Wandisco: In A Good Place
Edison | Mar 21, 2017 08:47AM ET
Wandisco's (LON:WAND) full year results confirmed the strong recovery in H2. We believe this is set to continue, driven by the company’s enviable exposure to the growth in cloud computing and partnerships with industry giants such as IBM (NYSE:IBM), Amazon (NASDAQ:AMZN) and Oracle (NYSE:ORCL). We suggest that the ingredients could be in place to support a more aggressive break out in financial performance than forecast, although the share price does demand this.
Strong Q4, lower costs than expected
Key bookings of $15.5m (up 72% y-o-y) and year-end net cash of $7.6m were as disclosed in the January trading update. While the full year figures show a substantial improvement, the relative H2 on H2 figures show a much stronger recovery, with bookings up 109% y-o-y to $9.6m, cash costs down 41% y-o-y to $9.7m (supported by a currency tailwind) and free cash outflow reduced to $3m from $12.5m. In Q4 bookings grew 97% y-o-y and cash burn reduced to $0.2m.
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