CHF237.7m market cap

CHF1.69 last close

Leclanché is a fully vertically integrated energy storage solution provider. It delivers a wide range of energy storage solutions for homes, small offices, large industries and electricity grids as well as hybridisation for mass transport systems such as bus fleets and ferries.

Investment summary

At the AGM earlier this month, management noted that the 22MW/34MWh Cremzow lithium-ion storage facility in Germany was about to be commissioned, it had signed an agreement to supply electric vehicle charging stations in the UK with pilot tests schedule to start by end FY19 and an agreement for a large solar and storage project in the Caribbean with delivery to be completed in Q320. The group has a firm order book of CHF42m for e-marine projects for delivery in FY19 and FY20. It has recently delivered modules for 35 e-Buses battery packs to Ashok Leyland in India through a master supply agreement with Sun Mobility.

Y/E Dec
Revenue (CHFm)
EPS (fd) (CHFc)
P/E (x)
P/CF (x)
2017A 18.0 (31.1) (37.8) (68.3) N/A N/A
2018A 48.7 (36.9) (47.8) (61.5) N/A N/A
2019E 89.2 (25.9) (29.5) (22.7) N/A N/A
2020E 141.5 (11.3) (15.1) (10.7) N/A N/A
Industry outlook

Looking ahead to FY20, management notes a strong pipeline and recurring orders from the e-transport segment of more than 135MWh/CHF54m and more than 90MWh/CHF45m from the stationary solutions segment. Management expects FY19 revenues to reach CHF55-60m. It will update this guidance in September as the final 2019 revenues depend on the delivery and implementation schedule of the Caribbean which is currently in final negotiations. Our estimates remain under review.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net debt (CHFm) 35.7
Forecast gearing ratio (%) 139
Price performance
Actual 3.0 (6.9) 0.3
Relative* 3.0 (9.3) (8.8)
52-week high/low CHF2.1/CHF1.5
*% relative to local index
Key management
David Ishag Chairman
Anil Srivastava CEO
Hubert Angleys FD