WANdisco - Initiation of Coverage. Significant Growth Opportunities

WANdisco Significant Growth Opportunities AIM-listed WANdisco is a provider of global collaboration software to the software development industry. With organisations facing increasing issues arising from network latency and inconstant availability, restrictions on scalability and security, the group has recognised a market opportunity to provide a cost-effective resolution to these issues. It has secured in excess of 200 customers to date - including some of the world‟s best known and well regarded companies, such as Aviva, Hewlett Packard and Honda – but this amounts to only a small percentage of the total market opportunity. Furthermore, the high level of customer renewals provides the group with a sustainable, predictable and recurring revenue stream. As the group now looks to apply its differentiated technology to other adjacent markets, we initiate coverage with a recommendation of speculative buy. Click to Download Full Report Table: Financial overview Year to 31st Dec. 2010A 2011A 2012E 2013E Bookings ($000) 2,986 4,619 7,900 12,000 Revenue ($000) 2,984 3,878 5,100 7,330 EBITDA* ($000) (0.828) 0.150 (2,865) (1,368) PBT* ($000) (1,156) (0.044) (4,784) (3,992) Dividend (cents) 0.0 0.0 0.0 0.0 Source: GECR and company Notes: * Adjusted for exceptional items and share-based payments Speculative Buy Target price 397p Key data Share Price 310.00p 52 week high/low 313.50p / 199.00p Primary exchange AIM EPIC WAND Shares in issue 20.61m Market Cap £64.48m Sector Technology Affiliations: None. Important: All disclaimer information can be found on the last page of the document

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