CHF216.7m market cap

CHF1.85 last close

Leclanché is a fully vertically integrated energy storage solution provider. It delivers a wide range of energy storage solutions for homes, small offices, large industries and electricity grids as well as hybridisation for mass transport systems such as bus fleets and ferries.

Investment summary

In December, Leclanché announced it had reached the important milestone of 100MWh of projects around the world. Encouraged by this progress and the size of the order book, management plans to triple current factory capacity to over three million cells per year, or 1GWh per year by 2020. Significant orders in the e-transport sector include energy storage for e-buses, two- and three-wheeled scooters and electric cars in India, as well as orders from the maritime sector exceeding 45MWh.

Y/E Dec
Revenue (CHFm)
EPS (fd) (CHFc)
P/E (x)
P/CF (x)
2016A 28.1 (27.4) (36.8) (85.0) N/A N/A
2017A 11.7 (31.2) (37.9) (68.4) N/A N/A
2018E 42.5 (34.3) (39.4) (51.8) N/A N/A
2019E 99.6 (9.4) (16.6) (20.4) N/A N/A
Last updated on 21/02/2019
Industry outlook

The company is participating in a newly formed industrial consortium which will support and operate a battery cell research production centre – a new research and large-scale industrial manufacturing plant for lithium-ion cells, based in Germany. The €500m initiative was launched by the German government as part of its strategy to develop German-based mass production of the lithium-ion cells required for e-transport and energy storage. As the owner of the largest lithium ion pouch cell production facility in Europe, Leclanché will provide industrial scale cell manufacturing know-how.

Last updated on 21/02/2019
Share price graph
Balance sheet
Forecast net debt (CHFm) 55.3
Forecast gearing ratio (%) 195
Price performance
Actual (4.9) 10.8 (26.6)
Relative* (8.2) 4.9 (29.3)
52-week high/low CHF2.5/CHF1.5
*% relative to local index
Key management
David Ishag Chairman
Anil Srivastava CEO
Hubert Angleys FD