Hardman & Co Research: Phunware (PHUN) - Mobile today, a data utility ecosystem for the future

Hardman & Co Research (Initiation of coverage) on Phunware (PHUN): Mobile today, a data utility ecosystem for the future

Phunware 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.

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