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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.NOK2250m
Last closeNOK1.92
High / Low (52 weeks)NOK3.4 / NOK1.4
Stock market listingNO
Forecast net cash (US$m)16.9
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual4.95.5(44.5)
Relative *2.13.4(54.3)

* % Relative to local index

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Company news

Investment summary

Thinfilm is benefitting from a renewed interest in NFC (near-field communication) based mobile marketing solutions following Appleā€™s decision to start supporting the standard in June 2017. Its new roll-to-roll (R2R) printed electronics fabrication facility has just started production of anti-theft tags and should be fully operational in 2019. This will enable Thinfilm to manufacture NFC tags deploying printed electronics in the volumes and at the price point required for the deployment of billions of tags each year, further accelerating NFC adoption. We believe that execution to our estimates would justify a valuation of c NOK3 per share.

Last updated on 27/07/2018

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 8.0 (52.4) (57.2) (4.9) N/A N/A
2019E 100.4 (27.6) (35.2) (3.0) N/A N/A

Last updated on 20/07/2018

Latest video

Executive interview - Thin Film Electronics

Industry outlook

Thinfilm shipped more than 5m anti-theft tags to its go-to-market partner during Q218. This included the first volume orders for use in the denims category. Thinfilm expects a significant increase in demand for EAS tags during H218. Installation of the first NFC-specific equipment at San Jose is underway, leading to initial R2R production of NFC by end of Q318.

Last updated on 27/07/2018

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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