matrix-2953869_1920

All the pieces now in place

WANdisco 6 May 2021 Update
Download PDF

WANdisco

All the pieces now in place

FY20 results

Software & comp services

6 May 2021

Price

450p

Market cap

£267m

US$:£1.38

Net cash (US$m) est. end April 21

52.4

Shares in issue (reflecting capital raise)

59.4m

Free float

92%

Code

WAND

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(3.9)

(5.3)

(16.7)

Rel (local)

(7.7)

(12.4)

(33.0)

52-week high/low

820p

410p

Business description

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.

Next events

H120 results

August-September 2021

Analysts

Dan Gardiner

+44 (0) 3077 5700

Dan Ridsdale

+44 (0) 3077 5729

WANdisco is a research client of Edison Investment Research Limited

With headline figures already disclosed, the key feature of WANdisco’s FY20 results is the outlook. The commentary is largely unchanged from March (see Capital raising and Snowflake partnership). Following the integration of LiveData with leading cloud vendors and the recent signing of major partnership deals, all the pieces are now in place for a big acceleration in growth in FY21. The company reiterated FY21 sales guidance of ‘at least $35m’ and its focus is now on execution. We make no changes to our FY21 estimates (sales of $37m) and introduce an FY22 sales forecast of $60m premised on reaching a run-rate of c $15m in Q421.

Year end

Revenue ($m)

EBITDA*
($m)

EBIT*
($m)

EPS*
(c)

EV/sales
(x)

EV/EBITDA
(x)

12/19

16.2

(11.7)

(18.5)

(38.8)

21.1

N/A

12/20

10.5

(22.2)

(28.5)

(57.3)

30.1

N/A

12/21e

37.0

(2.4)

(9.4)

(16.9)

8.6

N/A

12/22e

60.0

15.3

8.4

14.2

5.3

20.7

Note: *EBITDA, EBIT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

FY20: Aligning the ecosystem

WANdisco made significant strategic progress in FY20, launching LiveData products with both leading cloud vendors (Microsoft Azure, AWS) and signing an important partnership agreement with Infosys. With the product now integrated and sold on a metered basis, the ecosystem is aligned and incentivised to support deployment.

FY21: Executing on the opportunity

WANdisco reiterated the enormous market opportunity it is addressing (200–300 Exabytes of data to be migrated to the cloud according to Microsoft) and the unique attributes of its LiveData solution (the only petabyte scale solution). With the ecosystem aligned, FY21 is about executing on its opportunity. While there is little new commentary on current trading, WANdisco references a strengthening pipeline and reiterated all its FY21 guidance metrics: sales of ‘at least $35m’, migrating 130PB of data (100PB on Azure and 30PB on AWS) and signing 50+ customers.

Forecasts: FY21 unchanged, $60m revenue for FY22

Having tweaked our FY21 forecasts in March we leave them unchanged for now. Forecasting will become easier as evidence of the growth trajectory emerges. The company aims to generate 30% of sales in H1 (ie at least $10.5m) and will publish new KPIs shortly. We introduce an FY22 revenue forecast of $60m premised on reaching a run-rate of c $15m in Q4FY21. Much of this incremental revenue in FY22 should drop down to profits. We forecast EBITDA of $15m in FY22.

Valuation: Awaiting revenue growth catalyst

Our DCF-based analysis highlights the value LiveData could create as it is adopted by major cloud vendors and their customers. We estimate the current 450p price implies revenues reaching $197m by 2030 and a 43% EBIT margin. This valuation is highly sensitive to growth assumptions and gauging longer-term prospects will become easier as evidence of the LiveData adoption rate emerges during H121.

All the pieces are in place

Headline financials already disclosed

Given headline figures had already been disclosed (see Momentum in Q4 and confirmed FY21 guidance) and refer to a period that ended four months ago, arguably there is little new data in the FY20 results that is directly relevant to WANdisco’s financial prospects. Nevertheless we note that the FY20 financial performance was underwhelming: despite good growth in big data revenue (up 18% y-o-y overall), revenue fell 35% y-o-y to $10.5m and EBITDA losses widened to $22m (FY19 loss of $11.7m). Much of the strategic progress made in the year (see below) occurred in H2 and therefore had a limited impact on FY20 financial performance.

FY20: Aligning the ecosystem

Of more significance in our view is the strategic progress made by WANdisco during FY20. The company launched an integrated LiveData product with both Microsoft Azure and AWS, the two largest cloud platform providers, and signed an additional deal with IBM to develop a similar product. It added Infosys to its roster of important partnership agreements and signed a further, potentially significant, deal with Snowflake in Q121. Snowflake is a large, rapidly growing, cloud player and is becoming a destination of choice for US enterprises (in particular) looking to migrate on-premise Hadoop workloads to the cloud. Given WANdisco already has a partnership with Databricks (an alternative platform), it effectively now has agreements with the top two destinations for Hadoop data, as well as the two largest platforms. In combination, these relationships give it the ability to address the majority of the market. With LiveData now fully integrated at the two leading cloud vendors and sold on a metered basis as part of existing solutions, the cloud ecosystem is aligned and incentivised to support deployment.

