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Leclanché (LECN)

Business description

Leclanché is a fully vertically integrated energy storage solution provider. It delivers a wide range of energy storage solutions for homes, small offices, large industries and electricity grids as well as hybridisation for mass transport systems such as bus fleets and ferries.

Y/E Dec Revenue (CHFm) EBITDA (CHFm) PBT (CHFm) EPS (fd) (CHFc) P/E (x) P/CF (x)
2015A 17.9 (26.0) (32.9) (115.2) N/A N/A
2016A 28.1 (26.6) (36.8) (85.0) N/A N/A
2017E N/A N/A N/A N/A N/A N/A
2018E N/A N/A N/A N/A N/A N/A

Last updated on 18/04/2018

Latest research

Investment summary

During December and January, Leclanché secured CHF74.0m additional investment from its largest shareholder. Management estimates this is sufficient to fully finance the company through to Q219 but is seeking additional finance to take the company through to 2020, when it expects to be solidly EBITDA-positive. Importantly, the investment provides the cash to deliver on the pipeline of contracts already received for delivery during FY18, which total 55MWh of capacity. Lack of finance held back revenue growth during FY17, resulting in a c CHF40m (unaudited, estimated) loss after tax. As this is greater than the loss modelled in our estimates, we have placed these under review until the full FY17 results are announced at the end of April.

Last updated on 27/04/2018

Industry outlook

The priority is now to deliver on the 55MWh of orders already received for completion during FY18. These include a 33MWh battery storage plant in Cremzow, Germany, a 4MWh project with NRStor in Canada, a 15MWh project with swb in Germany and a project to develop and install a network of 34 fast-charging stations along the Trans-Canada Highway.

Last updated on 27/04/2018

Key management

Anil Srivastava, CEO
Hubert Angleys, FD

Company address

Avenue des Sports 42
Yverdon-Les-Bains
CH – 1400
Switzerland
+41 24 424 65 00
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