for personal use only - asx · 9/23/2016 · panorama provides valuable exposure to the rapidly...
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Investment highlights
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Top tier Board and management team with extensive industry experience, invested in Panorama’s success
Focused commercialisation strategy with multiple paths to market
Significant investment in the technology has already occurred, positioning Panorama for significant growth
Very large addressable market comprising:
- MEMS market: CAGR of 11% and forecast to grow to US$32 billion by 20241
- Spectroscopy market: CAGR of 2.9% and forecast to grow to US$15.6 billion by 20202
- Sensor market: CAGR of 11% and forecast to grow to US$190 billion in 20213
- IoT market: CAGR of 39% and forecast to grow to US$7.1 trillion by 20204
Panorama provides valuable exposure to the rapidly growing microelectromechanical systems (MEMS), MEMS-based spectroscopy, sensor applications, and the Internet of Things (IoT) sectors
1. HIS Inc, Yole Development, EE Times2. Bcc research, global markets for spectroscopy equipment3. Bcc research, global markets and technologies for sensors4. CISCO and International Data Corporation forecast
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Share price (23 September 2016) A$ 0.09
Number of shares2 m shares 506.2
Market Capitalisation A$m 46.0m
Cash (30 June 2016) A$m 3.7
Enterprise value A$m 42.3m
Financial information
Shareholder Shares %King Group (John King, active technology investor) 139.9m 27.6%
Flet Investments (Terry Walsh, CEO) 44.0m 8.7%
Best-in-class proprietary technology with a broad range of applications across multiple industry sectors in a rapidly growing market
Currently focused on two sensor technologies: LumiMEMSTM and MEMS-based spectroscopy
Supportive cornerstone investors, with high levels of management ownership and significant founder holding
Close links with University of WA’s Microelectronics Research Group (MRG)
Source: IRESS1. Company filings as at 18-Sep-15 – no significant changes since2. Excludes unlisted options (10m options at A$0.14 exercise price, exp 15-Dec-16; 9.4m options at A$0.70 exercise price, exp 30-Sep-17; 8.8m options at A$1.20 exercise price, exp. 30-Sep-18)
Corporate Overview Panorama is a leading Australian developer of innovative sensor technology
Corporate summary
Top shareholders 1 Capital structure
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Glenn RossNon-Executive director
Prior experience in technical and sales roles at multinational corporations
Extensive investment experience in both public and private companies
Dr John BumgarnerChief Technology Officer
More than 30 years of industry and academic MEMS technology experience
Former Process Integration Manager at Intel, and Research Manager at SRI International, Microfabrication Manager at University of South Florida, and Operations Manager at Stanford University’s Nanofabrication Facility
Board and Management Panorama is led by a strong Board and proven management executives
Board Dr Nigel FinchExecutive Chairman
Managing Director at Saki Partners Transaction Advisers
Has held director and senior management roles focused on strategy execution, and financial performance and management
10 years experience in University sector and former Associate Dean at the University of Sydney
Non-Executive Director of Mach7 Technologies (ASX:M7T)
Terry WalshManaging Director & CEO
More than 28 years of experience in the technology industry
15 years at Cisco Systems, including MD of Cisco’s Australia / New Zealand business and CEO of Cisco’s Canadian operations
Dr Claudia KuettelAdvanced Technology Projects
Significant sensor industry experience, having recently worked at Sensirion, a world leading sensor development and manufacturing company, where she was responsible for the commercialisation of MEMS sensors
Extensive academic research background and holds a PhD in Sensor and Actuator Systems
ManagementBrian GoodmanChief Operating Officer
20 years of product management experience
Former Global Product Manager with Thomson Reuters (London), and Product Development Manager for Australian Securities Exchange (Sydney)
Academic qualifications include Master of Business Administration, and Master of Applied Finance
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MEMS Sensors Internet of Things Spectroscopy
About Examines the light spectrum to
assess the composition of a sample that the light has interacted with. Enables remote sensing.
Applications Spectroscopy can be used to
analyse chemical composition and physical properties
Current Market Size US$13.5 billion2
Forecast Market Growth & Size Forecast growth rate of 2.9%
CAGR to US$15.6 billion in 20202
About Microchips comprising
miniaturised mechanical devices such as sensors, mirrors, lenses, valves and actuators.
Applications MEMS sensors can be used in
a broad range of sensing modalities including temperature, pressure, inertial forces and chemicals.
Current Market Size US$16 billion1
Forecast Market Growth & Size Forecast growth rate of 11%
CAGR to US$32 billion in 20241
About A device that detects and
responds to some type of input from the physical environment.
Applications The specific input could be
light, heat, motion, moisture, pressure, or any one of a great number of other environmental phenomena.
