WANdisco - Reaching a key inflection point

WANdisco’s (WAND’s) H122 trading update reflects the strong momentum seen in its recent multi-million-dollar contract wins. Its two primary key performance indicators (KPIs), bookings and ending remaining performance obligations (RPO), were both up more than seven times. Furthermore, the scalability of its commit-to-consume model was demonstrated as existing customers signed multiple follow-on contracts. Evidence continues to build that WAND is successfully executing its growth strategy and reaching a key inflection point. If this trend continues, it could justify multiple expansion and a share price recovery. We update our FY22 forecasts and introduce FY23 estimates, where we expect revenue to double to $25m from $12m in FY22.