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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.£33.2m
Last close79.50p
High / Low (52 weeks)110.0p / 76.0p
Stock market listingLN
Forecast net cash (€m)2.7
Forecast gearing ratio (%)N/A
SectorAlternative Energy

Price performance

Relative *4.9(26.1)(9.3)

* % 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)
2016A 1.2 (2.4) (3.0) (7.6) N/A N/A
2017A 2.2 (1.2) (2.1) (5.0) N/A N/A
2018E 5.6 0.7 0.2 0.4 226.6 N/A
2019E 25.3 8.8 8.3 14.6 6.2 11.3

Last updated on 12/07/2018

Investment summary

Windar Photonics has signed a global distribution agreement with wind turbine manufacturer Vestas Wind Systems. Vestas will now be selling and marketing Windar’s two-beam LiDAR system as a retrofit after-sales solution to the wind industry. The agreement is consistent with the strategy adopted in 2016 of using external distribution partners in retrofit markets. It connects Windar to a service network of more than 10,000 people in 63 countries. The agreement is supportive of our estimates, which we leave unchanged.

Last updated on 29/06/2018

Industry outlook

We believe this is an exciting development for Windar because Vestas is the largest maintenance provider in the industry. It has more than 78GW of assets under service, of which more than 8GW are non-Vestas turbines. According to Global Wind Energy Council statistics, 78GW is 14% of the global cumulative installed wind capacity. Assuming an average turbine size of 2.5MW, this 78GW represents around 31 thousand turbines.

Last updated on 29/06/2018

Key management

Martin Rambusch, CEO
Jørgen Laustsen, COO

Company address

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