Leclanché - Goal of doubling installed base achieved
Management achieved its goal of delivering a cumulative total of 100MWh of operational projects by the end of 2018, thus doubling the installed base and revenues in the space of a year. Near-term growth is underpinned by e-transport programmes, with CHF42m of the CHF60m order book for this sector. We reinstate our estimates and indicative valuation, which is CHF2.16/share.
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