Windar Photonics


£31.8m market cap

72.5p last close

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

Investment summary

H118 started well with revenues up 33% year-on-year to €1.7m as Windar worked through the order for 300 WindEye low-cost light detection and ranging (LiDAR) systems from a Chinese distributor, announced last December. EBITDA losses narrowed from €0.4m to €0.1m as the combination of higher sales on a smaller cost base took Windar close to break-even.

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 4.5 0.1 (0.4) (0.6) N/A N/A
2019E 18.6 7.6 7.2 12.6 6.5 6.2
Last updated on 11/02/2019
Industry outlook

The distribution agreement with Vestas announced in June should help drive sales to independent power providers (IPPs) globally. However, a shortage of key components held back growth in Q218 and obliged management to issue FY18 revenue guidance of €4.0–4.5m, which was significantly below our previous estimate. We have revised our estimates and adjusted our indicative valuation from 125p/share to 124p/share.

Last updated on 11/02/2019
Share price graph
Balance sheet
Forecast net cash (€m) 1.8
Forecast gearing ratio (%) N/A
Price performance
Actual (11.0) (19.4) (17.1)
Relative* (13.4) (19.4) (17.1)
52-week high/low 106.5p/72.5p
*% relative to local index
Key management
Martin Rambusch CEO
Jørgen Laustsen COO