Thin Film Electronics (THIN)

Business description

Thin Film Electronics ASA (Thinfilm) commercialises printed electronics and owns key patents for printing rewritable, non-volatile memory and printable NFC circuits. It also licenses technology from others to develop complete printed systems.

Stock data

Market cap.NOK2793.7m
Last closeNOK3.40
High / Low (52 weeks)NOK5.7 / NOK3.1
Stock market listingNO
Forecast net cash (US$m)5.7
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(10.2)(8.6)0.3
Relative *(10)(7.7)(13.5)

* % Relative to local index

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Company news

Disclosure of holding in Thin Film Electronics ASA

Fri, 24 Feb 2017 06:56:15 GMT

Thinfilm secures state-of-the-art fabrication facility

Mon, 10 Oct 2016 00:03:58 GMT

Cowen Starts Thin Film Electronics ASA (TFECY) at Outperform

Mon, 29 Jun 2015 10:52:30 GMT

Thinfilm receives NFC OpenSense order from leading Asian firm

Thu, 03 Nov 2016 00:12:38 GMT

Thinfilm and Holoptica integrate NFC technology and holograms

Wed, 09 Nov 2016 00:03:17 GMT

Investment summary

For Thinfilm (THIN), 2016 has been principally dominated by a steadily growing list of new client partnerships, preparations for the move to the new R2R plant and a successful $61.7m funding round. The restart of EAS orders in January adds to revenue security this year. THIN is also shortly to scale up go-to-market activities for the Smart ElastiTag solution with hang-tag specialist, Bedford Industries, including a joint marketing road-show. This is expected to accelerate new NFC product field trial numbers in 2017, helped also by the recent launch of THIN’s cloud-based software portal CNECT. Earnings for 2016 were affected by higher than expected stockpiling costs and one-off FX losses, with no material impact on our forecasts. Our DCF valuation remains $9.70 per ADR.

Last updated on 07/03/2017

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 4.4 (29.2) (28.3) (5.3) N/A N/A
2016A 3.8 (37.1) (43.0) (6.6) N/A N/A
2017E 10.8 (38.3) (42.5) (5.2) N/A N/A
2018E 48.3 (23.4) (29.9) (3.7) N/A N/A

Last updated on 06/03/2017

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Industry outlook

Thinfilm is the global leader in printed electronics, which is a low cost and highly scalable method of creating smart labels for the Internet of Things. The company is currently focused on three areas: NFC labels, most notably NFC OpenSense, which is on pilot trial with a number of major brands; memory labels, which are in production; and sensor and display labels, where it has developed prototypes. The ability of printed electronics to add intelligence to low-cost, high-volume products opens a wide range of potential applications that could present an even greater market opportunity.

Last updated on 02/03/2017

Key management

Davor P. Sutija, CEO
Ole Ronny Thorsnes, CFO
Morten Opstad, Non-Executive Chairman
Christer Karlsson, CTO
Bill Cummings, VP, Marketing & Communications

Company address

Henrik Ibsens Gate 100
PO Box 2911 Solli
0230 Oslo
Norway
+47 23 27 51 59
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