Windar Photonics


£10.5m market cap

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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

Windar’s unaudited trading update for FY19 shows the negative impact of a slow conversion of the sales pipeline into confirmed orders as agreeing test schedules with OEMs was often drawn out and there was a slowdown in development of mainly Chinese projects. Revenue dropped from €3.5m in FY18 to €1.2m and EBITDA losses widened from €0.4m to €1.9m. Net cash (including €0.4m restricted cash) was €1.4m at the year end. Windar has been granted a three-month extension by Companies House for reporting the FY19 results which management expects to release in early September 2020.

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

Given the company’s concentration of contracts for projects in China and with Chinese clients generally, there has been a slowdown in delivery of LiDAR, principally due to the global slowdown resulting from the COVID-19 pandemic. Nevertheless, Windar has obtained more that €1.7m orders in FY20 to date for delivery during the year. Importantly, the company is seeing sustained progress from the OEM market.

Last updated on 02/07/2020
Share price graph
Balance sheet
Forecast net cash (€m) 1.3
Forecast gearing ratio (%) N/A
Price performance
Actual 5.0 (12.5) (56.7)
Relative* 4.7 (24.0) (48.3)
52-week high/low 50.0p/17.5p
*% relative to local index
Key management
Jørgen Laustsen COO

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