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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.NOK1207m
Last closeNOK1.03
High / Low (52 weeks)NOK2.7 / NOK0.8
Stock market listingNO
Forecast net cash (US$m)20.3
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(15.6)(42.9)(57.3)
Relative *(15.3)(45.2)(61.6)

* % Relative to local index

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Company news

Investment summary

Apple’s introduction of native NFC support in the iPhone models launched this month is a key development for Thinfilm. Firstly, it makes it easier for consumers with these models to tap and read NFC tags, removing an inhibitor to adoption. Secondly, it indicates that Apple is becoming more supportive of a consumer friendly NFC ecosystem. Initial reaction from Thinfilm’s customers to the announcement appears to be very positive. We leave our estimates unchanged and adjust our indicative valuation from NOK1.92/share to NOK1.86/share to reflect US$/NOK exchange rate fluctuations.

Last updated on 28/09/2018

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 5.4 (49.5) (54.2) (4.6) N/A N/A
2019E 34.5 (43.3) (51.3) (4.4) N/A N/A

Last updated on 25/09/2018

Latest video

Executive interview - Thin Film Electronics

Industry outlook

For Thinfilm to derive maximum benefit from this interest, Apple needs to support the non-standard TTF NFC protocol deployed in Thinfilm’s printed tags, thus justifying the investment in a roll-to-roll facility for manufacturing these tags in high volume. The TTF protocol is currently being considered for inclusion within the NFC standard by the NFC Forum. Ratification should encourage Apple to provide TTF support.

Last updated on 28/09/2018

Key management

Davor P. Sutija, 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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