Report
Paul Singer

Haydale (HAYD): Enlightenment delayed

Financial issues are now likely to affect the shares in the near term, as the group seeks new working capital funding arrangements. However, commercial developments are generally progressing well, and the long-term risk/reward balance remains favourable. The shares are attractively valued compared with their peer group, on P/NAV and EV/sales, and also on a DCF basis.
Underlying
Haydale Graphene Industries

Haydale Graphene Industrials uses materials, including graphene and silicon carbide (SiC), to enhance the quality and performance of its customers' products. In the U.S., Co. manufactures proprietary silicon carbide fibres and whiskers that strengthen ceramics and enable scratch and wear resistant coatings. Applications for SiC include scratch resistant cookware, corrosion barriers for oil and gas pipelines and cutting tools, for example, jet engine turbine blades from solid billets. Co. has developed proprietary graphene-based inks and coatings for the print and biomedical sensor markets, as well as enhanced resins for the pre-preg carbon fibre market.

Provider
Hardman & Co
Hardman & Co

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Analysts
Paul Singer

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