R2R game changers
During Q216 Thin Film Electronics (Thinfilm) continued to build on the list of top brands looking to incorporate its NFC tags into their products. New partners include craft beer seller Hopsy, an Italian luxury bag producer and a Fortune 500 pharma producer. Helped by a trial product order for medical devices for the latter, Thinfilm reported 25% y-o-y sales revenue growth in Q2. For us, the one area of disappointment was that the growth in partnerships has not yet translated into volume orders capable of filling the expanded capacity of the plant (fab). Does it matter? Most probably not – the prize for investors is what happens from 2018 onwards. Here we believe that our forecasts could significantly understate earnings, especially if Thinfilm can leverage its expanded salesforce and reduced price points, enabled by low R2R manufacturing costs, into a major slice of the burgeoning NFC market.Thin Film Electronics is an electronics group based in Norway. Co. is engaged in the development of printed electronics. Co. commercializes printed rewritable memory and creates printed system products that include memory, sensing, display and wireless communication. Co.'s products include memory labels, storing digital data on a thin, rewritable label; brand protection solutions, consisting of adhesive labels that generate a distinct forensic electrical signature; sensor labels, which sense information and store data; display labels, low cost display media to communicate the information stored in the ThinFilm Memory; and NFC Smart Labels.
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