Nanoco

Nanoco Group

LSE: NANO

Market Cap£127m

Last Close 39.4p

Nanoco Group is a global leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, with c 560 patents. Focus applications are advanced electronics, displays, bio-imaging and horticulture.

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Investment summary

As flagged in the August trading update, FY22 revenue totalled £2.5m (FY21: £2.1m), with £2.4m of this generated from Sensing applications, primarily driven by the company’s major European customer. EBITDA losses (adding back National Insurance accruals on share-based payments) narrowed to £2.1m y-o-y from £2.8m, reflecting the higher revenues and cost-saving initiatives. Free operating cash outflow totalled £1.8m with the net monthly cash-burn brought down to under £0.2m. Following the £5.4m placing and subscription in June at 37p/share, gross cash at end FY22 was £6.8m. This gives a cash runway for nanomaterial development and scale-up activities into CY25, which is beyond the point Nanoco expects organic activities to be self-financing.

Y/E Jul
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2021A 2.1 (2.9) (4.7) (1.30) N/A N/A
2022A 2.5 (2.3) (4.6) (1.32) N/A N/A
2023E 2.9 (2.2) (3.5) (0.93) N/A N/A
2024E N/A N/A N/A N/A N/A N/A
Industry outlook

The start date of the trial between Nanoco and Samsung has been postponed from 3 October 2022 as the court had scheduled several trials on the October date on the basis that most cases would be settled before trial. The trial has yet to be rescheduled.

Last updated on 30/11/2022
Content on Nanoco Group
Nanoco – Progress in both organic and non-organic activity
TMT | research Update | 21 October 2022
Nanoco
Nanoco Group – Strengthening customer engagement
TMT | research Update | 13 September 2022
Nanoco
Nanoco Group – Reaching two key milestones in H222
TMT | research Update | 18 August 2022
Nanoco
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Share price graph
Balance sheet
Forecast net cash (£m) 3.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 10.4 (2.5) 72.8
Relative* 3.4 (5.6) 68.1
52-week high/low 52.4p/17.1p
*% relative to local index
Key management
Brian Tenner CEO
Liam Gray CFO