Wandisco Plc Wandisco Finals: [Epub Ahead of Print]
WANdisco plc WAND – LSE; WAND.L March 7, 2018 European Software & IT Services BUY COMPANY UPDATE WANdisco Finals: [epub ahead of print] Price (6 March 2018) 755p Summary Changes Previous Current Rating - BUY WANdisco brings some California sparkle to a dank London morning with its FY2017A Target Price 1,067p 1,081p results. WANdisco pre-announced (16 January) that it had exceeded our bookings forecasts, today we see revenue, Adj EBITDA and cash all crush expectations. The start- Key data turn was ‘Fusion’ with bookings +121% YoY to US$15.7m, (iii) Average Contract Value Bloomberg/Reuters codes: WAND LN / WAND.L continues to increase, with several US$1m+ contracts and, (iii) cash overheads were Market cap (£m) 251 contained at US$24.5m, from US$23.4m Y/Y. As we factor in cash burn down to US$5.3m, FTSE ALL SHARE 3,946 US$8.3m Y/Y this is a blue riband performance, and the third beat & raise from CFO 1mth perf (%) 6.0 Erik Miller. As we bake these results into our forecasts we raise 2018E revenue from US 3mths perf (%) 28.0 $21.9m to US$24.46m and Adj EBITDA from US$1.0m to US$1.28m – savour that profit. 12mths perf (%) 48.0 Whilst it is easy to get carried away with the numbers, in truth we are more impressed 12mth high-low (p) 890 - 362 by CEO Mr Richards: (i) ability to drive a deep transformation while ensuring the integrity Free float (%) 75 of the deep technical skill base (R&D spend US$6.3m, US$5.9m Y/Y).
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