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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>Windar has recently completed a subscription raising &pound;1.25m (gross) at 82p/share. The funds from the placing will be used to support growth during H217. Our estimates and valuation remain suspended until the interims, when there should be more clarity on test programmes with independent power providers (IPPs) and wind turbine OEMs converting to volume sales.</p>

Windar has recently completed a subscription raising &pound;1.25m (gross) at 82p/share. The funds from the placing will be used to support growth during H217. Our estimates and valuation remain suspended until the interims, when there should be more clarity on test programmes with independent power providers (IPPs) and wind turbine OEMs converting to volume sales.

<p>During FY16 Windar took some important strategic steps in rolling out its innovative LiDAR: implementing additional functionality to enlarge the addressable market and modifying its sales channels to focus on the IPP market. While y-o-y revenue growth of 26% was lower than management guidance, the results show substantial reductions in the cost-base and lower losses. Management note that recent order wins are likely to result in high double digit revenue growth during H117 and the company approaching EBITDA breakeven. We are withdrawing our estimates and valuation until the interims when there should be more clarity on test programmes converting to sales. </p>

During FY16 Windar took some important strategic steps in rolling out its innovative LiDAR: implementing additional functionality to enlarge the addressable market and modifying its sales channels to focus on the IPP market. While y-o-y revenue growth of 26% was lower than management guidance, the results show substantial reductions in the cost-base and lower losses. Management note that recent order wins are likely to result in high double digit revenue growth during H117 and the company approaching EBITDA breakeven. We are withdrawing our estimates and valuation until the interims when there should be more clarity on test programmes converting to sales. 

Good progress establishing platform for growth

Denmark

Windar Photonics PLC provides lidar systems for wind turbines. The Company specializes in light detection and ranging. Windar Photonics aims to make wind turbines more effective worldwide.

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Windar Photonics PLC (WPHO LN)

Fundraising to support growth

Windar has recently completed a subscription raising £1.25m (gross) at 82p/share. The funds from the placing will be used to support growth during...

Edison Investment Research

Good progress establishing platform for growth

During FY16 Windar took some important strategic steps in rolling out its innovative LiDAR: implementing additional functionality to enlarge the...

Edison Investment Research

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Market Cap (USDm)

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