Nanoco Group - Edison Group

Overview
Price performance
Financials
Research
Thematics

Nanoco Group is a global leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, with c 375 patents. Focus applications are advanced electronics, displays, bio-imaging and horticulture.

Management has said that an order for around 100m sensor units could generate c £20m in revenue, which would equate to deployment across a high-volume handset range, especially if multiple sensors are included in the device. By way of context, Yole Research estimates the CMOS image sensor market is worth $21.2bn, growing to $30bn by 2030, with applications across almost any market involving image capture mobile devices, automotive, industrial, surveying, security and agriculture.

Latest Insights

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Flash note

12.03.24

Nanoco — Mechanisms for shareholder returns confirmed

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08.02.24

Nanoco — Steps on the pathway to volume production

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15.01.24

Nanoco — Another major milestone delivered

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15.11.23

Nanoco Group — First commercial order fulfilled – major milestone

Nanoco Group_resized

Sector

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Equity Analyst

Max Hayes

Associate Analyst

Head of Technology

Key Management

Brian Tenner

CEO
Liam Gray

CFO

Balance Sheet

Forecast net cash (£m)

25.8

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(7.8)	(3.4)	7.6
Relative	(9.0)	(9.7)	5.6
52 week high/low	23.4p/15.6p

Financials

Nanoco’s interim results mark a new chapter in the company’s development. With the tender offer and buyback returning £33m of settlement proceeds closing on 11 April, the focus will now be fully on building the business as a developer, manufacturer and licensor of nanomaterials. Significant milestones have been achieved in H1 with the first commercial order fulfilled and joint development agreements signed with STMicro and a chemical supplier into the electronics supply chain. Earlier-stage work with other potential partners is ongoing.

Y/E Jul	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2022A	2.5	(2.1)	(4.6)	(1.32)	N/A	N/A
2023A	5.6	(0.4)	(3.6)	(0.66)	N/A	N/A
2024E	8.6	1.3	(0.4)	(0.13)	N/A	48.4
2025E	N/A	N/A	N/A	N/A	N/A	N/A

Research

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09.01.23

Nanoco Group — Context on no-fault settlement of litigation

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21.10.22

Nanoco — Progress in both organic and non-organic activity

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Update

Nanoco — Litigation settlement concluded

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13.09.22

Nanoco Group — Strengthening customer engagement

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Update

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18.08.22

Nanoco Group — Reaching two key milestones in H222

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07.06.22

Nanoco Group — More good news – this time organic business

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17.05.22

Nanoco Group — Samsung versus Nanoco: Round 1 to Nanoco

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04.05.22

Nanoco – executive interview

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14.04.22

Nanoco Group — Growing confidence

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Update

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21.03.22

Nanoco Group — Closer to commercialisation

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18.11.21

Nanoco — Progress against stated objectives during FY21

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04.11.21

Nanoco — Year of steady progress

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12.08.21

Nanoco Group — Making good sense

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Update

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21.07.21

Nanoco Group — Non-dilutive debt extends organic cash runway

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06.07.21

Nanoco — Diversifying its customer base

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28.06.21

Nanoco — Maximising chances of positive litigation outcome

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20.05.21

Nanoco — Patent review process going ahead

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Update

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14.05.21

Nanoco Group — Sensing programme moves to next phase

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30.03.21

Nanoco — Progressing sensing opportunity

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26.11.20

Nanoco — Grant funding for life sciences project

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16.10.20

Nanoco — Rebuilding organic value

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01.09.20

Nanoco — Focusing group resources

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16.07.20

Nanoco — Fundraising extends cash runway further

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14.07.20

Nanoco Group – executive interview

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13.07.20

Nanoco Group — Funding secured for patent infringement lawsuit

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28.05.20

Nanoco — Supply agreement with STMicroelectronics

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Update

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04.05.20

Nanoco Group — Extending cash runway to evaluate options

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17.02.20

Nanoco Group — Patent infringement lawsuit filed against Samsung

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05.11.19

Nanoco plc — Suspension of estimates

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16.10.19

Nanoco Group — Pursuing new sources of commercial income

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Update

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24.06.19

Nanoco — Major customer not moving to production

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15.04.19

Executive interview – Nanoco

research

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25.01.19

Nanoco Group — Contract extension with major partner

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24.12.18

Nanoco — Milestone payment: On track with major client

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13.12.18

Nanoco — On track for an inflection in FY20

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Update

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22.10.18

Nanoco — Building foundations for volume uptake in FY20

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19.10.18

Executive interview – Nanoco Group

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15.08.18

Nanoco Group — Delays but visibility of move to volume production

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08.05.18

Nanoco — £1.8m milestone payment from major partner

research

02.05.18

Nanoco — Adding a new dimension in 2D materials

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23.04.18

Nanoco — Extension of major partnership

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20.04.18

Executive interview – Nanoco Group

research

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10.04.18

Nanoco Group — Major US partner to drive significant inflection

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Update

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08.02.18

Nanoco — Rabbit pulled out of the hat

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20.11.17

Nanoco — Moving forward step by step

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20.11.17

Executive interview – Nanoco Group

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06.10.17

Nanoco — Removal of elephant in the room

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09.08.17

Nanoco — Cadmium to be prohibited from October 2019

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Flash note

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22.05.17

Nanoco Group — Next generation display collaboration

Initiation

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11.05.17

Nanoco Group — Quantum leap

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05.04.17

Executive Interview – Nanoco Group

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17.10.16

Executive Interview – Nanoco

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06.05.16

Executive Interview – Nanoco Group

thematic

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28.07.23

MediaWatch – Targeting the opportunities

thematic

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25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

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31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

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10.08.22

ESG, moving beyond the box tick

thematic

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11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

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29.09.21

Quantum dots – all the colours of the rainbow

thematic

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09.09.21

Micro-LEDs – small is beautiful

thematic

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16.08.20

Semiconductor winners – European companies with strong positions

thematic

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24.06.20

The small satellite market – Small is beautiful

thematic

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08.04.20

European video games: A safe haven in troubled times

thematic

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27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

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05.08.19

European video games

thematic

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10.07.19

Diversification and scale for online success

thematic

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08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

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26.02.19

UK video games – Heterogeneous not homogeneous

thematic

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24.02.17

Mobile ecosystems

thematic

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08.02.17

Mobile ecosystems

thematic

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13.10.15

Mobile ecosystems

thematic

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23.03.15

NZ – Edison talks tech

thematic

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23.03.15

AUS – Edison talks tech

thematic

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18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

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15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

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24.09.10

The third pillar

thematic

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10.09.10

The real disruptor

thematic

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27.08.10

Merger mania is back