# Phunware: Mobile today, a data utility ecosystem for the future

- Link: https://www.directorstalkinterviews.com/phunware-mobile-today-a-data-utility-ecosystem-for-the-future/4121063128
- Published: 2022-05-05T07:23:50+01:00
- Author: Amilia Stone

**Phunware Inc** (NASDAQ:PHUN) is a high-growth business selling technologies to
enterprises to enhance their engagement with customers over mobile platforms. Its
vision is far greater, revolving around a cryptocurrency-based ecosystem that allows
individuals to be compensated for the use of their data, and to earn rewards for
engaging with incentives and rewards programmes. The launch of a utility token, 
as well as a regulated security token, will be the first by a US-listed company (
NASDAQ in this case), potentially creating a noteworthy valuation disconnect between
Phunware’s current market capitalisation of $197m and the value of its holdings 
in PhunToken and PhunCoin. Our DCF analysis indicates an implied fair equity value
of c.$222m.

 * **Mobile engagement growing strongly:** Phunware’s patented mobile engagement
   and location-based services technologies sit within a comprehensive Multiscreen-
   as-a-Service (MaaS) product suite. FY21 saw several contract wins in the healthcare
   vertical, while a major deployment at Atlantis, Bahamas, went live.
 * **Strong revenue growth in prospect:** Guidance issued alongside the FY21 results
   anticipates YoY revenue growth in excess of 250% in each of 1Q22 and 2Q22, continuing
   the strong momentum seen in 2H21. We forecast revenue growth of 120% in FY22 
   and 37% in FY23, driven by backlog and a strong pipeline across verticals.
 * **Immense breadth of vision:** Phunware’s longer-term vision is far-reaching,
   encompassing a cryptotoken-based ecosystem that allows consumers to control and
   monetise their personal data, which has become a valuable commodity, yet is today
   typically accessed by the global technology platforms free of charge.
 * **PhunToken and PhunCoin could ultimately dominate group valuation:** The company
   currently retains 72% of PhunCoin and over 90% of PhunToken in issue – so the
   total value of the currency ecosystem could create a major valuation disconnect
   and become a primary driver of the value of Phunware.
 * **Investment summary:** Management has created exposures to a series of high-
   growth segments: mobile apps, big data, blockchain and cryptocurrencies. Decentralisation
   and disruption are primary common strands. The core mobile platform remains well-
   positioned, with over 15bn IDs created to date, which creates a compelling starting
   point for potential PhunToken and PhunCoin mainstream adoption amid a crowded
   global cryptocurrency landscape.

[DOWNLOAD THE FULL REPORT](https://hardmanandco.com/research/corporate-research/mobile-today-a-data-utility-ecosystem-for-the-future/?dm_i=49CL,1B5F1,6NAI95,61OAZ,1#report-download)

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