Applied Graphene Materials

LN: AGM

Market Cap£19m

Last Close 29p

Applied Graphene Materials (AGM) develops graphene dispersions that customers use to enhance the properties of coatings, composites and functional materials. It also manufactures high-purity graphene nanoplatelets using a proprietary process based on sustainable, readily available raw materials instead of graphite.

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Investment summary

Applied Graphene Materials’ (AGM’s) FY21 results advise of a doubling in the number of ongoing customer engagements and cumulative number of products launched by customers during the year, demonstrating market adoption of the group’s dispersions of nanoplatelets is accelerating. Revenue growth for the whole year was not as fast (48%) because coronavirus-related travel restrictions prevented some customers from deploying their graphene-enhanced coatings on projects. Growth accelerated in H221 (67% vs 20% H121) as restrictions eased.

Y/E Jul	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2020A	0.1	(3.1)	(3.5)	(6.1)	N/A	N/A
2021A	0.1	(3.2)	(3.6)	(6.3)	N/A	N/A
2022E	N/A	N/A	N/A	N/A	N/A	N/A
2023E	N/A	N/A	N/A	N/A	N/A	N/A

Industry outlook

AGM commenced trading on the US OTCQX Best Market with the ticker APGMF at the end of July. The listing, which was not a capital raise, provides AGM with exposure to a wider audience of potential investors by easing cross-border trading for those based in the United States.

Last updated on 20/10/2021