olivLaw · European equity research
Nanoco Group PLC NANO.L
United Kingdom · London Stock Exchange · ISIN GB00B01JLR99 · Vertical: Listed companies from United Kingdom
Nanoco Group PLC is a British maker of cadmium-free quantum dot nanomaterials for sensors and displays, which in fiscal 2024 moved from first commercial production orders to a strategy of divesting its trading business and returning surplus cash to shareholders. The company received the second and final tranche of Samsung litigation proceeds, net £58.8 million.
At the close of 05 Nov 2026, Nanoco Group PLC (NANO.L) stock was 0.03 GBP (+10.20% on the day), with market capitalisation 8.7 m GBP, beta 0.22, 52-week range 0.02–0.10 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.7
- neutral
- Bollinger (20, 2)
- 0.02 – 0.03
- in the upper half of the band · %B 0.54 · band width 19.1%
- SMA 50 / 200
- 0.03 / 0.05
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.7% | −0.6% | +1.4 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | −54.7% | +4.3% | −59.0 pp | — |
| Year to date | −67.3% | +7.5% | −74.8 pp | — |
| 1 year | −72.3% | +9.9% | −82.2 pp | +5.8% |
| 3 years | −84.8% | +49.8% | −134.6 pp | +26.3% |
| 5 years | −87.3% | +42.8% | −130.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 2.5 m | 5.6 m | 7.9 m |
| Revenue YoY | unavailable | +127.7% | +40.2% |
| Net income | -4.7 m | 11.1 m | -1.3 m |
| Net income YoY | unavailable | unavailable | −111.3% |
| Diluted EPS | -0.02 | 0.03 | -0.00 |
| Diluted EPS YoY | unavailable | unavailable | −113.0% |
| net % | -190.4% | 197.3% | -15.9% |
| Free cash flow | -1.8 m | -28.1 m | 50.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Jul 2024
- Cash
- 20.3 m GBP
- Financial debt
- 0 GBP
- Net debt
- -20.3 m GBP
- Equity
- -17.0 m GBP
- Total assets
- 30.7 m GBP
- Debt / equity
- unavailable
- Current ratio
- 2.71x
- ROE
- unavailable
- ROA
- -3.1%
- FCF margin
- 635.2%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.5 m | 5.6 m | 7.9 m | esef· 05 Dec 2024verified |
| Cost of revenue | 932.0 k | 847.0 k | 1.2 m | esef· 05 Dec 2024verified |
| Gross profit | 1.5 m | 4.8 m | 6.7 m | esef· 05 Dec 2024verified |
| Research & development | 1.3 m | 1.3 m | 853.0 k | esef· 05 Dec 2024verified |
| Operating income | -4.8 m | 15.0 m | 1.7 m | esef· 05 Dec 2024verified |
| Interest expense | 450.0 k | 5.5 m | 677.0 k | esef· 05 Dec 2024verified |
| Pre-tax income | -5.2 m | 9.6 m | 1.9 m | esef· 05 Dec 2024verified |
| Income tax | -524.0 k | -1.5 m | 3.1 m | esef· 05 Dec 2024verified |
| Net income | -4.7 m | 11.1 m | -1.3 m | esef· 05 Dec 2024verified |
| Diluted EPS | -0.02 | 0.03 | -0.00 | esef· 05 Dec 2024verified |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.8 m | 8.2 m | 20.3 m | esef· 05 Dec 2024verified |
| Receivables | 1.7 m | 34.0 m | 1.1 m | esef· 05 Dec 2024verified |
| Inventories | 174.0 k | 308.0 k | 305.0 k | esef· 05 Dec 2024verified |
| Current assets | 9.1 m | 43.1 m | 22.1 m | esef· 05 Dec 2024verified |
| Property, plant & equipment, net | 98.0 k | 304.0 k | 1.7 m | esef· 05 Dec 2024verified |
| Total assets | 10.9 m | 50.8 m | 30.7 m | esef· 05 Dec 2024verified |
| Accounts payable | 1.5 m | 2.8 m | 1.6 m | esef· 05 Dec 2024verified |
| Short-term debt | 0 | 4.0 m | 0 | esef· 05 Dec 2024verified |
| Long-term debt | 3.9 m | 557.0 k | 0 | esef· 05 Dec 2024verified |
| Current liabilities | 2.4 m | 14.1 m | 8.1 m | esef· 05 Dec 2024verified |
| Total liabilities | 6.4 m | 34.4 m | 47.7 m | esef· 05 Dec 2024verified |
| Equity | 4.5 m | 16.4 m | -17.0 m | esef· 05 Dec 2024verified |
| Shares outstanding at year end | 309.0 m | 322.2 m | — | esef· 05 Dec 2024derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -1.8 m | -27.8 m | 51.5 m | esef· 05 Dec 2024verified |
| Capex | 4.0 k | 305.0 k | 1.5 m | esef· 05 Dec 2024verified |
| Free cash flow | -1.8 m ≈ | -28.1 m ≈ | 50.0 m ≈ | esef· 05 Dec 2024derived |
| Investing cash flow | -82.0 k | 34.2 m | -816.0 k | esef· 05 Dec 2024verified |
