TerraNet: Irons In The Fire
Edison | Nov 17, 2017 05:06AM ET
TerraNet Holding AB (ST:TERRNTb) is an early-stage software group with a range of products under development deriving principally from its industrial IoT, chip integration and peer-to-peer communications and transactions know-how. During Q317 the group reported external revenue of SEK1.6m, up 133% y-o-y, with a cash burn comprising operating and investing cash flow of SEK18.0m, in line with our full year forecasts. Significant events during the quarter included the securing of a SEK2.2m order to integrate TERRNT’s software into a multinational conglomerate’s hardware, the development of peer-to-peer payments software for offline transactions and an order for optimisation of LTE-V for V2V communications. We value TERRNT at SEK12.6-14.4 per share, but see significantly more upside to c SEK31/share if it is able to fully exploit its more prospective opportunities.
Five new strategic development orders won in Q317
During Q317 TerraNet booked five new strategic commercial development orders in the areas of active vehicle safety, tactical radio, production and process monitoring and off-line data transfers, with customers including Alfa Laval, Saab Defense and Orange. Entirely customer funded, the projects have the potential for distribution and licensing in 2019. The group also launched a campaign in China and India to supply encrypted offline payments functions for secure off-grid transactions. For more information see Orders in industrial IoT/Qualcomm delays, 18 October 2017.
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