During Q321, Ensurge built its first stacked batteries using cell-stacking equipment and roll-based unit cells, which was a significant step towards delivering initial customer samples of milliAmpere hour (mAh) class microbatteries by the end of 2021. It also signed a commercial agreement with a global leader in the medical hearables market, its second agreement in this key market segment and third commercial agreement in total.
Companies: Ensurge Micropower ASA
Ensurge has signed two commercial agreements so far this year, giving it a route to market in both of its initial target markets. The company has validated the performance of battery cells deposited using its existing roll-to-roll production line and is installing cell stacking equipment, keeping it on track to deliver initial product revenues in late 2021.
Q121 marks the first anniversary of Thin Film Electronics’ (Thinfilm) strategic pivot to commercialising its proprietary ultra-thin solid-state microbattery product for applications such as hearing aids, earbuds and wearable medical devices. The company looks on track to deliver initial product revenues in late 2021.
Companies: THIN FILM ELECTRONICS (THIN:STO)Ensurge Micropower ASA (ENSU:OSL)
Following the strategic shift announced in January 2020, Thinfilm is using its proven printed technology to develop solid-state lithium microbatteries with the intention of manufacturing them in volume in its roll-to-roll (R2R) production facility. Consistent with this strategy, the company has announced material progress with regards to commercial discussions, technical validation and manufacturing validation. It remains on track to generate initial microbattery revenues in Q421.
Thin Film Electronics’ (Thinfilm) FY20 results show how it has restructured operations to support the commercialisation of its proprietary ultra-thin microbattery product for applications such as hearing aids, earbuds and wearable medical devices ahead of the anticipated initial product revenues in late 2021. Operating costs were substantially lower, supporting a cash runway potentially extending through 2021, depending on the volume of warrants exercised.
Following the strategic shift announced in January 2020, Thinfilm is using its proven printed technology to develop solid-state lithium microbatteries with the intention of manufacturing them in volume in its roll-to-roll (R2R) production facility. Consistent with this strategy, earlier this week the company announced it had taped out its first product design, which is optimised for form-factor constrained applications, and signed technology evaluation agreements with potential customers and par
In January 2020, Thinfilm announced that it was pivoting its proven printed technology and roll-to-roll (R2R) production facility from NFC tags to the development of solid-state lithium micro-batteries. It is targeting markets where the high energy density, flexible form factor, enhanced cycling and improved safety features offered by its innovative technology should be able to command a premium compared with conventional batteries.
Thinfilm’s Q119 results give the first indication of how its revised strategy, focused on driving market adoption of its NFC solutions, will potentially take the company to break-even in FY21. Our estimates will remain under review until there is greater visibility of the impact of the ongoing restructuring programme aimed at saving US$21m annualised costs when completed, following publication of the Q219 results.
Thinfilm’s recent investor update provided details on how its revised strategy, focused on driving market adoption of its NFC solutions, will potentially take the company to break-even in FY21. We will update our estimates to reflect the information given in the presentation.
Thinfilm has announced a corporate restructuring intended to reduce the amount of cash consumed until the business become cash generative. We place our estimates under review until there is more visibility on the impact of the far-reaching cost-saving programme, capex in particular.
FY18 was a difficult year for Thinfilm. Revenues from tags dipped because of customer destocking. Timescales for commissioning the new roll-to-roll (R2R) manufacturing facility have been pushed out. Noting the extended sales cycle associated with on-package NFC tag deployments, which will result in higher volumes and greater customer retention in future, and delays in launching EAS (anti-theft tags) for placement in jeans, we cut our FY19 estimates.
Thinfilm has announced that it has been voted onto the NFC Forum board of directors. This is the governing body of the organisation and as such is responsible for its budget, specification of standards and overall direction of NFC deployment. We leave our estimates unchanged.
Thinfilm’s results for the nine months ended September 2018 show that Q318 was adversely affected by the end-customer destocking of the anti-theft (EAS) tags. We therefore revise our estimates downwards and cut our indicative valuation from NOK1.92/share to NOK1.68p/share. However, we are encouraged that Apple recently launched iPhones with native background, NFC tag read functionality. This is generating renewed interest among brand owners for Thinfilm’s NFC solutions, underpinning management’s
Thinfilm has announced that it has completed its first fully roll-processed lots of die from its new roll-to-roll (R2R) manufacturing facility in California. These are Electronic Article Surveillance (EAS) die for use in anti-theft tags in apparel. It has also announced that it expects to complete its first fully roll-processed NFC lots by January 2019, reducing the uncertainty regarding the timescale for full NFC tag production.
