WANdisco - On Track To Hit The High Notes

WANdisco On Track To Hit The High Notes WANdisco is on track to meet its targets for the current financial year as it achieved a strong third-quarter performance. Given the group's strong subscription bookings and high visibility of earnings, we have taken this opportunity to update our financial model. With the shares up by more than 40% since we initiated coverage only two weeks ago (27th September 2012) and ahead by 142% since its IPO just over 4 months ago (1st June 2012), as the group moves into its strongest quarter, our stance at 425p remains 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 546p Key data Share Price 425.00p 52 week high/low 440.00p / 199.00p Primary exchange AIM EPIC WAND Shares in issue 20.61m Market Cap £88.40m Sector Technology Affiliations: None. Important: All disclaimer information can be found on the last page of the document

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