Thin Film Electronics


NOK773.4m market cap

NOK0.66 last close

Thin Film Electronics is a global leader in NFC mobile marketing and smart-packaging solutions using printed electronics technology, which should enable it to offer printed NFC tags at a substantially lower price point than conventional silicon tags.

Investment summary

Thinfilm has announced that it has been voted onto the NFC Forum board of directors. This is the governing body of the organisation and as such is responsible for its budget, specification of standards and overall direction of NFC deployment. Our perusal of NFC Forum bylaws reveals that to be accepted as a board director, new members must be approved by at least 80% of the existing board, which comprises Apple, Dai Nippon Printing, Google, Infineon, Mastercard Worldwide, NXP, Qualcomm, Samsung, Sony, STMicroelectronics and Visa. While Thinfilm is much smaller than any of these organisations, its experience of over 40 in-market developments,which management believes is the largest number conducted by an individual NFC tag solutions provider, complements those of its larger peers.

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2016A 3.8 (36.9) (42.8) (6.5) N/A N/A
2017A 5.9 (50.9) (57.5) (6.6) N/A N/A
2018E 2.8 (48.5) (53.2) (4.5) N/A N/A
2019E 9.2 (49.1) (57.7) (4.9) N/A N/A
Last updated on 15/02/2019
Industry outlook

We note that the appointment should also be supportive of Thinfilm’s initiative to have its proprietary Tag-Talks-First (TTF) protocol included as part of the main NFC standard. We see this as a key step in getting Apple phones to support TTF protocol. In contrast, Android-based phones have supported TTF protocol for several years.

Last updated on 15/02/2019
Share price graph
Balance sheet
Forecast net cash (US$m) 21.8
Forecast gearing ratio (%) N/A
Price performance
Actual 3.0 (10.8) (71.4)
Relative* 0.3 (10.7) (72.8)
52-week high/low NOK2.3/NOK0.6
*% relative to local index
Key management
Kevin Barber CEO
Ole Ronny Thorsnes CFO
Christer Karlsson CTO
Morten Opstad Non-Executive Chairman

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