Cyan Holdings - Re: CYAN Stream Log - Beaufort's note out this morning...

Beaufort's note out this morning from Research Tree: "Smart metering is a giant, unfulfilled and highly scalable global long-term growth opportunity which provides an exceptionally sticky customer base. Cyan has a unique and fully developed product with protected IP. Its revenue streams include hardware and software sales during installation/roll-out along with recurring license fees collected on revenue-based long-term contracts. The Group has strategically focused its initial marketing efforts on emerging markets which are now building out their infrastructure and modernising their approach to consumer distribution in order to gauge capacity demand and maximise efficiencies, while identifying power leakage and theft. The fact that it has secure contract wins from India, the Middle East, Africa, Brazil, China and Eastern Europe, highlights both the need for and the uniqueness of Cyan's systems approach. The potential to scale early sales to these territories is clearly enormous; in reality, the transformational purchase order worth £10m from Iran's Micromodje is potentially just a small part of the National Smart Metering Program of Iran that has a stated goal to replace the electricity meters for all customers, representing approximately 33 million meters, in seven years with funding provided by the Iran Power Generation, Transmission and Distribution Management Company; Cyan has already started a dialogue on the next planned rollout of 1 million units. Prospectively, India is an even larger opportunity with prime minister, Modi, in 2015 projecting a phased consumer rollout of smart meters beginning in 2017, with 35 million units installed by 2019; more recently India's power minister, Goyal, cited a proposition for as many as 250 million smart meters. With a good number of large international territories now also reviewing similar options, the business potential for a supplier capable of installing and supporting comprehensive national smart meter implementation programmes is clearly huge."