Wyld Networks: Connecting the world - Mangold

Mangold is initiating coverage of Wyld Networks with a Buy Recommendation and price target of SEK 25.25 over a 12-month period. Wyld Networks is a Virtual Satellite Network Operator company for the IoT (Internet of Things) which was listed on First North on 2 July 2021. The purpose of Wyld's solution is to connect Internet to IoT ("Internet of Things") devices and sensors to the internet using LEO ("Low Earth Orbiting") satellites and to deliver the data to its customers. Today only 15 percent of the worlds surface is covered by terrestrial wireless networks to connect IoT devices to the internet. LEO satellites can provide 100 percent global wireless coverage for IoT networks through the Wyld Connect satellite technology.

The market for IoT connections is growing rapidly and is expected to reach 5.9 billion in 2025, with an annual growth rate of 40 percent. Mangold estimates that the commercialisation of Wyld Connect, together with launch partners that have a total market capitalisation of more than
USD 300 billion, is expected to provide the company with considerably higher revenues, driven by the underlying market demand.

Mangold has evaluated Wyld Networks with a DCF model. In a base scenario, the company is expected to report a profit in 2024 driven by the commercialisation of its products. The price target will therefore be SEK 25.25 per share, corresponding to an upside of approximately 80 percent.

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