Last close As at 05/08/2026
GBP0.12
— 0.00 (0.00%)
Market capitalisation
GBP27m
Research: TMT
Cordel’s new customer win in the Middle East expands its global customer footprint, providing further validation of the company’s product market fit and long-term revenue opportunity. Meanwhile, the company’s most recent certification from Network Rail means that Cordel’s entire processing pipeline now meets some of the most stringent standards globally, providing an important validation of the company’s product set.
Cordel Group |
Further progress in the UK and internationally |
Contract win |
Software and comp services |
19 June 2024 |
Share price performance
Business description
Analyst
Cordel Group is a research client of Edison Investment Research Limited |
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Cordel’s new customer win in the Middle East expands its global customer footprint, providing further validation of the company’s product market fit and long-term revenue opportunity. Meanwhile, the company’s most recent certification from Network Rail means that Cordel’s entire processing pipeline now meets some of the most stringent standards globally, providing an important validation of the company’s product set.
Year end |
Revenue (£m) |
EBITDA* |
PBT* |
EPS* |
Net cash** |
EV/sales |
06/22 |
2.3 |
(1.0) |
(1.1) |
(0.7) |
(0.2) |
3.5 |
06/23 |
3.0 |
(0.3) |
(0.4) |
(0.2) |
(1.3) |
2.6 |
06/24e |
4.7 |
(0.5) |
(0.7) |
(0.3) |
(0.6) |
1.7 |
06/25e |
7.0 |
0.2 |
0.0 |
0.0 |
(0.7) |
1.1 |
Note: * EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **Includes finance leases.
Cordel’s new customer is a major rail network operator in the Middle East and was won through the company’s long-term partnership with D/Gauge. This is Cordel’s first customer in the region, meaning that its customer base now spans Asia-Pacific, North America, Central America, the UK and Western Europe. The initial contract is for a six-month project and valued at £370,000, whereby Cordel will provide LiDAR and high-resolution hardware as well as gauging surveys which, if successful, should translate into higher-margin, recurring data-as-a-service revenues.
Earlier this month, Cordel announced that it had received a Certificate of Approval from Network Rail for its Gauging File Production process. Cordel is the only company to achieve this certification for producing files via equipment mounted on passenger trains travelling at full speed (up to 90 miles an hour), paving the way for it to engage with the UK’s rail network operators to monitor rail corridors from in-service trains. Network Rail has the most stringent infrastructure standards in the world and has now approved all of Cordel’s pipeline, from data capture through AI processing and now Gauging File Production. The ability to reference this full suite of certifications should enhance Cordel’s business development initiatives for providing end-to-end solutions in both the UK and overseas.
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Research: Real Estate
Dar Global’s latest luxury branded residential project, its first with Aston Martin, fits well with its strategy and follows its other recent announcements including its initiative in the Maldives with Dolce & Gabbana and its geographical expansion into Saudi Arabia. We anticipate that Dar Global will generate a return on equity in the mid-to-high teens across its portfolio in the medium term and, thus, we continue to value the company on a multiple of shareholders’ funds basis at c US$930m (US$5.17 per share), implying c 40% upside. Our forecasts are unchanged but we believe this new project implies that risks are to the upside.