£35.1m market cap
12.25p last close
Nanoco is a global leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials. Its platform includes c 700 patents and specialist manufacturing lines. Focus applications are advanced electronics, displays, lighting and bio-imaging.
Investment summary
Nanoco’s post-close trading update disclosed unaudited revenues of £7.3m for FY19. This was more than double FY18’s level and slightly ahead of consensus because of the early delivery of some revenue under the major services contract. FY19 billings totalled £9.6m, including £2.4m as the final sum payable to complete the new Runcorn production facility. Cash at end FY19 was £7.0m, an increase of £0.8m since end January 2019. Management expects to have around £6.0m of cash at end December 2019.
Y/E Jul |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 1.3 | (9.4) | (10.6) | (4.46) | N/A | N/A |
| 2018A | 3.3 | (6.2) | (7.1) | (2.63) | N/A | N/A |
| 2019E | 6.7 | (4.2) | (4.8) | (1.67) | N/A | N/A |
| 2020E | 4.0 | (6.5) | (7.8) | (2.72) | N/A | N/A |
| Last updated on 13/09/2019 | ||||||
Industry outlook
Although Nanoco’s major US client will not progress to volume production in the foreseeable future, commissioning work continues on the new production capacity, which is scheduled to complete by December. Once that is completed, the facility will be able to produce high quality nanomaterials for use in a number of electronics applications. It could therefore be used to service future demand from the US customer or potential new customers with whom Nanoco is in the early stages of discussion.
Last updated on 13/09/2019
Sector |
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| TMT |
Share price graph
Balance sheet |
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| Forecast net cash (£m) | 5.6 |
| Forecast gearing ratio (%) | N/A |
Price performance
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3m |
12m |
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Key management |
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| Michael Edelman | CEO |
| Brian Tenner | CFO |
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