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.
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