Thin Film Electronics

NO: THIN

NOK184m market cap

NOK0.16 last close

Thin Film Electronics provides NFC solutions for brand protection, consumer engagement and supply chain insights. It provides end-to-end services, delivering data and actionable insights via its CNECT cloud-based platform.

Investment summary

Thinfilm’s recent investor update provided details on how its revised strategy, focused on driving market adoption of its NFC solutions, will potentially take the company to break-even in FY21. We will update our estimates to reflect the information given in the presentation.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 5.9 (50.9) (57.5) (6.6) N/A N/A
2018A 3.4 (49.3) (54.5) (4.6) 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 22/05/2019
Industry outlook

Thinfilm subsequently announced a corporate restructuring, focusing resources on driving market adoption of its brand protection and customer engagement solutions using silicon NFC chips from third parties. Commissioning the roll-to-roll printed electronics facility has been paused as part of a programme to cut operating costs, which totalled US$54.1m in FY18, by nearly US$20m on an annualised basis. Cash conservation is critical as discussions with the potential strategic equity investor have terminated. Management is evaluating other sources of finance. Our estimates remain under review until there is more visibility on the impact of the far-reaching cost-saving programme.

Last updated on 22/05/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (58.0) (75.2) (92.1)
Relative* (57.3) (75.2) (91.7)
52-week high/low NOK2.0/NOK0.1
*% relative to local index
Key management
Kevin Barber CEO
Ole Ronny Thorsnes CFO
Christer Karlsson CTO
Morten Opstad Non-Executive Chairman

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