CHF224.9m market cap

CHF0.87 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

Revenues rose by CHF3.5m year-on-year in H120 to CHF10.0m, boosted by delivery to Kongsberg Maritime of the energy storage system for the first of nine Grimaldi vessels, though two stationary storage projects potentially worth c CHF6m were postponed to H220. Gross margin remains negative, reflecting low plant utilisation rates. EBITDA losses narrowed by CHF3.3m to CHF16.3m. Our estimates and valuation remain under review.

Y/E Dec
Revenue (CHFm)
EPS (fd) (CHFc)
P/E (x)
P/CF (x)
2018A 48.7 (36.9) (47.8) (61.5) N/A N/A
2019A 16.3 (57.5) (71.5) (52.6) N/A N/A
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
Industry outlook

The order book of over CHF90m for delivery between 2020 and 2022 demonstrates demand for the group’s energy storage systems. However, while majority shareholder FEFAM has converted CHF50.9m of debt to equity and agreed to provide up to CHF34m in working capital bridge loan financing as an interim measure, management states that it needs to complete a fundraise with a major industrial investor interested in taking a significant stake in the group to be confident of remaining a going concern.

Last updated on 26/11/2020
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Share price graph
Balance sheet
Forecast net debt (CHFm) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 55.9 45.0 (33.6)
Relative* 48.3 42.4 (33.5)
52-week high/low CHF1.4/CHF0.5
*% relative to local index
Key management
Stefan A. Müller Chairman
Anil Srivastava CEO
Hubert Angleys FD