Hardman & Co Research: High visibility for 2021 onwards; equity raise

ST's position as one of only two global manufacturers of a new automotive component - carbon ceramic brake discs - brings major opportunities for investors and the automotive industry. The OEM (original equipment manufacturer) order book is ca.£28m, generating gross profits equal to the market capitalisation. Timing here is set firm: 2021 will bring material revenues from the OEMs. This only scratches the surface of the market opportunity. COVID-19 has affected 2020 and - with an increase in equity limited to 10% - investors have put their shoulder to the wheel, so that ST has successfully countered the cashflow impact.

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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