FY21: Executing on the opportunity

Microsoft estimates a total addressable market (TAM) of 200–300 exabytes of analytic data, currently stored on premise, that will be migrated to the cloud at some point. Based on this analysis we conservatively estimate WANdisco could generate annual revenue through just the Azure platform of over $80m by 2023. In addition to Azure and AWS, the company is planning to integrate LiveData into Google’s cloud platform offering. With the ecosystem aligned, FY21 is about executing on that opportunity.

Recent product testimonials emphasise that WANdisco’s LiveData solution is viewed as the only credible ptabyte scale solution on the market currently. According to Merv Adrian from Gartner, ‘LiveData's ability to move petabytes of data without interrupting production and without risk of losing the data mid-flight is something no other vendor does.’

WANdisco has reiterated all its FY21 guidance metrics: sales of ‘at least $35m’, migrating 130PB of data (100PB on Azure and 30PB on AWS) and signing 50+ customers. However, other than referencing a strengthening pipeline, there is little detailed commentary on current trading to understand the growth trajectory. The company indicates it will update the market in the short term and will introduce three new KPIs to help investors track progress:

customer wins;

notional Monthly Recurring Revenue (based on metered billings plus an estimate of subscription revenue converted into MRR); and

customer retention rate.

It also indicates it expects the H1/H2 split of revenue in FY21 to be approximately 30%/70%, implying revenue of at least $10.5m in H1.

Forecasts: FY21 unchanged, $60m revenue for FY22

We tweaked our FY21 forecasts in March to reflect the capital raising and updated cost guidance and therefore leave them unchanged for now (revenue of $37m). The key uncertainty remains the pace of the ramp during the current year. This trajectory will become clearer as FY21 progresses.

The FY21 trajectory will also have a significant impact on the level of growth in FY22. We introduce an FY22 revenue forecast of $60m for FY22, implying 62% growth. However if the company is able to achieve a run-rate of c $15m in Q4 FY21, reaching this forecast should be relatively straightforward. While WANdisco is likely to continue investing, much of the incremental revenue in FY22 (ie $23m) should drop down to profits and cashflow. We forecast EBITDA of $15.3m in FY22 and EBITDA-capitalised development costs of $7m.

Valuation: Awaiting revenue growth catalyst

The current rating of Snowflake (85x EV/annualised MRR) highlights the significant premium investors can ascribe to fast-growing cloud businesses. WANdisco has yet to demonstrate this growth but our DCF-based analysis highlights the substantial value LiveData could create as it is adopted by major cloud vendors and their customers. We estimate the current 450p price implies annual revenues reaching $197m by 2030 and a 43% EBIT margin. As Exhibit 1 highlights however, this valuation is highly sensitive to growth assumptions. Gauging longer-term prospects will become easier as evidence of the LiveData adoption rate emerges during H121.

Exhibit 1: Reverse DCF analysis – what does the current share price imply? (£)

FY22–30 CAGR (%) assumption

10.0

15.0

20.0

25.0

30.0

Implied FY20–30 CAGR (%)

28%

33.1%

37.7%

42.3%

46.8%

Implied FY30 revenue ($m)

129

184

258

388

489

FY20–30 EBIT margin on incremental revenue (%)

40.0

1.42

2.59

4.12

6.13

8.73

50.0

2.01

3.47

5.39

7.90

11.16

60.0

2.59

4.35

6.66

9.67

13.59

70.0

3.18

5.23

7.92

11.45

16.01

80.0

3.77

6.11

9.19

13.22

18.44

Source: Edison Investment Research

Exhibit 2: Financial summary

$m

2017

2018

2019

2020

2021e

2022e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

19.6

17.0

16.2

10.5

37.0

60.0

Cost of Sales

(2.0)

(1.5)

(1.2)

(1.1)

(2.9)

(4.7)

Gross Profit

17.7

15.5

15.0

9.5

34.1

55.3

EBITDA

 

 

(0.6)

(9.4)

(11.7)

(22.2)

(2.4)

15.3

Operating Profit (before amort. and except.)

