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With the complete and total mismanagement of the economy and sterling being down the toilet, CNS with a high % of cost in sterling and a high proportion of costs not should help the bottom line (unsure of hedging / if and when it unwinds).
Also makes it cheap for a potential takeover.
Impressed with the way management have executed on strategy here in the last 2-3 years.
Watched the investor meet, well structured and focussed.
So a company at a discount to its peers, outgrowing competition in the hottest IT sector (excluding ai) with the potential to be taken out.
Still surprised CNS is never mentioned in a list of cyber companies, or any write up in IC, tempus etc. At least wheelie dealer have it a shout out on twitter.
Have held for a while here with a decent size holding and will continue to do so.
yes, the EV to revenue multiple is absurdly low....
strong experience aligned management team
fantastic growth segment
low multiples
is there a better (more screaming) buy in tiddler tech on London/European markets?
(and piddler didn't fancy it @5p lol)
Canaccord Genuity said Corero's January trading update suggested a "strong margin improvement" in the second half of 2021 and added that today's 2021 results highlighted maiden profits, with adjusted underlying earnings of $3.2m and 24% organic revenue expansion against a strong 2020 comparative.
The Canadian bank, which stood by its 'buy' rating on the stock, stated Corero's profitability metrics benefited from "a richer mix", with ongoing growth in software-only sales expanding gross margins to 85% in the year.
Although opex was broadly flat, the analysts anticipate recent sales, marketing and partner channel investments in future growth will expand this from here.
Canaccord said the demand environment remained "favourable" as frequency, complexity, and severity of DDoS attacks continue to increase and cybersecurity has been elevated to board-level priority.
"In addition, our analysis shows increasing regulatory pressure in Corero's end-markets to beef up cyber defences. In 2021 Corero meaningfully outgrew DDoS peers such as Radware, Arbor/Netscout, and Genie as well as its TAM and in 2022 we expect similar trends with our estimates implying sales growth will accelerate to more than 30% year-on-year," said the analysts.
"Management continues to execute on its strategic objectives with the now attained 'self-sufficiency' an important milestone. Small-cap investors wanting exposure to a fast-growing cybersecurity play can buy at an attractive 2.1x EV/Sales, a ~65% discount to listed peers
Analysts at Canaccord Genuity slightly raised their target price on security systems company Corero Network Security from 24.0p to 26.0p on Tuesday, stating the "undervalued" stock represented a "profitable cybersec growth story".
Great results.
Perversely I think corero would be valued more highly if the bottom line were worse, if perpetual licence orders were replaced by saas/ pass.
Interesting geographic mix with emea falling, one large perpetual order last year?, with Americas dominating. I can see the reason for a us based cro.
Juniper still performing and must be happy with the strategic relationship.
Unfortunately cannot make the investor meet due to work commitments but will check the recording.
congrats all...fantastic to wake up to!!
Results- Boom! Happy days
cheers for the response - agree with everything you say. Little diamond in the rough...
Best of luck tomorrow : ) and for the future - want this one to be in the portfolio for the long haul!
Constantly amazed that this board is so quiet, advfn is dead. A lot of much smaller companies, badly or well run, have a 10-20x following.
Great performance already flagged, just details in the actuals - real issues are expectations for 22 and the possibility of a div / buyback if they cannot usefully utilise cash.
Very few similar companies on aim are profitable and throwing off cash, and have a leading nasdaq tech company as a key shareholder and partner. Have held through some pretty rough times here, pleased to see great execution.
As usual with aim, a write up in IC / tempus / questor / midas etc will have people jumping on without having done any due diligence or research, but is welcomed non the less.
Surprised not more people following this opportunity with results tomorrow...I'm expecting some big outperformance and upgrades...interested to hear others thoughts?
Squad.
They have already flagged growth and stated, not nearing, profitability (proper profitability not the ebitda type) in the update - but no real rerating but absolute audited confirmation may help.
Key on results is the forward view for the year, and what to do with the cash pile.
At current levels hopefully underwritten due to arr and good renewal rate, always the possibility of a juniper takeover.
Interesting company with a very experienced and competent management. It is not a new company either as they were around in this domain for a while. Finals due next Thursday 28 April where they will certainly flag up huge improvements in growth and nearing profitability. As cybersecurity segment is becoming more and more vital to every industry, just tuck away and hold for a few years.
Thanks chief, never really heard of them, looked at their website and realised why is never heard of them.
Back down to a level before the the year updates of profitability.
Sell note from Southbank just to take profits. I am holding for a little while to get back that 14 %.
Weird price movement on zero public news. Hopefully nothing in the background on a cancelled renewal etc leaking out.
Corero Network Security plc (AIM: CNS), a leading provider of real-time, high-performance, automatic Distributed Denial of Service (DDoS) cyber defense solutions, will announce its results for the year ended 31 December 2021 on Tuesday, 26 April 2022.
In addition, the Company will be hosting a presentation for investors in relation to the Company's full year results on Thursday, 28 April 2022 at 1.00 p.m. BST.
hTTps://www.londonstockexchange.com/news-article/CNS/notice-of-results-investor-presentation/15410560
and for the 24 Jan FY trading update:-
hTTps://www.londonstockexchange.com/news-article/CNS/trading-update/15298342
Jolly
Just you and me. With last year in the public domain happy with a late teens to twenty price at the moment which I think is justified.
Interesting seeing
1 expectations for current year
2 what to do with cash as they have too much for operations, would be hard to bolt on a ddos company or venture in other cyber areas ?
Nice rise anyway.
could readily justify 40p++ on EV/rev metrics
but I'll restrain it to tp: 25p++
Should have notice of results shortly for a mid month results rns.
Perky, yes, it's unfortunate that such sad events and human misery have focused attention here.
Even without this I think there is so much in the background with other bad actors any company / organisation of a certain size will need ddos as part of the armoury.
Miton RNS appears to have sold around 5M shares but a rough look at last couple of weeks of daily volumes doesn't seem to add up to anywhere near that volume....? My data prob wrong and their stated sales doesn't seem to be affecting the price downwards. Yes DDOS attacks are good for business (unfortunate tho they are)
More buying, sab topping up again?
DDOS certainly in the news the last couple of days, certainly looks like Russian news / tv don’t have corero installed.
...or adding.