| Financing cash flow | 4.8 m | -5.1 m | -38.9 m | esef· 05 Dec 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.7 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -15.9% | 20 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.5x | 16 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 574.8% | 100 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial20/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NANOCO GROUP PLC (NANO.L). Latest full fiscal year: 2024; data up to 2024-07-31.
Figures computed from the financial statements: revenue 7.9 m GBP in 2024; YoY growth 40.2%; net margin -15.9%.
The estimated value range is 1.99–2.64 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.26 GBP, the price of 0.03 GBP leaves a potential of 8,288.6% (value / price − 1) and a margin of safety of 98.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.7x
- FCF yield: 574.8%
- The price is below the estimated value range
What contradicts it
- Net margin: -15.9%
- Interest coverage: 2.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| NANO.LNanoco Group PLC | 8.7 m | — | — | -15.9% | +40.2% | −70% / −85% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for NANO.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nanoco Group PLC is a British maker of cadmium-free quantum dot nanomaterials for sensors and displays, which in fiscal 2024 moved from first commercial production orders to a strategy of divesting its trading business and returning surplus cash to shareholders 1. The company received the second and final tranche of Samsung litigation proceeds, net £58.8 million 1.
SWOT
Strengths
- A patent portfolio validated in litigation and an in-house cadmium-free process, with proven commercial production experience.
- Industrial capacity at Runcorn and a new device facility that shortens product development cycles.
- Substantial liquidity left after the Samsung proceeds, giving flexibility during the restructuring.
Weaknesses
- Reliance on a few large customers, and the loss of a European customer showed how vulnerable the revenue base is.
- Modest production volumes for first generation materials, with demand still uncertain.
- The ongoing restructuring and leadership change could slow short-term execution of the strategy.
Opportunities
- New applications in micro-LED and electroluminescent devices, where the volume of material needed per area is higher.
- Lead-free second generation materials that could open automotive and other more demanding applications.
- A sale of the trading business or IP could bring an ownership structure better suited to growth.
Threats
- Slower adoption of quantum dot sensors in consumer electronics could reduce real demand.
- Competition from InGaAs sensors and cadmium-based displays remains intense, making premium pricing hard to obtain.
- Challenges to or weakening of patents in future disputes could reduce the value of the IP portfolio.
Risks
- Dependence on large customershigh
Commercial revenue depends on decisions by a few global customers, and the withdrawal of one could quickly change the outlook 1.
- Slower adoptionhigh
Adoption of SWIR sensors and new displays could be slower than estimated, delaying production revenue 1.
- Restructuring and executionmedium
Staff reductions, a leadership change and a possible sale of the business could affect operational continuity and product development 1.
- IP enforcementmedium
Protecting the IP requires continuing investment and remains exposed to challenges in court or in validation procedures 1.
- Regulation and substanceslow
Changes in rules on hazardous substances could alter demand for certain materials 1.
Investment thesis
What would need to be true (bull case)
- The company has shown that its technology can be produced commercially and won a major litigation, and the remaining capital gives room for development 1.
- If new markets such as micro-LED or SWIR sensors in phones grow, the IP portfolio and industrial capacity could become a real advantage 1.
