Windar Photonics (WPHO)

Business description

Windar Photonics is a Copenhagen-based developer and manufacturer of an innovative, low-cost light detection and ranging (LiDAR) system. Approaching wind direction and speed is measured ahead of a wind turbine, allowing appropriate yaw alignment.

Stock data

Market cap.£42.6m
Last close102.00p
High / Low (52 weeks)110.0p / 68.5p
Stock market listingLN
Forecast net cash (€m)1
Forecast gearing ratio (%)N/A
TeamIndustrials
SectorAlternative Energy

Price performance

%1m3m12m
Actual10.316.616.6
Relative *4.020.214.6

* % Relative to local index

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Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 0.9 (2.8) (3.3) (8.7) N/A N/A
2016A 1.2 (2.4) (3.0) (7.6) N/A N/A
2017E 2.2 (1.1) (1.9) (4.6) N/A N/A
2018E 5.6 0.7 0.2 0.4 292.2 N/A

Last updated on 26/03/2018

Investment summary

In December, Windar received a follow-on order for 300 WindEYE LiDAR systems. The first 50 were for delivery in FY17, the remainder for H118. Later in the month, Windar issued two announcements regarding orders related to wind turbine OEMS. Although neither order was of the scale of the earlier transformational contract, which was primarily for retrofitting turbines already in the field, they demonstrate the interest OEMs are showing in the technology, which will potentially lead to strong growth in future.

Last updated on 06/04/2018

Industry outlook

Windar’s pre-close trading statement notes that revenues rose by 84% year-on-year during FY17 to €2.2m. The cost base realignment resulted in a 30% reduction in operating costs to €2.1m and a 57% cut in EBITDA losses to €1.1m. The recent sequence of contract awards indicates that this revenue ramp-up will be sustained through FY18. The part of the transformational Chinese order scheduled for delivery in H118 represents substantially more LiDAR systems than were shipped in FY17, with potential for follow-on orders in H218. In July 2017, Windar completed a subscription raising £1.25m (gross) at 82p/share, resulting in Windar having cash holdings of €1.1m (excluding restricted cash) at the end of December 2017.

Last updated on 06/04/2018

Key management

Martin Rambusch, CEO
Jørgen Laustsen, COO

Company address

Helgeshøj Alle 16-18
DK-2630 Taastrup
Denmark
+45 2055 5599
View website