Original-Research

XTPL S.A. (von GBC AG): BUY

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Original-Research: XTPL S.A. - von GBC AG

Einstufung von GBC AG zu XTPL S.A.

Unternehmen: XTPL S.A.
ISIN: PLXTPL000018

Anlass der Studie: Researchstudie (Initial Coverage)
Empfehlung: BUY
Kursziel: 230.80 PLN (53.67 EUR)
Kursziel auf Sicht von: 31/12/2019
Letzte Ratingänderung:
Analyst: Dario Maugeri, Cosmin Filker

Ultraprecise nanoprinting; innovative low-cost and flexible method; high upside through expansion in various industrial application
Nano-scale printing method designed by XTPL is dedicated to the electronics industry. The method allows printing numerous materials such as conductive inks, nanoparticle based suspensions, semiconductor based suspensions, insulating inks, resists, solvent based inks and biological materials. The technology combines high-precision printing along with flexible features (i.e. thickness, length and the distance between conductive lines) and is part of so called additive manufacturing, an innovative system of depositing materials in layers sequentially (i.e. point by point).
After years of intensive research and testing, the company is ready to commercialize mono printing heads and ink to display sector (open defect repair technology). Transparent conductive films and semiconductors require multi-printing heads which involve engineering work to design and manufacture them. Further applications for XTPL technology could be found in the fields of displays (TCF, quantum dots), smart glass (TCF), sensors, biosensors, anti-counterfeiting. The apparatus, the ink and the unique method itself is protected by international patent applications.
In our analysis open defect repair technology for display sector is assumed to be the short-term main revenue source. We considered the main products to be mono & multi print heads and precisely adjusted inks. This technology allows for the repairing of damaged metallic conductive lines in printing electronics process for manufactures (i.e. displays, printed circuit boards, photovoltaic cells). Based on a study by Market Research Outlet firm the size of the open defects market is estimated to be USD 158m, CAGR (2017-2021) 14.3%.

In the last two years, XTPL succeeded in receiving grants from European and local public institutions. These financials were included in the P&L as revenues and mainly are related to the further production and expansion of the transparent conductive films. Equity financing has been ensured with several capital increases, which have been subscribed by private and well- known institutional investors. In September 2018, to provide an example, the German funds ACATIS Investment GmbH and Deutsche Balaton AG subscribed a placement of around EUR 2.0m. Both German funds subscribed capital increase twice (during IPO and in 2H 2018).

At the current stage, the company is engaged in the commercialization of its products, which includes advanced tests made on customer samples in conditions close to industrial. The business is open to strategic alliance, joint-development agreements and joint-venture development. We expect sales of products starting from 2019 (PLN 2.15m) and a positive EBIT in 2021 (PLN 0.75m).

Based on the DCF model, we have calculated a fair value per share of PLN 230.80 or EUR 53.67. This is a post-money value that includes a planned capital increase of EUR 5.0 million. In addition to liquidity inflow, we have taken into account an increase in the number of shares by 100,000 (dilution effect) in the DCF valuation model. Based on the current share price of PLN 180.00 we are including XTPL S.A. as a new entry in our research coverage with a BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/17637.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
[e-mail]
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung.htm
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Date and time of completion of this research: 06/03/2019 (12:30 pm) Date and time of first distribution: 06/03/2019 (2:00 pm) Target price valid until: max. 31/12/2019

übermittelt durch die EQS Group AG.

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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Rating: BUY
Analyst: GBC