- A sale of the business or IP could unlock value for shareholders if a buyer pays for the existing technology and patents 1.
What would break the thesis
- The loss of the European customer shows that revenue is concentrated and hard to predict, and first generation volumes are modest 1.
- If adoption of new applications is slower, the company could remain with costs that are high relative to commercial revenue 1.
- Restructuring and uncertainty about the future of the business could weigh on customer confidence and the ability to win new contracts 1.
What to watch
- Outcome of the adviser review on a sale of the trading business and IP2025
- Timing and size of further returns of surplus cash to shareholdersFY25
- New production orders for first generation materials and progress on second generationnext annual report
- Effect of cost reductions and the smaller board on the cost baseFY25
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nanoco develops and manufactures cadmium-free quantum dot nanomaterials protected by a validated patent portfolio, mainly for infra-red sensing and display applications 1. Manufacturing is concentrated at Runcorn, Cheshire, where the company completed a new device and analytical testing facility in fiscal 2024 1. In November 2024 the board appointed advisers to review options for the trading business, including a possible sale of the business and IP 1.
In fiscal 2024 the company made its first ever commercial production deliveries, for two first generation sensing materials to a European customer 1. After the year end that customer terminated the contract, prompting a restructuring and cost reduction 1. A new chief executive, appointed in October 2024, leads the new strategy to minimise costs and deliver value from the operating business 1.
The surplus cash after the shareholder return is intended to fund development of new products, especially second generation lead-free materials, and wider customer outreach 1. The board said a sale or a different ownership structure could be better suited to growing the trading business than remaining the sole business of a listed group 1.
Segments
Sensors (infra-red, SWIR and NIR)
Quantum dot sensors are described as the most viable alternative to InGaAs sensors for consumer electronics, in a CMOS image sensor market forecast to reach about $30 billion by 2028 1. A two-year joint development project with an Asian chemical customer has achieved its technical milestones, but first generation demand is expected to be modest in volume 1.
Market context
The CMOS image sensor market could grow at a 6.1% compound annual rate to 2028 according to the estimate cited by the company, with a rising share for 3D sensors and multispectral cameras 1. In displays, quantum dot TV units could reach around 37 million by 2030, from a flat panel TV market of about 250 million units per year 1.
Cadmium-free quantum dot TVs from producers other than Samsung could double by 2030, supported by RoHS rules and environmental concerns 1. The market still depends on new applications, and the timing and volume of adoption for a new material are hard to forecast 1.
Trends
- Growing interest in SWIR sensors in phonestailwind
The analysis cited by the company expects SWIR adoption in high end phones, which could open higher volume for quantum dot materials 1.
- Cadmium regulationtailwind
RoHS restrictions on cadmium could gradually reduce the share of cadmium-based TVs and favour the company's cadmium-free materials 1.
- Reluctance towards lead-based materialsheadwind
Some electronics makers have shown reluctance to use lead-based products, which could limit the company's first generation materials 1.
- Customer concentrationmixed
The customer base is concentrated among a few global players, so their decisions are seen as binary choices with major impact on the company 1.
Competitive position
The main rivals in SWIR sensing named by the company are InGaAs sensors, described as very expensive, while cadmium-based quantum dots still dominate the display market 1. The company argues that its validated patents create a barrier to entry for new participants 1.
Samsung is both part of the litigation history and an important player in the quantum dot TV market, where its share could decline over time 1. The company considers the Samsung litigation to have proven the value of its IP 1.
- InGaAs sensor manufacturers
InGaAs sensors are described in the source as the costly alternative to quantum dot SWIR sensors, with no specific company named.
- Samsung
Samsung appears as the litigation counterparty and as a player in quantum dot TVs, where its share could decline.
- Cadmium-based quantum dot producers
Cadmium-based quantum dot producers dominate the current display market, according to the source.
- Other QD TV makers without cadmium
Other quantum dot TV makers using cadmium-free materials could become customers or competitors in the display segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202405 Dec 2024
- Annual report 202315 Nov 2023
Sources
- [1] Annual report, fiscal year ended 2024-07-31 (ESEF) · SEC / Nanoco Group PLC · 31 Jul 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.