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Proximal solutions, multiple applications

Initiation | Technology | 30 May 2017

TerraNet is a proximity networking software company with initiatives across a number of key applications including software for contextual awareness in mobile phones, connected car technology, audio headsets, IoT, multimedia video streaming, mHealth and the trading of surplus data capacity between smartphones. The company has attracted leading global firms to its propositions including Qualcomm, Autoliv, 3M Peltor, Saab and now IBM. Successful execution across any one of these applications should drive strong growth, but as the company's products are still very early stage, investment is high risk.


China calling

Update | Technology | 04 Apr 2018

TerraNet’s 2017 earnings show the group continuing to move closer to generating licence revenues from its technology portfolio, while keeping a tight control over costs. China is proving a key market for the group: Chinese tech giants, Tencent Gaming and Alipay, and cellphone manufacturers, Oppo and Vivo, are shortly to begin trialling TerraNet’s software. Furthermore, the recent launch of the Android Oreo 8.1 operating system should enable the group to resume its launch of proximal connectivity SDKs in China later this year. Year-end cash reserves were SEK62.4m ($7.6m). Our forecasts suggest this will be sufficient to fund the business until late 2018. Helped by lower than forecast cash burn in 2017 and the prospect of lower capex and WC outflows, we have increased our valuation range for the shares from SEK12.6-14.4 to SEK13.4-15.4.


New V2V order from leading tier one company

Flash note | Technology | 07 Dec 2017

TerraNet has announced a new order worth SEK950k ($113k) from a world-leading provider of passive and active safety in the automotive sector. TerraNet is already working with this tier one company to provide sensor-based vehicle communications for offline and non-cellular network services (using TerraNet’s know-how in direct device-to-device Wi-Fi based wireless communication). This specific order is for the continued development of LTE (long-term evolution – or 4G wireless technology) for use in autonomous vehicles. This order is a particularly important verification of the group’s progress in bringing its direct Wi-Fi communications expertise to the LTE space, which is widely expected to become the communication medium of choice for vehicle-to-vehicle (V2V) communications in the future. On this basis, the development of a software module for sale by a leading tier one provides substantial upside potential for the group.


Irons in the fire

Update | Technology | 17 Nov 2017

TerraNet (TERRNT) 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.


Orders in industrial IoT/Qualcomm delays

Update | Technology | 18 Oct 2017

TerraNet shares have performed strongly since the IPO, supported by a steady stream of new customer announcements and solid progress with our milestone targets. These included completing V2V and IoT software development kits as well as winning a pilot of its GriDD mobile data sharing app with Orange. TerraNet is also meeting leading Chinese mobile point of sale (mPoS) firms to promote a prospective new line in offline mPoS in the Chinese market. It is worth nothing, however, that delays in software releases by third parties have held up the roll-out of proximal connectivity services in China, putting back take-up of TerraNet’s software. This together with a slower than expected ramp up in revenues in H117 has led us to reduce our base case valuation range to SEK12.6-14.4/share.