Windar Photonics - Continued strong growth in revenues
H118 has started well with 33% y-o-y jump in revenues taking Windar close to EBITDA breakeven. The distribution agreement with Vestas announced in June should help drive sales to independent power providers (IPPs) globally. However, a shortage of key components in Q218 means the company has issued FY18 revenue guidance of €4.0–4.5m, which is significantly below our previous estimate. We revise our estimates and adjust our indicative valuation from 125p/share to 124p/share.Windar Photonics is a technology group that has developed and sells a Light Detection and Ranging sensors (LIDAR) and associated products for use on electricity generating wind turbines. LIDAR wind sensors in general are designed to remotely measure wind speed and direction. Co.'s main products are the WindEye™ and WindVision™ Sensors which measure the wind speed at different measuring points by scanning a laser beam ahead of the wind turbine.
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