic deal is secured.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2016A 11.4 (7.5) (16.4) (46.9) N/A N/A
2017A 19.6 (0.6) (7.8) (18.6) N/A 541.3
2018E 18.7 (5.9) (13.4) (30.2) N/A N/A
2019E 31.8 1.3 (6.5) (13.7) N/A 79.3
Last updated on 21/02/2019
Industry outlook

WANdisco’s core Fusion product enables clients to move large amounts of data over large distances while still using it. This capability means that the company is exceptionally well placed to benefit from the rapid shift of data to the cloud (both for pure cloud and hybrid environments) and potentially Blockchain as well.

Last updated on 21/02/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (US$m) 10.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 41.8 94.4 (0.1)
Relative* 37.1 86.9 0.7
52-week high/low 1250.0p/340.0p
*% relative to local index
Key management
David Richards CEO
Erik Miller CFO

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