Windar Photonics


£14.5m market cap

32.5p 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

Revenues decreased from €1.7m in H118 and €1.8m in H218 to €0.7m in H119. Part of the decrease was the result of a decision to terminate a relationship with a distributor in China where the distribution agreement potentially conflicted with future contracts with original equipment manufacturers (OEMs) based in China. In addition, some orders that management had expected to receive in H119 are not now expected to arrive until Q419. EBIT losses widened from €0.2m in H118 and €0.4m in H218 to €1.1m. Free cash outflow doubled to €1.7m reflecting higher operating losses, inventory build-up associated with order delays and timing of payments. Net cash (excluding the growth loan) reduced from €1.7m at end December 2018 to €0.3m at end June 2019.

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 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
Industry outlook

Noting the lack of visibility on when customer projects with Vestas and turbine integration projects with OEMs will result in volume deliveries, we have placed our estimates under review.

Last updated on 08/11/2019
Share price graph
Balance sheet
Forecast net cash (€m) 1.3
Forecast gearing ratio (%) N/A
Price performance
Actual (26.1) (29.4) (63.9)
Relative* (28.6) (30.6) (65.1)
52-week high/low 90.0p/32.5p
*% relative to local index
Key management
Martin Rambusch CEO
Jørgen Laustsen COO

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