Original-Research: XTPL S.A. - von GBC AG

Einstufung von GBC AG zu XTPL S.A.

Unternehmen: XTPL S.A.

Anlass der Studie: Researchstudie (Initial Coverage)
Empfehlung: BUY
Kursziel: 230.80 PLN (53.67 €)
Kursziel auf Sicht von: 31/12/2019
Letzte Ratingänderung:
Analyst: Dario Maugeri, Cosmin Filker

Ultraprecise nanoprinting; innovative low-cost and flexible method; high
upside through expansion in various industrial application

Nano-scale printing method designed by XTPL is dedicated to the electronics
industry. The method allows printing numerous materials such as conductive
inks, nanoparticle based suspensions, semiconductor based suspensions,
insulating inks, resists, solvent based inks and biological materials. The
technology combines high-precision printing along with flexible features
(i.e. thickness, length and the distance between conductive lines) and is
part of so called additive manufacturing, an innovative system of
depositing materials in layers sequentially (i.e. point by point).

After years of intensive research and testing, the company is ready to
commercialize mono printing heads and ink to display sector (open defect
repair technology). Transparent conductive films and semiconductors require
multi-printing heads which involve engineering work to design and
manufacture them. Further applications for XTPL technology could be found
in the fields of displays (TCF, quantum dots), smart glass (TCF), sensors,
biosensors, anti-counterfeiting. The apparatus, the ink and the unique
method itself is protected by international patent applications.

In our analysis open defect repair technology for display sector is assumed
to be the short-term main revenue source. We considered the main products
to be mono & multi print heads and precisely adjusted inks. This technology
allows for the repairing of damaged metallic conductive lines in printing
electronics process for manufactures (i.e. displays, printed circuit
boards, photovoltaic cells). Based on a study by Market Research Outlet
firm the size of the open defects market is estimated to be USD 158m, CAGR
(2017-2021) 14.3%.

In the last two years, XTPL succeeded in receiving grants from European and
local public institutions. These financials were included in the P&L as
revenues and mainly are related to the further production and expansion of
the transparent conductive films. Equity financing has been ensured with
several capital increases, which have been subscribed by private and well-
known institutional investors. In September 2018, to provide an example,
the German funds ACATIS Investment GmbH and Deutsche Balaton AG subscribed
a placement of around EUR 2.0m. Both German funds subscribed capital
increase twice (during IPO and in 2H 2018).

At the current stage, the company is engaged in the commercialization of
its products, which includes advanced tests made on customer samples in
conditions close to industrial. The business is open to strategic alliance,
joint-development agreements and joint-venture development. We expect sales
of products starting from 2019 (PLN 2.15m) and a positive EBIT in 2021 (PLN

Based on the DCF model, we have calculated a fair value per share of PLN
230.80 or EUR 53.67. This is a post-money value that includes a planned
capital increase of EUR 5.0 million. In addition to liquidity inflow, we
have taken into account an increase in the number of shares by 100,000
(dilution effect) in the DCF valuation model. Based on the current share
price of PLN 180.00 we are including XTPL S.A. as a new entry in our
research coverage with a BUY rating.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (4,5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
Date and time of completion of this research: 06/03/2019 (12:30 pm)
Date and time of first distribution: 06/03/2019 (2:00 pm)
Target price valid until: max. 31/12/2019

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