Leclanché

SW: LECN

CHF232.5m market cap

CHF1.99 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

Leclanché has announced that it expects FY18 revenues in excess of CHF47m, ahead of our CHF42.5m estimate. This is more than double the CHF18m reported in FY17. We place our estimates under review until the full FY18 results are announced in early April.

Y/E Dec
Revenue (CHFm)
EBITDA (CHFm)
PBT (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 15/03/2019
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 15/03/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (CHFm) 55.3
Forecast gearing ratio (%) 195
Price performance
%
1m
3m
12m
Actual 6.7 6.2 (3.2)
Relative* 4.0 (2.5) (9.3)
52-week high/low CHF2.2/CHF1.5
*% relative to local index
Key management
David Ishag Chairman
Anil Srivastava CEO
Hubert Angleys FD