Nanoco Group (NANO1)

Business description

Nanoco Group is the leading commercial supplier of cadmium-free quantum dots (CFQD) and IP. The near-term focus is on the display market, where CFQDs are used to enhance picture quality.

Stock data

Market cap.£74.3m
Last close26.00p
High / Low (52 weeks)46.0p / 22.5p
Stock market listingLN
Forecast net cash (£m)7.4
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual11.815.6(38.1)
Relative *10.613.6(43.1)

* % Relative to local index

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Company news

Investment summary

The longer than expected commercialisation cycle has been frustrating but we believe that Nanoco continues to make progress on a number of fronts. The first commercial shipments of its CFQDs in computer monitors are expected in calendar Q118, royalties from Dow are now increasing and the pipeline of OEMs working with Nanoco remains robust. The company’s ability to execute and customer confidence should also be enhanced by the recent fund raise and strengthened balance sheet.

Last updated on 13/12/2017

Y/E Jul Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 0.5 (11.2) (12.3) (5.20) N/A N/A
2017A 1.3 (9.4) (10.6) (4.46) N/A N/A
2018E 4.7 (5.5) (6.4) (2.43) N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 06/12/2017

Latest research

Moving forward step by step

Update | Technology | 20/11/2017

Removal of elephant in the room

Flash note | Technology | 06/10/2017

Joining the dots

Flash note | Technology | 21/09/2017

Further progress, but adoption slow

Update | Technology | 25/08/2017

Cadmium to be prohibited from October 2019

Flash note | Technology | 09/08/2017

First commercial orders

Update | Technology | 30/06/2017

Next generation display collaboration

Flash note | Technology | 22/05/2017

Quantum leap

Initiation | Technology | 11/05/2017

Latest video

Executive interview - Nanoco Group

Industry outlook

Market analyst IHS forecasts that the market for QD displays will reach c 26m units in 2021, up from an estimated 8.5m in 2017, with cadmium-free dominating (growing from 7m in 2017e to 23.7m in 2021e). These estimates have been slightly pared back (or pushed to the right) from its previous forecasts of c 32.8m, likely reflecting the more protracted commercialisation cycle to date, but also lower than forecast shipments in 2017 – in part due to significant price increases at Samsung.

Last updated on 13/12/2017

Key management

Michael Edelman, CEO
David J. Blain , CFO

Company address

46 Grafton Street
Manchester
M13 9NT
United Kingdom
44 16 1603 7900
View website