Thin Film Electronics

NO: THIN

NOK366.2m market cap

NOK0.31 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 has announced a corporate restructuring intended to reduce the amount of cash consumed until the business become cash generative. We place our estimates under review until there is more visibility on the impact of the far-reaching cost-saving programme, capex in particular.

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 21/03/2019
Industry outlook

We note that the appointment should also be supportive of Thinfilm’s initiative to have its proprietary Tag-Talks-First (TTF) protocol included as part of the main NFC standard. We see this as a key step in getting Apple phones to support TTF protocol. In contrast, Android-based phones have supported TTF protocol for several years.

Last updated on 21/03/2019
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 (50.7) (60.4) (85.7)
Relative* (51.8) (63.9) (86.6)
52-week high/low NOK2.3/NOK0.3
*% 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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