Edison Investment Research Limited
London, UK, 23 September 2022
Light Science Technologies Holdings (LST): Initiation — Helping grow more with less
Light Science Technologies Holdings has built on its established UK-based contract electronic manufacturing (CEM) business by launching highly innovative products for the controlled environment agriculture (CEA) market. This market is growing rapidly as farmers address the issues of climate breakdown and food security. Although most of the group’s revenues are currently attributable to the CEM division, our note focuses on the CEA activity because of its superior growth prospects.
Our scenario analysis shows that converting 60% of the existing CEA pipeline and delivering on the Zenith contract could generate annual CEA revenues of £31.4m and £4.6m group EBITDA. This is only a small proportion of the global market, which we calculate could be worth c £2.9bn in the UK alone. Announcements about new contract awards are therefore catalysts to crystallise shareholder value.
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