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Thin Film Electronics

First fully processed die from R2R line

Flash note | Technology | 25 Sep 2018

Thinfilm has announced that it has completed its first fully roll-processed lots of die from its new roll-to-roll (R2R) manufacturing facility in California. These are Electronic Article Surveillance (EAS) die for use in anti-theft tags in apparel. It has also announced that it expects to complete its first fully roll-processed NFC lots by January 2019, reducing the uncertainty regarding the timescale for full NFC tag production.

Thin Film Electronics

New Apple phones show enhanced NFC support

Update | Technology | 19 Sep 2018

Apple’s introduction of native NFC support in the iPhone models launched this month is a key development for Thinfilm. First, it makes it easier for consumers with these models to tap and read NFC tags, removing an inhibitor to adoption. Second, it indicates that Apple is becoming more supportive of a consumer-friendly NFC ecosystem. The initial reaction from Thinfilm’s customers to the announcement appears to be very positive. Because it will take time for this heightened interest to convert to potential orders, we leave our estimates and valuation broadly unchanged.

Thin Film Electronics

NFC ramp-up slower than expected

Update | Technology | 28 Aug 2018

Revenues from sales of NFC tags more than doubled during H118 as the number of clients and size of campaigns increased. However, Thinfilm's management notes that the rate of increase in demand for NFC solutions during Q218 was more modest than previously anticipated and has delayed break-even to 2020. We revise our estimates and reduce our indicative valuation from NOK3.01/share to NOK1.92/share.

Thin Film Electronics

Enabling next phase of mobile marketing

Outlook | Technology | 03 Jul 2018

Thin Film Electronics (Thinfilm) is benefitting from a renewed interest in NFC (near-field communication) based mobile marketing solutions following Apple’s decision to start supporting the standard in June 2017. Its new roll-to-roll (R2R) printed electronics fabrication facility has just started production and should be fully operational in 2019. This will enable Thinfilm to manufacture NFC tags deploying printed electronics in the volumes and at the price point required for the deployment of billions of tags each year, further accelerating NFC adoption. We believe that execution to our estimates would justify a valuation of c NOK3 per share.

Thin Film Electronics

Executive interview - Thin Film Electronics

Edison TV: | Technology | 09 May 2018

Thin Film Electronics (Thinfilm) provides complete mobile marketing solutions that enable brands to connect directly with consumers via electronic tags, instead of having the marketing message filtered by search engines, social media sites and e-commerce sites. The tags may also be used to authenticate a product or as anti-theft devices. Thinfilm has developed a highly innovative printed electronic technology, which, once its new fabrication facility is fully operational in 2019, will enable the manufacture of electronic tags in the volumes and at the price-point required for the deployment of billions of tags on a wide range of items, broadening the Internet of Things into the Internet of Everything.

Thin Film Electronics

Suspension of forecasts

Flash note | Technology | 19 Oct 2017

We are withdrawing our estimates on Thinfilm. Our previous estimates are now out-of-date and should not be relied upon.

Thin Film Electronics

Tapping the booming medical marijuana market

Flash note | Technology | 12 Jun 2017

Thin Film Electronics (Thinfilm) has announced an agreement with California's leading medical marijuana supplier, Caliva, to incorporate Thinfilm NFC solutions into its packaging. Caliva sells a wide range of products including 21 different strains of cannabis with different potencies and cultivation practices, as well as a range of over 130 cannabis-containing foods and ancillary equipment. Caliva is looking to enhance the shopper experience and provide more consistency, transparency and accessibility towards the cannabis space, as well as boosting marketing via offers and events. In 2016, California became the fifth US state to legalise recreational use of marijuana. Public sales of cannabis from stores are expected to start in 2018, which should lead to a further substantial increase in Caliva's sales.

Thin Film Electronics

Strong revenue growth outlook in coming quarters

Update | Technology | 10 May 2017

Thinfilm (THIN) has had a very strong few months in terms of business development. EAS orders are back in volume (backlog: 16m units) and the launch of the CNECT platform has also created momentum in pilots and field trial orders for THIN's NFC labels. Additionally, after many delays, Thinfilm has launched its first hybrid commercial sensor product, using low-cost R2R technology to print the displays in Sweden. With US R2R plans reported to be on track and on budget, we see good potential for positive newsflow-led impetus for the share price in coming quarters.

Thin Film Electronics

Cloud portal launch strengthens NFC proposition

ADR Update | Technology | 07 Mar 2017

For Thinfilm (THIN), 2016 has been principally dominated by a steadily growing list of new client partnerships, preparations for the move to the new R2R plant and a successful $61.7m funding round. The restart of EAS orders in January adds to revenue security this year. THIN is also shortly to scale up go-to-market activities for the Smart ElastiTag solution with hang-tag specialist, Bedford Industries, including a joint marketing road-show. This is expected to accelerate new NFC product field trial numbers in 2017, helped also by the recent launch of THIN's cloud-based software portal CNECT. Earnings for 2016 were affected by higher than expected stockpiling costs and one-off FX losses, with no material impact on our forecasts. Our DCF valuation remains $9.70 per ADR.

Thin Film Electronics

Cloud portal launch strengthens NFC proposition

Update | Technology | 06 Mar 2017

For Thinfilm (THIN), 2016 has been principally dominated by a steadily growing list of new client partnerships, preparations for the move to the new R2R plant and a successful $61.7m funding round. The restart of EAS orders in January adds to revenue security this year. THIN is also shortly to scale up go-to-market activities for the Smart ElastiTag solution with hang-tag specialist, Bedford Industries, including a joint marketing road-show. This is expected to accelerate new NFC product field trial numbers in 2017, helped also by the recent launch of THIN's cloud-based software portal CNECT. Earnings for 2016 were affected by higher than expected stockpiling costs and one-off FX losses, with no material impact on our forecasts. Our DCF valuation remains NOK8.19 per share.

Thin Film Electronics

EAS orders flowing in again

Flash note | Technology | 25 Jan 2017

Thinfilm (THIN) has announced two new orders for anti-shoplifting, electronic article surveillance (EAS) tags, which we understand to be in the quantity of millions of units, and which we therefore estimate to be worth more than $100k. THIN stockpiled production in anticipation of a pick-up in orders in 2017, which leads us to expect that it should be able to fulfil all or a large part of the front-end production for these orders from existing stocks. THIN has also announced in recent days that it has reached a deal with private Swedish packaging company Beneli to add THIN’s NFC solutions to Beneli’s range of self-adhesive labels, which cover a wide range of verticals and are exported extensively into Europe.

Thin Film Electronics

$63m share issue to fund development into 2018

ADR Update | Technology | 21 Dec 2016

Thin Film Electronics (Thinfilm) has announced a private placement to raise NOK529m ($62.6m) at an issue price of NOK3.91 per share. The funds are to be used to prepare and equip the new roll-to-roll facility in San Jose as well as to cover operating costs in 2017 and 2018. Based on revised model assumptions, we estimate they should be sufficient to bridge all but $21m of Thinfilm’s future cash requirements ahead of it becoming free cash flow generative in 2019. As such, we expect this issue to greatly reduce investor concerns about future funding needs and potential further equity dilution. Adjusting for the increase in the number of shares, we have revised our DCF valuation by 5% from $10.40 to $9.70 per ADR.