WANdisco - Better Than Expected Results

WANdisco Better Than Expected Results WANdisco has announced full-year results which are better than our expectations. Serving to confirm the Big Data opportunity, the software company also announced the signing of its first Big Data customer, a Tier 1 UK telecoms operator with operations in Britain and around the world. We have taken this opportunity to amend our forecasts, but certainly see significant upside as the group continues to break into the lucrative Hadoop Big Data market, a market which is forecast to grow to $50b by 2017 (source: Wikibon). Accordingly, our stance remains speculative buy with a target price of 1,091p. Click to Download Full Report Table: Financial overview Year to 31st Dec. 2010A 2011A 2012E 2013E Bookings ($000) 4,619 7,916 13,814 21,931 Revenue ($000) 3,878 6,031 8,783 14,554 EBITDA* ($000) 0.150 (3,002) (4,965) (194) PBT* ($000) 29 (3,271) (4,972) (157) 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 1,091p Key data Share Price 802.50p 52 week high/low 835.00p / 199.00p Primary exchange AIM EPIC WAND Shares in issue 21.33m Market Cap £171.17m Sector Technology Important: All disclaimer information can be found on the last page of the document

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