£57m market cap
252p 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. In FY19, 64% of revenues related to exports.
Investment summary
Trackwise has announced a placing which has raised £11.0m (gross) at 200p/share and an open offer, which will close on 8 December and raise up to £1.0m at 200p/share. This is to fund a new manufacturing facility that is expected to quadruple IHT production capacity and is scheduled to start production in Q421. In total, an estimated £5.4m of the funds raised will be spent on plant and machinery for the new facility, £0.7m to fit out the new facility and the remainder used to satisfy working capital requirements. We will revise our estimates to reflect the share dilution, funds raised and capital expenditure on the new facility when the open offer has completed.
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 | 117.8 | N/A |
| 2019A | 2.9 | 0.6 | 0.2 | 1.13 | 223.0 | 52.9 |
| 2020E | 7.1 | 0.7 | (0.3) | 0.36 | 700.0 | N/A |
| 2021E | 14.3 | 2.7 | 1.3 | 6.25 | 40.3 | 69.6 |
Industry outlook
The additional capacity is required to support the up to £38m electric vehicle (EV) contract announced in September and potential volume orders from electro-surgical catheter manufacturers and aerospace OEMs and suppliers.
Last updated on 03/12/2020
Sector |
|---|
| TMT |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | 0.5 |
| Forecast gearing ratio (%) | 4 |
Price performance
% |
1m |
3m |
12m |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||
| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Philip Johnston | CEO |
| Mark Hodgkins | FD |
You may also be interested in…
- 1Spatial
- 4imprint Group
- 7digital Group
- Allied Minds
- Applied Graphene Materials
- appScatter
- Bigblu Broadband
- Blancco Technology Group
- Boku
- Brady
- Carclo
- CentralNic Group
- discoverIE Group
- Ebiquity
- EMIS Group
- Entertainment One
- eServGlobal
- Euromoney Institutional Investor
- Future
- GB Group
- GVC Holdings
- IQE
- Kape Technologies
- Keywords Studios
- Mercia Asset Management
- Mirriad Advertising
- Nanoco Group
- OnTheMarket
- Osirium Technologies
- SCISYS Group
- StatPro Group
- The MISSION Group
- WANdisco
- XP Power
- YouGov