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Nanoco Group (NASDAQ: NANO)

Currency in GBP

Last close As at 06/12/2023

GBP0.18

▲ −0.54 (−2.94%)

Market capitalisation

GBP58m

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.

Management has said that an order for around 100m sensor units could generate around £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, the CMOS image sensor market is estimated to be worth $21.2bn growing to $30bn by 2030 (by Yole Research), with applications across almost any market involving image capture mobile devices, automotive, industrial, surveying, security and agriculture.

Latest Insights

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TMT | Flash note

Nanoco Group — First commercial order fulfilled – major milestone

TMT | Flash note

Nanoco Group — Asian customer moves to the next phase

TMT | Update

Nanoco — Pathway to commercial production

TMT | Update

Nanoco — Returning cash and investing in the business
Nanoco Group_resized
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Sector

TMT

Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Dan Ridsdale

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 0.2 (0.6) (53.8)
Relative (1.6) (1.7) (53.6)
52 week high/low 55.8p/15.6p

Financials

Nanoco’s announcement that it has fulfilled its first commercial order heralds the company’s transition from a development-stage company to a commercial supplier of quantum materials. The order provides support for our FY24 forecasts and is a key milestone on the company’s pathway towards becoming self-financing in FY25, with the potential to scale up significantly beyond that, if design wins in high-volume sensing applications can be secured.

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 44.4
2025E N/A N/A N/A N/A N/A N/A

Research

Nanoco Group_resized

Flash note

TMT

Nanoco Group — Asian customer moves to the next phase

Update

TMT

Nanoco — Pathway to commercial production
Nanoco Group_resized

TMT

Flash note

Nanoco Group — First commercial order fulfilled – major milestone

Nanoco Group_resized
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Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023
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