Last close As at 05/08/2026
—
— 0.00 (0.00%)
Market capitalisation
—
Research: TMT
Allied Minds’ portfolio company Federated Wireless has announced new connectivity-as-a-service (CaaS) offerings with Microsoft Azure and Amazon Web Services. This brings to market the first private 4G/5G wireless cloud solution, offered as an end-to-end managed service. These parallel announcements herald a trial period, with initial commercialisation expected towards the end of FY20, but with meaningful revenues expected to build in subsequent years. Having only received FCC approval for initial commercial deployment of CBRS in September 2019, commercialisation has proceeded more quickly than anticipated, underlining Federated Wireless’s first-mover advantage in the US. Allied Minds has also recently completed payment of a special dividend of 12.62p per share (£30.5m in total) to shareholders, from the sale of its stake in HawkEye 360.
Written by
Allied Minds |
Federated moving towards commercialisation |
Portfolio update |
Investment companies |
19 February 2020 |
Share price performance
Business description
Analysts
Allied Minds is a research client of Edison Investment Research Limited |
|||||||||||||||||||||||||||||||
Allied Minds’ portfolio company Federated Wireless has announced new connectivity-as-a-service (CaaS) offerings with Microsoft Azure and Amazon Web Services. This brings to market the first private 4G/5G wireless cloud solution, offered as an end-to-end managed service. These parallel announcements herald a trial period, with initial commercialisation expected towards the end of FY20, but with meaningful revenues expected to build in subsequent years. Having only received FCC approval for initial commercial deployment of CBRS in September 2019, commercialisation has proceeded more quickly than anticipated, underlining Federated Wireless’s first-mover advantage in the US. Allied Minds has also recently completed payment of a special dividend of 12.62p per share (£30.5m in total) to shareholders, from the sale of its stake in HawkEye 360.
Period |
Ownership adjusted value (OAV) (US$m) |
Parent-level net cash (US$m) |
NAV |
NAV/share |
P/NAV |
12/16 |
415.8 |
136.7 |
552.9 |
208.0 |
0.19 |
12/17 |
395.6 |
84.2 |
479.8 |
150.0 |
0.26 |
12/18* |
226.7 |
50.6 |
277.3 |
88.8 |
0.44 |
06/19** |
266.1 |
31.3 |
297.3 |
94.7 |
0.41 |
Note: NAV is calculated as fair value plus net cash at the parent level. *FY18/H119 NAV is based on our estimate of fair value as this is no longer disclosed by the company. **H119 net cash and NAV are adjusted for post period-end investments.
Federated Wireless has announced new connectivity-as-a-service offerings with Microsoft Azure and Amazon Web Services. This brings to market the first private 4G/5G wireless cloud solution, offered as an end-to-end managed service. Having only received FCC approval for initial commercial deployment (ICD) in September 2019 (following completion of its $51m Series C investment round), commercialisation has proceeded more quickly than anticipated, underlining Federated Wireless’s first-mover advantage in the US. Federated Wireless has more than 30 customers offering live commercial services and another 50 at development stage. Customers include: Verizon, Charter, American Tower, Airspan, Boingo Wireless, Cambium Networks, Cradlepoint, Contour Networks, Ericsson, ExteNet Systems, Geoverse, JMA Wireless, Landmark Dividend, Motorola Solutions, Nokia, Samsung, Telrad and Wave Wireless.
|
|
Research: Healthcare
Pixium Vision’s 2019 results showed better than anticipated cost containment, as Pixium’s R&D costs were c 20% lower than expected. The company also reaffirmed that it plans to file for a pivotal study (PRIMAVERA) in mid-2020 and start implantations before YE20. We anticipate potential launches in 2023 in Europe and sometime thereafter in the US, and our rNPV increases to €85m, from €78m previously.