Current Market Size US$113 billion3
Forecast Market Growth & Size Forecast growth rate of 11%
CAGR to US$190 billion in 20213
About A development of the Internet
in which everyday objects have network connectivity.
Applications Everyday objects can send and
receive data, be sensed and/or controlled remotely for direct integration of the physical world with computer-based systems.
Current Market Size US$1.9 trillion4
Forecast Market Growth & Size Forecast growth rate of 39%
CAGR to US$7.1 trillion in 20204
1. HIS Inc, Yole Development, EE Times2. Bcc research, global markets for spectroscopy equipment3. Bcc research, global markets and technologies for sensors4. CISCO and International Data Corporation forecast
Market Opportunity Attractive market opportunity across the large and growing MEMS, spectroscopy, sensors and Internet of Things landscape
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Panorama’s Competitive PositionPanorama is ideally positioned at the forefront of the large and growing MEMS, spectroscopy, sensor and Internet of Things markets
Internet of Things US$1.9T
MEMSUS$16.0B
SensorsUS$113B
SpectroscopyUS$13.5BF
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Panorama’s valuable technology provides the foundation for a differentiated product offering Panorama’s Best-of-Breed Technology
delivers real-time information to make better decisions through devices that are:
Mobile Robust Able to operate with a small footprint Sensitive and accurateCost-effective
Lab-class sensing in the field
Small physical space requirements Low power requirements
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Priority Markets Panorama’s technology targets multiple sectors – food and agriculture, defence, and industrial processes, which provide a potential multi-billion dollar opportunity
Opportunity: Crop Production, Fertiliser, Livestock
Market Proposition:Improve agriculture yields and lower costs of production with real-time analysis using a hand-held or mobile device
Stage of Development:In discussions with potential collaborative partner
Food and agriculture
Opportunity: Explosive Detection, Nerve Agent Detection, Contamination Remediation
Market Proposition:Save lives through rapid and improved detection of hazardous substances and threats to military personnel in the field
Stage of Development:In discussion with various defence players for future opportunities
Defence
Opportunity: Contaminant Detection, Process Completion, Composition Analysis
Market Proposition:Movement from in-lab to in-line testing which provides real time feedback to process control
Stage of Development:Collaborative partner identified and discussions about future collaborative testing underway
Industrial process
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Panorama has a valuable suite of MEMS-based technology
LumiMEMS™ MEMS-based spectroscopy
About LumiMEMS™ integrates MEMS sensor and laser-based optical
readout on the same chip Detects analytes or physical properties present in minute amounts A technological “nose” o Sniffs out and detects chemicals in surrounding area
Competitive advantages The LumiMEMS™ optical readout system has enabled extreme
miniaturisation but retained lab quality accuracy thereby enabling lab quality accuracy in the field
High levels of sensitivity and accuracy Low power requirement Technology can work in air and liquid
About Panorama’s MEMS-based spectroscopy enables miniaturisation of
spectroscopy capabilities onto a MEMS chip Examines the light spectrum to assess the composition of a sample
that the light has interacted with, which also enables remote sensingo Non-destructive and fasto Allows for easy sample preparation (no pre-treatments necessary)
Competitive advantages MEMS-based spectroscopy enables portable and broadly deployed
devices Low power requirement Cost effective Robust
Panorama’s Competitive AdvantageF
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Panorama continues to expand its valuable suite of patents having filed 17 patents across Australia, US and Europe, with 10 patents granted to date
LumiMEMS™ MEMS-based spectroscopy
Valuable portfolio of intellectual property
Title Region Status Optical cantilever based analyte detection Australia, US Granted
Optical cantilever based analyte detection US Granted
Optical cantilever based sample analysis Australia GrantedApparatus, method, and computer program product for structured waveguide transport using microbubbles
US Granted
System, method, and computer program product for structured waveguide including polarizer region
US Granted
Optical sensor Australia Filed
Optical cantilever based analysis US Filed
Stimulating an optical sensor using optical radiation pressure Australia Filed
Optical sensor with 2D grating Australia Filed
A system and method of performing atomic force measurements US Filed
Title Region Status A resonant cavity device and a method for fabricating the same Australia, US Granted
Tunable cavity resonator and a method of fabricating the same Australia, US, EU
Granted(Australia and
US); Filed (EU)
Microelectromechal Systems (MEMS) and Methods Australia Filed
Australian patents 6 granted
2 filed
US patents 4 granted
4 filed
EU patents 1 filed
Total patents 17 (10 granted and 7 filed)
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Commercialisation and growth strategy Panorama’s focused and de-risked commercialisation strategy with multiple paths to market is designed to maximise returns for its shareholders
Commercialisation and growth
Develop, validate and secure patents
to technology
Paths to market
Paths to market Panorama is investigating potential
paths to market, including:
o Licensing to third parties with the manufacturing capabilities
o Original equipment manufacturer (OEM) approach – providing components for other manufacturers to use in their devices
o Manufacture of complete instrument incorporating MEMS-specific technology where business case is compelling
Commercialisation and growth Growth through strategic commercial
partnerships
o Allowing Panorama to enter a number of key market verticals simultaneously
