Last close As at 05/08/2026
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Research: TMT
Federated Wireless has completed a $13.7m Series C extension round to accelerate expansion of its connectivity-as-a-service partnership with Microsoft Azure and Amazon Web Services, first announced in February 2020. Pennant Investors, an existing investor, and Allied Minds each invested $6.85m to accelerate the roll-out of the leading private 4G/5G wireless cloud solution as well as to enable expansion of the spectrum controller for private wireless networks into the 6GHz band for 5G services. This extends the total Series C raise to $65m. Following the investment, Allied Minds owns 36.6% of Federated Wireless on a fully diluted basis (43.1% undiluted). We calculate Allied Minds’ holding in Federated Wireless alone to be worth 26.3p (fully diluted) versus the closing share price on 21 April 2020 of 26.4p.
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Allied Minds |
FW accelerates Microsoft and AWS partnerships |
Portfolio update |
Investment companies |
22 April 2020 |
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Allied Minds is a research client of Edison Investment Research Limited |
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Federated Wireless has completed a $13.7m Series C extension round to accelerate expansion of its connectivity-as-a-service partnership with Microsoft Azure and Amazon Web Services, first announced in February 2020. Pennant Investors, an existing investor, and Allied Minds each invested $6.85m to accelerate the roll-out of the leading private 4G/5G wireless cloud solution as well as to enable expansion of the spectrum controller for private wireless networks into the 6GHz band for 5G services. This extends the total Series C raise to $65m. Following the investment, Allied Minds owns 36.6% of Federated Wireless on a fully diluted basis (43.1% undiluted). We calculate Allied Minds’ holding in Federated Wireless alone to be worth 26.3p (fully diluted) versus the closing share price on 21 April 2020 of 26.4p.
Period |
Ownership adjusted value (OAV) (US$m) |
Parent-level net cash (US$m) |
NAV |
NAV/share |
P/NAV |
12/16 |
415.8 |
136.7 |
552.9 |
208.0 |
0.13 |
12/17 |
395.6 |
84.2 |
479.8 |
150.0 |
0.18 |
12/18* |
226.7 |
50.6 |
277.3 |
88.8 |
0.30 |
06/19** |
266.1 |
31.3 |
297.3 |
94.7 |
0.28 |
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, a pioneer in Citizen Band Radio Service (CBRS), announced a $51m Series C financing in September 2019 to accelerate the availability and adoption of shared spectrum CBRS services in the US. Investors included SBA Communications, Pennant Investors, GIC, American Tower and Allied Minds. The transaction was completed at a post-money valuation of $201m (now extended to $214.7m).
Allied Minds has now invested a total of $16.85m in the round, with its stake valued at $78.7m (fully diluted) or $92.7m (undiluted) (26.3p–30.9p per share).
Commercialisation has proceeded more quickly than anticipated, cementing Federated Wireless’s first-mover advantage in the US. Initial commercialisation is expected in Q420, with meaningful revenues building in subsequent years. Federated Wireless has over 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.
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Research: Healthcare
Notwithstanding the COVID-19 pandemic challenges, Hutchison China MediTech (HCM) remains on track for potential approval and launches of two additional assets (surufatinib and savolitinib) in China in 2020/21. HCM is actively engaging with regulators (including the China NMPA and US FDA) with regards to trial initiations and NDA submissions as it continues on its trajectory to a global innovative oncology company. Furthermore, given the broader pipeline progression, it has a high level of visibility on data submission to regulators and international scientific conferences this year, including ASCO, AACR and ESMO. Importantly, with the China COVID-19 experience under its belt, HCM is positioned to capitalize on its experience of conducting business in a COVID-19 environment. We expect 2022/23 to benefit from global drug launches providing continued pipeline progression.