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 21 research reports from 2 professional analysts.
|23Dec16 12:50||GNW||THIN - Approved Prospectus (CORRECTION: pdf file for prospectus attached)|
|23Dec16 12:04||GNW||THIN - Approved Prospectus (pdf file attached)|
|23Dec16 11:31||GNW||THIN - Approved Prospectus|
|23Dec16 08:39||GNW||Disclosure of holding in Thin Film Electronics ASA|
|23Dec16 08:33||GNW||THIN - Extraordinary General Meeting held|
|21Dec16 02:13||GNW||THIN - Voting Disclosure|
|21Dec16 07:30||GNW||Thinfilm and Prime Vision to Deliver NFC Smart-Packaging Solutions to International Mail and Parcel Industry|
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THIN FILM ELECTRONICS ASA
THIN FILM ELECTRONICS ASA
$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.
Bringing it all together in 2018
21 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 NOK8.58/share, 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.
Lease completed on new ex-Qualcomm plant
10 Oct 16
Thinfilm (THIN) has announced that it has completed on the lease of its new US plant, a former Qualcomm facility located in San Jose, which covers 93,000 square foot, with a 22,000+ square foot clean room in a 5.4 acre site. The company has announced that it will install a roll-based production line that will add front-end production capacity of five billion NFC OpenSense (OS) and NFC SpeedTap (ST) tags per year - equivalent to up to $680m in annual revenue, according to management.
19 Jan 17
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N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
FY16 trading update; 4% earnings upgrade
24 Jan 17
The trading update confirms another year of double digit earnings growth for Empresaria. We anticipate acceleration in growth rates in FY17 reflecting organic growth, acquisition contribution and FX tailwinds; Arden forecast FY17 earnings growth of 24%. We believe this is not reflected in a FY17 valuation of 8.4x, with the relationship to growth expressed in a Price Earnings Growth ratio of 0.35x. The valuation is inconsistent with current trading, geographical alignment and delivery of the strategy to acquire niche growth businesses such as Rishworth and ConSol, which are fundamentally improving the quality of earnings at Empresaria. The shares represent a conviction Buy.
Trading conditions difficult but acquisitions underpin growth
23 Jan 17
FY16 revenue will be £53.7m (FY15: £44.8m), in line with ZC estimate of £53.9m, showing growth of c. 20% yoy underpinned by the three acquisitions undertaken in the year. However, due to higher costs relating to the acquisitions and, to a lesser extent, gross margin pressure, PBT will be in the region of £7.0 to £7.2m equating to growth of between 5.5% and 8.0%. As a result, FY16 ZC profit forecast is reduced by 8.0% to £7.0m. The impact in FY18 and FY19 is muted by the announcement of a further acquisition leading to an increase in revenue estimates of 8.7% whilst profit estimates fall c.4.5% in each year, respectively. Despite the decrease in forecasts the PER multiple on FY17 earnings remains single digit at just 9.1x, against a distributor average of 15.8x. With commitment to the forecast dividend increase reiterated, Flowtech offers an above average yield of 4.1%
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
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16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.