 

 

(7.5)

(16.3)

(18.5)

(28.5)

(9.4)

8.4

Acquired Intangible Amortisation

0.0

0.0

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

0.0

0.0

Share based payments

(2.2)

(5.9)

(8.7)

(5.4)

(6.0)

(6.0)

Operating Profit

(9.7)

(22.1)

(27.2)

(33.9)

(15.4)

2.4

Net Interest

(0.3)

(0.1)

0.1

(1.9)

0.0

0.0

Profit Before Tax (norm)

 

 

(7.8)

(16.3)

(18.4)

(30.4)

(9.4)

8.4

Profit Before Tax (FRS 3)

 

 

(14.0)

(19.4)

(29.1)

(35.8)

(15.4)

2.4

Tax

0.5

0.8

0.9

1.5

(0.4)

0.1

Profit After Tax (norm)

(7.3)

(15.5)

(17.5)

(28.9)

(9.7)

8.4

Profit After Tax (FRS 3)

(13.5)

(18.6)

(28.3)

(34.3)

(15.7)

2.4

Average Number of Shares Outstanding (m)

37.8

41.4

45.1

50.5

57.7

59.4

EPS (c)

 

 

(19.4)

(37.5)

(38.8)

(57.3)

(16.9)

14.2

EPS - normalised fully diluted (c)

 

 

(19.4)

(37.5)

(38.8)

(57.3)

(16.9)

14.2

EPS - (IFRS) (c)

 

 

(35.8)

(44.9)

(62.6)

(68.0)

(27.3)

4.1

Dividend per share (c)

0.0

0.0

0.0

0.0

0.0

0.0

Gross Margin (%)

90.0

90.9

92.7

89.9

92.1

92.2

EBITDA Margin (%)

(3.0)

(55.2)

(72.2)

(211.0)

(6.5)

25.5

Operating Margin (before GW and except.) (%)

(38.2)

(95.5)

(114.3)

(270.6)

(25.4)

13.9

BALANCE SHEET

Fixed Assets

 

 

8.5

8.9

11.6

10.1

9.3

10.6

Intangible Assets

7.1

5.5

4.9

5.0

5.9

6.8

Tangible Assets

0.6

0.8

3.7

2.9

3.3

3.8

Investments

0.9

2.6

3.0

2.2

0.0

0.0

Current Assets

 

 

27.4

10.8

31.9

31.2

64.6

72.5

Stocks

0.0

0.0

0.0

0.0

0.0

0.0

Debtors

0.0

0.0

8.5

10.1

16.9

17.6

Cash

27.4

10.8

23.4

21.0

47.7

54.9

Other

0.0

0.0

0.0

0.0

0.0

0.0

Current Liabilities

 

 

(14.1)

(11.9)

(9.2)

(9.7)

(14.8)

(16.7)

Creditors & Deferred Income

(13.2)

(7.9)

(7.0)

(8.6)

(13.7)

(14.8)

Short term borrowings

(1.0)

(4.0)

(2.2)

(1.1)

(1.1)

(1.9)

Long Term Liabilities

 

 

(10.4)

(1.4)

(4.1)

(2.4)

(6.5)

(11.4)

Long term borrowings

(3.3)

(0.1)

(2.9)

(1.8)

(1.8)

(1.8)

Deferred Income

(7.1)

(1.3)

(1.2)

(0.7)

(4.8)

(9.6)

Net Assets

 

 

11.4

6.4

30.2

29.2

52.6

55.0

CASH FLOW

Operating Cash Flow

 

 

0.7

(11.0)

(14.1)

(19.1)

(3.7)

15.8

Net Interest

(0.3)

(0.2)

(0.2)

(0.3)

(0.3)

(0.3)

Tax

1.4

0.1

0.8

0.7

0.0

0.0

Capex (inc capitalised R&D)

(7.1)

(5.6)

(5.9)

(5.5)

(8.3)

(8.3)

Acquisitions/disposals

0.0

0.0

0.0

0.0

0.0

0.0

Financing (net)

21.2

0.9

34.2

24.1

39.0

0.0

Dividends

0.0

0.0

0.0

0.0

0.0

0.0

Net Cash Flow

15.9

(15.8)

14.8

(0.1)

26.7

7.2

Opening net debt/(cash)

 

 

(7.2)

(23.1)

(6.7)

(18.3)

(18.1)

(44.8)

HP finance leases initiated

0.0

(0.6)

(3.2)

0.0

0.0

(0.8)

Other

0.0

0.0

0.0

0.0

0.0

0.0

Closing net debt/(cash)

 

 

(23.1)

(6.7)

(18.3)

(18.1)

(44.8)

(51.2)

Source: Company data, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by WANdisco and prepared and issued by Edison, in consideration of a fee payable by WANdisco. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the Edison analyst at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document (nor will such persons be able to purchase shares in the placing).

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a) (11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by WANdisco and prepared and issued by Edison, in consideration of a fee payable by WANdisco. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the Edison analyst at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document (nor will such persons be able to purchase shares in the placing).

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a) (11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Share this with friends and colleagues

You may be interested in