Windar Photonics


£25.5m market cap

58p 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

FY18 revenues increased by 59% 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. The strong revenue growth cut EBITDA losses from €1.2m to €0.4m.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2016A 1.2 (2.4) (3.0) (7.6) N/A N/A
2017A 2.2 (1.2) (2.1) (5.0) N/A N/A
2018E 3.5 (0.4) (0.8) (1.5) N/A N/A
2019E 6.0 0.6 0.2 0.4 166.1 71.4
Last updated on 22/03/2019
Industry outlook

Management is confident that the global distribution agreement with Vestas announced in June 2018 will help deliver further revenue growth in FY19. Vestas is the largest maintenance provider in the industry with, we estimate, around 31,000 turbines under service. Management also expects continued demand from its Asian partners for retrofit applications and continues to work on turbine integration projects with OEMs, some of which are in the final verification stages. Noting delays in achieving OEM certification, we have revised our FY19 estimates.

Last updated on 22/03/2019
Share price graph
Balance sheet
Forecast net cash (€m) 1.7
Forecast gearing ratio (%) N/A
Price performance
Actual (20.0) (31.8) (38.0)
Relative* (20.1) (36.5) (39.5)
52-week high/low 106.5p/58.0p
*% relative to local index
Key management
Martin Rambusch CEO
Jørgen Laustsen COO

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