Leclanché

SW: LECN

CHF217.3m market cap

CHF1.55 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 is working with the state-owned St. Kitts Electric Company (SKELEC) to build a solar generation plus storage project on the island of St. Kitts. Combining a 35.6MW solar farm and 44.2MWh battery storage facility, the project will be the largest in the Caribbean and Leclanché’s largest project so far. Given the scale of this project, our estimates remain under review until there is greater visibility on when different phases of the project are scheduled to complete

Y/E Dec
Revenue (CHFm)
EBITDA (CHFm)
PBT (CHFm)
EPS (fd) (CHFc)
P/E (x)
P/CF (x)
2017A 18.0 (31.1) (37.8) (68.3) N/A N/A
2018A 48.7 (36.9) (47.8) (61.5) N/A N/A
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Last updated on 19/09/2019
Industry outlook

In addition, Ellen, the world’s largest all-electric ferry, for which Leclanché provided a 4.3MWh customised lithium-ion battery system, has made its first commercial voyage. This is a key application area for the company, with an estimated 50MWh of orders for marine applications contracted for delivery in FY19 and FY20.

Last updated on 19/09/2019
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (CHFm) 35.7
Forecast gearing ratio (%) 139
Price performance
%
1m
3m
12m
Actual (1.6) (2.5) (16.7)
Relative* (3.9) (3.5) (26.0)
52-week high/low CHF2.1/CHF1.5
*% relative to local index
Key management
David Ishag Chairman
Anil Srivastava CEO
Hubert Angleys FD