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Nanoco Group (NASDAQ: NANO)

Currency in GBP

Last close As at 17/03/2023

GBP0.21

▲ −1.70 (−7.36%)

Market capitalisation

GBP74m

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.

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TMT

Nanoco — Litigation settlement concluded

TMT

Nanoco Group — Context on no-fault settlement of litigation

Nanoco — Progress in both organic and non-organic activity

TMT

Nanoco Group — Strengthening customer engagement
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Sector

TMT

Equity Analyst

Anne Crow

Anne Margaret Crow

Director, TMT & Industrials

Key Management

  • Brian Tenner

    CEO

  • Liam Gray

    CFO

Balance Sheet

Forecast net cash (£m)

14.4

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (14.4) (43.8) 18.9
Relative (7.5) (44.4) 19.6
52 week high/low 55.8p/18.8p

Financials

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) 0.05 428.0 76.6
2024E N/A N/A N/A N/A N/A N/A

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IPO apocalypse

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