VivoPower International

US: VVPR

Market Cap$28m

Last Close $1.37

VivoPower International’s strategy is to provide sustainable energy solutions on an international scale. Key activities at present are electric vehicles, critical power, sustainable energy solutions and solar development.

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Investment summary

VivoPower is building an integrated portfolio of activities to support the corporate decarbonisation agenda. Key is the specialist electric vehicle business, Tembo, which has been establishing global distribution agreements and has commitments for c 8,000 vehicles. This is supported by the profitable and cash generative Critical Power operations, electrical installation/integration services, in Australia. In Solar, the group has taken full control of its US operations and established a crypto mining venture.

Y/E Jun
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 48.7 3.9 (1.0) (12.0) N/A 4720.0
2021A 40.4 (2.5) (5.2) (31.0) N/A N/A
2022E 42.3 (8.2) (15.2) (69.8) N/A N/A
2023E 60.1 (4.7) (13.5) (62.3) N/A N/A
Industry outlook

Sales declined 11% to $18.9m in H122 and operating losses widened to $7.3m (H121: $0.4m) due to COVID-19-related delays particularly in the Critical Power division where Australia remained in lockdown while other divisions such as Electric Vehicles remain in investment mode. With the opening up of Australia, performance should improve through H2 and we await news regarding financing the crypto mining venture, completion of Tembo acquisition and the Toyota development contract.

Last updated on 01/07/2022
Content on VivoPower International
VivoPower International – Strategic progress masked by COVID shutdowns
Industrials | research Flash note | 25 August 2021
Clean energy concept
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Share price graph
Balance sheet
Forecast net cash (US$m) 27.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 6.2 (23.5) (81.4)
Relative* 13.9 (9.0) (79.0)
52-week high/low US$7.3/US$1.0
*% relative to local index
Key management
Johann Kenny Head of risk management, Arowana
Kevin Chin Co-founder and executive chairman
Matt Cahir President, Vivo USA
Matt Davis Managing director, Vivo Australia

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