Windar Photonics


£20m market cap

45p last close

Windar Photonics is a Copenhagen-based developer and manufacturer of an innovative, low-cost light detection and ranging system. Approaching wind direction and speed is measured ahead of a wind turbine, allowing appropriate yaw alignment, increasing efficiency.

Investment summary

As flagged in the February trading update, FY18 revenues increased by 58% year-on-year to €3.5m, as Windar shipped a substantial proportion of the 300 units required for the Chinese order announced in December 2017. Supply chain issues, which have been resolved, meant that not only was Windar unable to complete all of the deliveries under this contract by the year-end, but follow-on orders from the customer were delayed. Nevertheless, the improvement in revenues enabled Windar to get substantially closer to its goal of reaching break-even.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 2.2 (1.2) (2.0) (5.0) N/A N/A
2018A 3.5 (0.3) (0.8) (1.7) N/A N/A
2019E 6.0 0.6 0.2 0.4 125.4 131.3
2020E 8.1 1.5 1.1 2.0 25.1 13.2
Last updated on 09/08/2019
Industry outlook

Management expects current customer projects with Vestas and continued demand in Asia to drive further growth in the retrofit segment during FY19. Noting that work continues on turbine integration projects with original equipment manufacturers (OEMs), some of which are in the final turbine type verification stages, management also expects volume deliveries to OEMs to commence in the near future, but we exclude these from our estimates.

Last updated on 09/08/2019
Share price graph
Balance sheet
Forecast net cash (€m) 1.3
Forecast gearing ratio (%) N/A
Price performance
Actual (7.2) (5.3) (42.7)
Relative* (3.9) (5.5) (38.6)
52-week high/low 101.0p/44.0p
*% relative to local index
Key management
Martin Rambusch CEO
Jørgen Laustsen COO

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