o Providing platforms for the widespread delivery and deployment of Panorama’s technology
Continued in-house R&D and development of new technology and new prototypes
Optimise the manufacturing of the core components of Panorama’s patented technology
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Panorama is now optimally positioned for rapid commercialisation and growth Positioning Panorama for commercialisation
Key achievements (last 12 months)
First demonstration chip-based spectrometer built utilising patented technology
Progressed patent applications Established relationship with nanofabrication facility at
University of South Florida (USF) First test structures of tuneable filters fabricated at USF Priority markets identified Expansion of team with required capabilities and
experience Continued research into potential products
Collaboration agreements leading to customer projects
Further infield studies and user trial activities
Further development of technology with iterations of chip fabrication to enhance performance
Build and test second (and improved) demonstration chip-based spectrometer
Integration of technology into a field portable NIR (Near-infrared) spectrometer prototype
Potential expansion of LumiMEMS™ sensor applications to low-cost uncooled infrared detectors
Near to medium term milestones (next 12 months)
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Audio Pixels case study (AKP.ASX)
Source: IRESS, company filings
Panorama is well positioned for commercialisation and future growth
Continued investment into validating technology, growing IP portfolio and product development
Panorama’s focus on priority markets provides potential product diversification with significant upside potential
Overview
Panorama Synergy (ASX.PSY) Audio Pixels (ASX.AKP)
Cash balance (June 2016) A$3.7m A$7.5m
Patents Granted: 10Filed: 7
Granted: 128Filed: 2
Time to commercialisation Medium term Near to medium term
Key target markets Food and agriculture
DefenceIndustrial process
Consumer audio electronics
Market capitalisation A$46.0m A$648.0m
Significant rerating potential exists based on Panorama’s current share price
PSY is attractively positioned to
capitalise on exciting growth opportunities
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Post March 2016AKP enters final phase of commercialisationAKP signs commercial agreement for mass volume production
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Disclaimer
This presentation has been prepared by Panorama Synergy Limited (the “Company” or “Panorama”). This presentation is being provided to investors for the sole purpose of providing preliminary background financial and other information to enable recipients to review the business activities of the Company. The document is not intended to constitute an invitation or an inducement to engage in any investment activity. The presentation is not intended to constitute investment advice and should not be relied upon as such. This document is not intended as an offer or recommendation with respect to the purchase or sale of any securities in the Company.
The content and graphical illustrations contained in the presentation are provided for information purposes and should not be relied upon to form any investment decisions or to predict future performance. The Company is wholly reliant upon third parties for the accuracy and completeness of the information in the presentation and has no duty of care owed to you in relation to such information. Although the information expressed is provided in good faith and the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those included in the forward-looking statements include amongst others, unforeseen delays in product development, the timing and extent of any changes in the associated technology and the ability of the Company to meet its stated business goals.
Prospective investors should make their own independent evaluation of an investment in the Company or seek advice from their financial adviser, accountant, lawyer, stockbroker or other professional adviser before making any investment decision. Nothing in this presentation should be construed as financial product advice, whether personal or general, for the purposes of Section 766B of the Corporations Act, or otherwise. This presentation does not amount to, involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product.
Neither Panorama or any of its or their associates or any of the Company’s directors’ (Panorama Group) shall have any liability whatsoever for: (a) investment advice; (b) a recommendation to enter into any transaction or strategy; (c) advice that a transaction or strategy is suitable or appropriate; (d) the primary basis for any investment decision; (e) a representation, warranty, guarantee with respect to the legal, accounting, tax or other implications of any transaction or strategy; or (f) to cause the Panorama Group to be an advisor or fiduciary of any recipient of this report or other third party. None of the Panorama Group shall be responsible for or have any liability to you for losses or damages (whether consequential, incidental or otherwise) arising in any way for errors or omissions in, or the use of or reliance upon the information contained in this document. To the greatest extent permitted by law, we exclude all conditions and warranties that might otherwise be implied by law with respect to the document, whether by operation of law, statute or otherwise, including as to their accuracy, completeness or fitness for purpose. Unauthorised copying of this document is prohibited. F
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Panorama Synergy Limited Level 1, 61 Spring StreetMelbourne VIC 3000 www.panoramasynergy.comP: +61 3 9286 7500F: +61 3 9662 1472
Dr Nigel Finch Executive Chairman E: [email protected] P: +61 421 742 878
Contact
Terry WalshManaging Director/CEO E: [email protected] P: +61 448 844 077
Gabriella HoldMedia and Investor RelationsE: [email protected]: +61 411 364 382
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