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Thin Film Electronics (THIN)

Business description

Thin Film Electronics is a global leader in NFC mobile marketing and smart-packaging solutions using printed electronics technology, which should enable it to offer printed NFC tags at a substantially lower price point than conventional silicon tags.

Stock data

Market cap.NOK743m
Last closeNOK0.63
High / Low (52 weeks)NOK2.3 / NOK0.6
Stock market listingNO
Forecast net cash (US$m)21.8
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(6.6)(21.7)(72.2)
Relative *(6.8)(23.3)(73)

* % Relative to local index

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Company news

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 3.8 (36.9) (42.8) (6.5) N/A N/A
2017A 5.9 (50.9) (57.5) (6.6) N/A N/A
2018E 2.8 (48.5) (53.2) (4.5) N/A N/A
2019E 9.2 (49.1) (57.7) (4.9) N/A N/A

Last updated on 29/01/2019

Investment summary

Thinfilm has announced that it has been voted onto the NFC Forum board of directors. This is the governing body of the organisation and as such is responsible for its budget, specification of standards and overall direction of NFC deployment. Our perusal of NFC Forum bylaws reveals that to be accepted as a board director, new members must be approved by at least 80% of the existing board, which comprises Apple, Dai Nippon Printing, Google, Infineon, Mastercard Worldwide, NXP, Qualcomm, Samsung, Sony, STMicroelectronics and Visa. While Thinfilm is much smaller than any of these organisations, its experience of over 40 in-market developments,which management believes is the largest number conducted by an individual NFC tag solutions provider, complements those of its larger peers.

Last updated on 01/02/2019

Industry outlook

We note that the appointment should also be supportive of Thinfilm’s initiative to have its proprietary Tag-Talks-First (TTF) protocol included as part of the main NFC standard. We see this as a key step in getting Apple phones to support TTF protocol. In contrast, Android-based phones have supported TTF protocol for several years.

Last updated on 01/02/2019

Key management

Kevin Barber, CEO
Ole Ronny Thorsnes, CFO
Morten Opstad, Non-Executive Chairman
Christer Karlsson, CTO

Company address

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