Leading International Investment Research

Edison Investment Research

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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Windar&rsquo;s H117 results show &euro;1.3m revenues for the six-month period ahead of those achieved in the whole of FY16, while the cost base realignment during H216 resulted in a 71% reduction in EBITDA losses to &euro;0.4m. Our estimates and valuation remain suspended until there is more clarity on test programmes with independent power providers (IPPs) and wind turbine OEMs converting to volume sales.</p>

Windar&rsquo;s H117 results show &euro;1.3m revenues for the six-month period ahead of those achieved in the whole of FY16, while the cost base realignment during H216 resulted in a 71% reduction in EBITDA losses to &euro;0.4m. Our estimates and valuation remain suspended until there is more clarity on test programmes with independent power providers (IPPs) and wind turbine OEMs converting to volume sales.

Windar Photonics PLC

Positive developments during H117