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Currency in GBP
Last close As at 27/03/2023
GBP0.22
▲ −0.10 (−0.46%)
Market capitalisation
GBP69m
Nanoco Group is a global leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, with c 560 patents. Focus applications are advanced electronics, displays, bio-imaging and horticulture.
The settlement ends all global litigation with Samsung, including the lawsuits in China and Germany. After deducting litigation costs, Nanoco will retain over $90m (£75m) net proceeds. The settlement will be paid in two equal tranches, one receivable by 5 March 2023 and the second by 3 February 2024. Nanoco intends to return a ‘material’ proportion of the proceeds to shareholders once the second payment has been received. Importantly, Nanoco retains full freedom to operate in all markets, territories, products and material types.
Director, TMT & Industrials
Brian Tenner
CEO
Liam Gray
CFO
Forecast net cash (£m)
14.4
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (14.0) | (50.5) | 8.6 |
| Relative | (9.0) | (50.6) | 9.6 |
| 52 week high/low | 55.8p/20.6p |
Nanoco Group has signed the final agreements to settle the litigation with Samsung on a no-fault basis for the alleged infringement of the group’s intellectual property, with Samsung paying Nanoco $150m (£125m) in cash. Nanoco’s H123 performance relating to the organic activities was slightly ahead of management’s expectations. We have revised our estimates to reflect both the settlement, which includes £3.0m in licence revenues recognisable in H223 and takes the group from negative to positive EBITDA for FY23, and the H123 trading update.
| Y/E Jul | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 2.1 | (2.8) | (4.7) | (1.30) | N/A | N/A |
| 2022A | 2.5 | (2.1) | (4.6) | (1.32) | N/A | N/A |
| 2023E | 6.0 | 1.0 | (0.3) | 0.05 | 418.0 | 74.8 |
| 2024E | N/A | N/A | N/A | N/A | N/A | N/A |
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