Trackwise Designs

LN: TWD

£59.3m market cap

268p last close

Trackwise Designs is a UK manufacturer of specialist products using printed circuit technology. These include a lightweight replacement for conventional wiring harnesses known as IHT and RF antennae. 64% of FY19 revenues related to exports.

Investment summary

Trackwise Designs has developed a proprietary, proven technology, IHT, for manufacturing extremely long, flexible circuits that can replace conventional wiring harnesses. This disruptive technology is applicable to many industries including electric vehicles (EVs), medical devices and aerospace. Trackwise has already manufactured prototypes for customers in each of these sectors and received its first series production order from an EV manufacturer this September. Since IHT is an adaptation of the proven technology Trackwise uses for making advanced printed circuits, IHT has the transformative potential of a new technology but with much less risk.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 3.5 0.6 0.3 2.14 125.2 N/A
2019A 2.9 0.6 0.2 1.13 237.2 56.3
2020E 7.1 0.7 (0.3) 0.36 744.4 N/A
2021E 14.3 2.7 1.3 6.25 42.9 74.0
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Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) 0.5
Forecast gearing ratio (%) 4
Price performance
%
1m
3m
12m
Actual 54.0 202.8 328.8
Relative* 53.0 222.1 421.4
52-week high/low 268.0p/62.5p
*% relative to local index
Key management
Philip Johnston CEO
Mark Hodgkins FD