VivoPower International (US: VVPR)

Currency in USD

Last close As at 17/03/2023


−0.03 (−6.67%)

Market capitalisation


VivoPower International’s strategy is to provide sustainable energy solutions on an international scale. Key activities at present are electric vehicles, critical power, sustainable energy solutions and solar development.

Sales declined 11% to $18.9m in H122 and operating losses widened to $7.3m (H121: $0.4m) due to COVID-19-related delays particularly in the Critical Power division where Australia remained in lockdown while other divisions such as Electric Vehicles remain in investment mode. With the opening up of Australia, performance should improve through H2 and we await news regarding financing the crypto mining venture, completion of Tembo acquisition and the Toyota development contract.



Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • Johann Kenny

    Head of risk management, Arowana

  • Kevin Chin

    Co-founder and executive chairman

  • Matt Cahir

    President, Vivo USA

  • Matt Davis

    Managing director, Vivo Australia

Balance Sheet

Forecast net cash (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (26.4) 27.3 (75.7)
Relative (24.0) 23.8 (73.3)
52 week high/low US$2.2/US$0.2


VivoPower is building an integrated portfolio of activities to support the corporate decarbonisation agenda. Key is the specialist electric vehicle business, Tembo, which has been establishing global distribution agreements and has commitments for c 8,000 vehicles. This is supported by the profitable and cash generative Critical Power operations, electrical installation/integration services, in Australia. In Solar, the group has taken full control of its US operations and established a crypto mining venture.

Y/E Jun Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 48.7 3.9 (1.0) (12.0) N/A 1447.0
2021A 40.4 (2.5) (5.2) (31.0) N/A N/A
2022E 42.3 (8.2) (15.2) (69.8) N/A N/A
2023E 60.1 (4.7) (13.5) (62.3) N/A N/A



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