RE: Zeus Broker Note .......31 May 2023 08:03
There were some numbers in the Zeus note
'Valuation: Based on our forecasts, shares trade at only 7x FY2025 EBITDA and we expect EBITDA to continue growing rapidly thereafter. The market does not appear to be pricing in the size of the Indian opportunity for the procurement of 250m smart meters by March 2025. Assuming £12.5 revenue per meter, 20% market share and 57% gross margin, then CyanConnode’s share of the revenue and gross profit potential is £625m and £356m, respectively, both of which dwarf the company’s current market capitalisation'