CyanConnode (CYAN) - 3Q22 update: smart meter s...

Hardman & Co Research Hardman & Co Research: CyanConnode (CYAN) - 3Q22 update: smart meter showtime in India 01-Feb-2022 / 11:10 GMT/BST Hardman & Co Research: 3Q22 update: smart meter showtime in India CyanConnode shipped 455,000 modules and 3,100 gateways in the first nine months, compared with 481,000 for the whole of FY21. 9M22 revenue came in at £6.8m, up 100% from a year earlier. £5.9m cash was received from customers, while inventory was increased to address component shortages, resulting in a £1.1m net cash position at end-December 2021 (a further £0.4m was received just after the period end). The Indian smart meter rollout is set to accelerate, with ongoing tenders for 37.4m meters due to be awarded this calendar year. This is a potentially enormous revenue opportunity, even assuming a modest contract win success rate for CyanConnode. Our DCF-implied fair equity value for CyanConnode is £89.9m. Please click here for the full report If you are interested in meeting the company, you can register your interest by clicking on the above link To contact us: Hardman & Co 1 Frederick's Place London EC2R 8AE www.hardmanandco.com Follow us on Twitter @HardmanandCo Contact: Milan Radia [phone] [e-mail]   Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement. About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case. Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies.  It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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