Hardman & Co Research: CyanConnode (CYAN): Further contract award in Thailand

Hardman & Co Research: Further contract award in Thailand

CyanConnode has announced a significant additional order in Thailand, securing a follow-on order for 31,000 smart meter modules and gateways. Substantial further orders are expected in Thailand, where the end customer is the second-largest state-owned utility company. Recent news flow from CyanConnode has been strong, including a heavily over-subscribed £3m fundraising in June 2021 and a major MOU with Intellismart, a key entity in the Indian smart meter deployment programme. Our DCF-based implied equity fair value for CyanConnode is £84.3m (£0.38 per share).

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