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Mynaric

Fibreless optical links in the skies

Initiation | Technology | 30 Oct 2017

Mynaric has developed equipment for transmitting data via laser between moving airborne or space platforms at rates similar to conventional optical fibre, but with the light transmitted through free space rather than along a cable. This opens the possibility of equipping the airborne networks proposed by Facebook and Google, or the satellite networks supported by Elon Musk and Richard Branson with high speed optical data links rather than slower microwave connections. These proposed networks offer the opportunity of providing more data transmission in the developed world without needing to install more fibre-optic cable and extending internet access to the half of the world's population who are not connected.

Ellomay Capital

Reinvestment in asset growth

Outlook | Alternative Energy | 30 Oct 2017

Ellomay Capital is a renewable power asset owner, operator and developer. Currently, most of its operating cash flows come from 30.5MW of solar power plants in Italy and Spain (at a cash yield of 10% pa). A 9.375% stake in the gas-fired Dorad Power Plant in Israel also contributes to EBIT. The company has just completed the acquisition of a 9MW solar plant in Israel in October 2017. In 2018, management seeks to generate additional revenue streams with the completion of two waste-to-energy plants in the Netherlands. Our updated fair value per share of $11.3 takes into account existing and new revenue streams, a higher level of leverage required to fund its growth and a 20% discount due to the limited free float.

eServGlobal

Material progress for HomeSend

Update | Technology | 30 Oct 2017

eServGlobal has been on a long journey to restructure its core business; we believe it is now nearing the end of this process. The cost base has been resized to match the revenue base case and the recent fund-raising has removed funding concerns. Its HomeSend joint venture has expanded its addressable market to serve the cross-border banking payments market, with joint venture partner Mastercard signing up 10 banks to use the service so far. This has the potential to add material revenues and grow the value of the joint venture.

eServGlobal

Core business restructuring starts to pay off

Update | Technology | 09 Jan 2017

eServGlobal reported FY16 results in line with its recent trading update. The turnaround in the core business is evident with H216 revenues 58% higher than in H116 and adjusted EBITDA losses significantly reducing over H216. Continued contract momentum combined with good cost control puts the company on track to generate positive EBITDA for FY17. At the same time, the HomeSend joint venture expects to see revenue contributions from new partners coming on line and continues to target break-even in CY17.

eServGlobal

Restructuring ongoing

Update | Technology | 05 Jul 2017

Slower than expected trading combined with continued restructuring of the business in H117 has resulted in a reduction in our forecasts for FY17. Management is confident that the pipeline has strengthened and should support a pick-up in revenues in H217. The HomeSend joint venture (JV) has extended its application to the cross-border bank payments market, which should support its target to break even in CY17 and drive growth in the value of the JV.

eServGlobal

Encouraging FY17 order outlook despite FY16 revenue shortfall

Update | Technology | 17 Nov 2016

eServGlobal has confirmed that revenues for FY16 fell below its guidance range and, despite a material reduction in costs, EBITDA profitability was not achieved. However, recent order intake and the prospect of winning several material contracts that are currently in negotiation provide a more positive outlook for FY17. Management also confirmed that HomeSend continues to make progress and is on track to break-even in 2017.

Mynaric

Connectivity of the future

Update | Technology | 27 Apr 2018

During FY17, the successful demonstration of its innovative laser communications technology put Mynaric in a strong position to become preferred supplier to the airborne internet systems planned by Facebook and Google and the mega-constellations of thousands of small satellites proposed by SpaceX and OneWeb. The EUR 27.3m (gross) from the October 2017 placing are being used to accelerate development of the spaceborne terminal, implement the in-house assembly and test capability needed for volume roll-out in FY19, and expand Mynaric’s presence in the US.