Wyld Networks

Mangold Insight looks positively on recent order inflow from an american customer. Total orders now amount to MSEK 84.8, of which MSEK 13.5 relates to data orders. It strengthens Mangold’s belief that Wyld can reach our estimates.

Wyld has received an order of SEK 8.8 million in April. It was placed by a system integrator in the energy sector. A minor part of this order relates to data. The customer provides specialized sensors for infrastructure monitoring in the oil and gas industry. Mangold looks positively on Wyld:s expansion into a large market with high growth potential. 

Wyld announced on April 28 that a new version of Wyld Connect and Wyld Fusion would be released. The versions will support multi-operator capacity for Satellite IoT. This means that a single Wyld Connect module can communicate with each of the three satellite constellations. The time delay for data delivery will be reduced with the new version of Wyld Connect, improving data delivery through Eutelsat and Lacuna. The Wyld Fusion update allows customers to seamlessly manage data across multiple satellite constellations. Expanded capabilities improve Wyld’s offering and enable quality-assured delivery of data globally. Wyld’s partner Lacuna Space expanded its satellite constellation from six to seven satellites in April. This increased capacity increases the robustness of the services and enables improved data collection and analysis.

Mangold estimates the order value of Wyld Connect to be equivilant to approximately 253,1 thousand units that will generate up to USD 5 per unit in data revenue per month when deployed. The units will be delivered over 3 to 4 years starting in 2023. Given that the exact time of delivery is not published, we assume that they will be delivered progressively over the year. It is expected to lead to a high growth rate on a quarterly basis. Mangold estimates that the company will achieve revenue of approximately 40 million by 2023. Mangold repeats the Buy recommendation with a target price of SEK 29.00 per share.