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Edison Investment Research Limited Edison Investment Research Limited: Edison issues initiation on Leclanché (LECN) 15-Nov-2017 / 11:42 GMT/BST London, UK, 15 November 2017 *Edison issues initiation on Leclanché (LECN)* Over the last three years, Leclanché has been transformed into a vertically integrated group. It has begun work on a multi-million contract for one of the world's largest stationary battery energy storage systems to date, supplying not only the battery modules but also the system integration and engineering, procurement and construction (EPC) work. It has also established a presence in the e-transport sector, for example partnering with Skoda Electric on battery solutions for e-buses. Completion of the ongoing financing round is required to enable the group to deliver against its pipeline totalling over 450MWh of energy storage, scheduled for delivery during FY17, FY18 and FY19. Our indicative valuation is based on three scenarios, which assume market penetration across the three target markets of 1.0%, 1.6% (equivalent to the growth rate adopted in our estimates) and 5.0%. A DCF analysis of each of the three scenarios gives an indicative valuation range of CHF2.55 to CHF13.96 per share, and CHF4.34 for the growth rate adopted in our estimates. This indicates potential for substantial share price appreciation as Leclanché demonstrates it is able to secure the additional financing required, and execute the existing pipeline. Click here [1] to view the full report. All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com [2] *About Edison:* Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority [3]. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. *For more information please contact Edison:* Anne Margaret Crow, +44 (0)20 3077 5700 industrials@edisongroup.com Learn more at www.edisongroup.com [4] and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-investment-research [5] Twitter www.twitter.com/Edison_Inv_Res [6] YouTube www.youtube.com/edisonitv [7] Dissemination of a FINANCIAL NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. End of Announcement - EQS News Service 629669 15-Nov-2017 1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=8f52caa7b457e6e1869b096d355f03c2&application_id=629669&site_id=vwd&application_name=news 2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e7266211cbf0b72f2b3d94ab8bdaae97&application_id=629669&site_id=vwd&application_name=news 3: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=105fe9be9b5e36892886e5a39d51d4b7&application_id=629669&site_id=vwd&application_name=news 4: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=88c95533002fab2316572f9ef6cf3cc6&application_id=629669&site_id=vwd&application_name=news 5: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=edc5483da45ef361071849742dbf1595&application_id=629669&site_id=vwd&application_name=news 6: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=ec2d264fe4f303e2143a2e85c6eaa823&application_id=629669&site_id=vwd&application_name=news 7: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=6b959e4d7ee3c402b931a274d2bbe945&application_id=629669&site_id=vwd&application_name=news
(END) Dow Jones Newswires
November 15, 2017 06:42 ET (11:42 GMT)
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