Apple’s introduction of native NFC support in the iPhone models launched this month is a key development for Thinfilm. First, it makes it easier for consumers with these models to tap and read NFC tags, removing an inhibitor to adoption. Second, it indicates that Apple is becoming more supportive of a consumer-friendly NFC ecosystem. The initial reaction from Thinfilm’s customers to the announcement appears to be very positive. Because it will take time for this heightened interest to convert to
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Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
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Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI
Gresham has won an extension and expansion deal with a long-standing Tier 1 investment bank customer as it continues to standardise on the Clareti platform. Including this and other deals, current ARR rises to £23.3m, a 5% organic uplift from end June. Clareti/Electra are trading in line, though Gresham flags potential for further new business in FY21 and an “encouraging pipeline” for FY22. Non-Clareti revenues are performing ahead of expectations leading us to upgrade FY21 revenues and adj. EBI
Companies: Gresham Technologies plc
Adjusted EBITDA growth of +19% YoY in H1A reflects both higher margins and higher quality revenues. The Group now has 50%+ visibility over H2E revenues. This year will be second half weighted too but returning momentum post COVID-19 means the business is now in a much stronger position. Fair value lies in excess of twice the current price. Buy.
Companies: Shearwater Group plc
GB Group (GBG) has announced a conditional agreement to acquire Acuant, a leading player in the US identity verification market. At an enterprise value of £547m, it marks GBG’s largest acquisition to date. The deal strengthens GBG’s position in the US, broadens its product offering and accelerates its technology roadmap. We have revised our forecasts to reflect the placing and the acquisition and our normalised EPS forecasts decline 3% in FY22, are flat in FY23 and increase 3% in FY24.
Companies: GB Group PLC
Arcontech has announced that its trading performance is below current market expectations due to one customer reducing its market data spend with the company, and notification from another customer that it will not be renewing its contract from the start of H2 22. The two changes are unrelated and do not involve customers with Arcontech’s core MVCS server-side solution. They instead reflect one customer greatly scaling back its market data team and market data requirements, and a second choosing
Companies: Arcontech Group PLC
TPXimpact has released a very strong set of interims that were well ahead of our forecasts, and which firmly underpin our FY estimates. Revenues leapt +77% to £37.5m (DCe £33.9m) with organic growth of +21% fortified by acquisitions. Gross margin was down -4pts to 31% though this reflected a change in business mix and a temporary increase in use of contractors rather than wage inflation and the group expects to rebuild gross margin going forwards aided by the centralised recruitment benefits fro
Companies: TPXimpact Holdings PLC
MCB acquisition announced: Snap reaction
Companies: Glantus Holdings PLC
This has been a notable half for D4t4; its markets continue to recover from the pandemic, leading to a fine trading performance marked by a raft of new contract wins; management has been refreshed, with an experienced and dynamic new team taking the helm; the geographic expansion into the US and APAC continues; a stream of software updates will maintain Celebrus market leadership; a small consultancy acquisition hints at a more direct market approach in future; and the launch of the exciting fra
Companies: D4t4 Solutions plc
First Property announced interim results that underline the opportunity to grow rental income and capital values over the next 12 months. With cash to invest on behalf of both the Group and its fund management clients, there is scope for earnings growth. With capital values generally rising after the lockdown induced lows, we expect NAV expansion
Companies: First Property Group plc
Intuit continued with its exceptional run and had a robust fourth quarter capping off an exceptional year. Their full-year revenue increased by a staggering 25%, including the addition of Credit Karma with the fourth quarter alone contributing $2.6 billion to the top-line. The biggest drivers of the top-line growth are the Consumer Group segment which grew by 16% and the Self-Employed Group which grew by around 14%. These have wonderfully complemented the company’s core QuickBooks Online offerin
Companies: INTUIT (INTU:NYSE)Intuit Inc. (INTU:NAS)
Arrow Exploration Corp. (AIM:AXL; TSXV:AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has joined AIM, alongside a fundraise of approximately £8.8m.
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ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas com
Companies: SPA ECR KP2 SAR SYM
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Hostmore plc (MORE.L) has demerged from Electra Private Equity PLC, and the shares admitted to the Premium Segment of the Main Market.. Hostmore is a growing hospitality business with its current operations focused on the American-themed casual dining brand, Fridays, and the cocktail-led bar and restaurant brand, 63rd+1st.
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Ashtead Tech, subsea equipment rental and solutions provider for the g
Companies: VAL ALNOV GMR
iEnergizer has reported interim results significantly ahead of expectations, supporting our view that the Group is entering a period of outsized growth and new business wins which will scale rapidly to the short and long term benefit of shareholders. With very attractive financial characteristics and inexpensive valuation, there are significant capital and income returns on offer. Buy
Companies: iEnergizer Limited
Companies: NCC Group plc