Windar Photonics


£20.9m market cap

47p last close

Windar Photonics is a Copenhagen-based developer and manufacturer of an innovative, low-cost light detection and ranging system. Approaching wind direction and speed is measured ahead of a wind turbine, allowing appropriate yaw alignment, increasing efficiency.

Investment summary

Windar has entered into an exclusive agreement with The Technical University of Denmark (DTU) to incorporate software from DTU that can deliver extreme load reductions on turbines of 5–10% and thus increase the expected operational lifetime of a turbine by the same amount. This improvement can be achieved without requiring changes to be made to existing controller systems. Windar anticipates that the new software will be launched during 2020, complementing its existing yaw alignment optimisation technology. Windar has also announced the appointment of a chief operations officer and a sales manager with a primary focus on Vestas.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 2.2 (1.2) (2.0) (5.0) N/A N/A
2018A 3.5 (0.3) (0.8) (1.7) N/A N/A
2019E 6.0 0.6 0.2 0.4 132.4 138.6
2020E 8.1 1.5 1.1 2.0 26.5 13.9
Industry outlook

Management is confident that the global distribution agreement with Vestas announced in June 2018 will help deliver further revenue growth in FY19. Vestas is the largest maintenance provider in the industry with, we estimate, around 31,000 turbines under service. Management also expects continued demand from its Asian partners for retrofit applications and continues to work on turbine integration projects with OEMs, some of which are in the final verification stages.

Last updated on 12/07/2019
Share price graph
Balance sheet
Forecast net cash (€m) 1.3
Forecast gearing ratio (%) N/A
Price performance
Actual 3.3 (4.1) (43.0)
Relative* 1.5 (4.7) (41.5)
52-week high/low 101.0p/44.0p
*% relative to local index
Key management
Martin Rambusch CEO
Jørgen Laustsen COO

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