Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on THIN FILM ELECTRONICS ASA. We currently have 22 research reports from 2 professional analysts.
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THIN FILM ELECTRONICS ASA
THIN FILM ELECTRONICS ASA
Cloud portal launch strengthens NFC proposition
06 Mar 17
For Thinfilm (THIN), 2016 has been principally dominated by a steadily growing list of new client partnerships, preparations for the move to the new R2R plant and a successful $61.7m funding round. The restart of EAS orders in January adds to revenue security this year. THIN is also shortly to scale up go-to-market activities for the Smart ElastiTag solution with hang-tag specialist, Bedford Industries, including a joint marketing road-show. This is expected to accelerate new NFC product field trial numbers in 2017, helped also by the recent launch of THIN’s cloud-based software portal CNECT. Earnings for 2016 were affected by higher than expected stockpiling costs and one-off FX losses, with no material impact on our forecasts. Our DCF valuation remains NOK8.19 per share.
EAS orders flowing in again
25 Jan 17
Thinfilm (THIN) has announced two new orders for anti-shoplifting, electronic article surveillance (EAS) tags, which we understand to be in the quantity of millions of units, and which we therefore estimate to be worth more than $100k. THIN stockpiled production in anticipation of a pick-up in orders in 2017, which leads us to expect that it should be able to fulfil all or a large part of the front-end production for these orders from existing stocks. THIN has also announced in recent days that it has reached a deal with private Swedish packaging company Beneli to add THIN’s NFC solutions to Beneli’s range of self-adhesive labels, which cover a wide range of verticals and are exported extensively into Europe.
$63m share issue to fund development into 2018
21 Dec 16
Thin Film Electronics (Thinfilm) has announced a private placement to raise NOK529m ($62.6m) at an issue price of NOK3.91 per share. The funds are to be used to prepare and equip the new roll-to-roll facility in San Jose as well as to cover operating costs in 2017 and 2018. Based on revised model assumptions, we estimate they should be sufficient to bridge all but $21m of Thinfilm’s future cash requirements ahead of it becoming free cash flow generative in 2019. As such, we expect this issue to greatly reduce investor concerns about future funding needs and potential further equity dilution. Adjusting for the increase in the number of shares, we have revised our DCF valuation by 5% from NOK8.58 to NOK8.19 per share.
Bringing it all together in 2018
24 Nov 16
Thin Film Electronics (Thinfilm; THIN) continues to report significant advances on an almost weekly basis. In October it took the keys to its new San Jose facility and recent milestones include new pilot orders in gemstones (Sarine Technology) and food (olive oil) and a partnership to produce combined hologram/NFC document authentication tags. We have cut our near-term earnings forecasts as THIN no longer intends to further de-bottleneck its existing plant (with short-term revenue implications), but our DCF valuation has risen 15% to $10.40/ADR, reflecting the expected boost to long-term cash flows from the greatly increased capacity/reduced cost expectations from the planned new roll-to-roll (R2R) production line.
N+1 Singer - Thin Film Electronics ASA - Acquisition of high volume manufacturing capability is milestone event
14 Oct 16
Thinfilm has announced that it has taken possession of the state-of-the-art manufacturing facility that it has leased in Silicon Valley. This is a seminal event which should provide the company with high volume, roll-to-roll production capabilities just as market opportunities crystallise and (as management anticipates) demand spikes in 24 months’ time. We remind investors of Thinfilm’s leadership in this market, the multi-billion dollar market opportunity available across a number of sectors, and the encouraging traction that the company already has with multiple brands.
N+1 Singer - Morning Song 14-10-2016
14 Oct 16
Applied Graphene Materials (AGM LN) First production order | Carclo (CAR LN) Complementary acquisition; trading in line | Grafenia (GRA LN) Conditions challenging; trading improving | Oxford BioMedica (OXB LN) Forecasts updated, upgrade to Hold | Thin Film Electronics ASA (THIN NO) Acquisition of high volume manufacturing capability is milestone event
The tide is turning
20 Apr 17
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
Panmure Morning Note 26-04-2017
26 Apr 17
The interims highlighted the dilutive impact of equity raise in November 2016 with profit before tax growing by 9% yoy but EPS growing by just 5% yoy. At end-February, the cash balance had reached £15m, of which £5.5m is earmarked for the completion of the new factory. As the company remains cash generative, we expect the company to end fiscal 2017 with just under £13m of cash. We eagerly wait to see how this cash will be invested and drive returns.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Trifast - FY17 results ahead of expectations
20 Apr 17
Trifast has provided a positive year end trading update, with good performances across all geographies. Results for FY17 are guided to be ahead of expectations, with year end net debt also lower than previously expected. FY18 has also started well, although management has reiterated slight caution regarding margins due to rising input costs. We anticipate increasing our PBT forecasts by a mid-single digit percentage, and also reducing our net debt estimates. We remain positive on prospects for Trifast and expect the share price to respond positively today.