Rankings Grid & electrical equipment Leclanché
Leclanché
16
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Multiples vs own history and peers−14
- Margin−12
- Going concern and missing annual report−12
Strengths
- No documented strengths.
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 1
- Price
- 0.67 DKK
- Market value
- DKK 1,071m
- Cash runway
- 2 months
- Cash / debt
- 10.2 / 90.7m CHF
- Dilution, 12 months
- +43%
Bull case
A strategic partner or customer secures financing, the annual report is published, and trading resumes. If the 'strong and growing' order book can be turned into revenue of CHF 60–80m with positive gross margin, a battery producer with European production could trade at EV/revenue of 2–3 – but with debt of about 90m and an EV already at about CHF 220m, that gives at most 1–1.5x for the stock, and only if dilution is kept down.
Bear case
No financing is available; SIX is delisting the share, and the company goes into restructuring or bankruptcy, where the debt (c. CHF 90m) and the main shareholder take the value. The current shareholders may end up with zero and with no opportunity to sell along the way.
Catalysts
- Q4 2026SIX's reaction to the missed final deadline: continued suspension, sanction or delistingbinary swissnewsnow.com
- No dateShort-term financing from customers, a strategic partner or investor that can resolve the going concern questionbinary swissnewsnow.com
- No datePublication of the 2025 annual report and resumption of tradingbinary batteriesinternational.com
Risk of going to zerohigh – cannot document going concern, trading is suspended, negative equity and no accounts since H1 2025
Next financingThe figures are from 30/6-2025 (latest accounts): cash of CHF 10.2m and FCF −50m a year (about 12.5m per quarter) give about 2 months of runway; in practice the company lives hand to mouth on loans from the main shareholder and customers. The company is seeking 'short-term financing solutions' and is talking to customers, strategic partners and investors (1/10-2026). Most likely: another debt conversion to the main shareholder and/or a large issue at a low price; otherwise restructuring (Swiss 'sursis concordataire') or bankruptcy, where the old shareholders may lose everything.
Warrants & convertiblesConversion agreement with the main shareholder (the company can require debt to be converted to shares; about CHF 10m in April 2026). Conditional capital and a proposal for an ordinary capital increase of up to 112.9m shares (up to CHF 18m of debt) from 2025. The exact share count after the conversions in Dec 2025 and April 2026 has not been published in an accounts.
Insiders, last 12 monthsNo ordinary insider purchases found; the main shareholder has converted debt to shares (CHF 40.1m in Dec. 2025, c. CHF 10m in April 2026).
Largest ownersThe Golden Partner/SEF-LUX sphere is the majority shareholder (exact stake not disclosed after the latest conversions); institutions about 10% according to stockanalysis.
Circio check(1) Small market cap: partial – approx. CHF 134m is not small relative to revenue of 19m. (2) Hot theme: partial – European batteries, but the theme is under pressure. (3) Upcoming milestones: yes, but mainly negative (SIX decision, financing). (4) Major partner: no – only the main shareholder and unnamed customers. (5) Funding for 2+ years: no – cannot show operations through June 2027. (6) Price near the bottom: yes – −57% over 52 weeks and approx. −93% since 2020, but the stock cannot be traded.
Why this asymmetrySuspended stock without accounts, negative equity, high EV/revenue and a main shareholder who stands first in line. Even a rescue scenario leaves little upside for minority shareholders, while the downside is a 100% loss with no way to exit.
How the score is built
From 100 to 16, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.08 CHF
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −54%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−29 of −30
- −12MarginThe gross margin was 3.9% and the operating margin −273% TTM as of H1 2025 (operating result −CHF 53m on 19.4m in revenue); net loss of CHF 68–86m every year 2020–2025 and negative equity (−48m).
- −6Quality of growthRevenue has been flat at CHF 17-22m since 2020 despite repeated promises of large order books; e-mobility grows slightly (13.2m), while stationary storage has fallen from 7.5 to 2.8m.
- −4MoatA small European cell producer with limited production capacity (the company itself cites 'production-capacity constraints') against Asian giants (CATL, BYD, LG, Samsung SDI) with far lower costs; the niche in ships and trains gives no documented pricing power.
- −7Capital allocationThe share count rises 16–61% a year (dilution 43% TTM); operations are financed with loans from the main shareholder, which are continually converted to shares. ROCE −116%.
Price
Today's multiples against the company's own history and its peers. · 1 finding−14 of −35
- −14Multiples vs own history and peersEV/revenue 11 and P/S 7 vs 14-20 in 2020-24, i.e. below its own history, but extremely expensive for a company with negative gross profit close to zero and negative equity; battery producers typically trade at EV/revenue 1-3. The price has also been frozen since 1/6-2026.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−35 of −35
- −12Going concern and missing annual reportThe company could not publish the 2025 annual report before the final deadline of 30/9/2026 because it cannot document going concern at least until June 2027; it has 'significant short-term financing, cash and capacity constraints'.
- −8Suspension and delisting riskTrading on SIX has been suspended since 1/6-2026 until the annual report is available; after four exceptions SIX called the latest one final, and the company will 'inform about further steps regarding the listing'. Shareholders cannot sell.
- −6Dilution via debt conversionDebt to the main shareholder is being converted on an ongoing basis: CHF 25.4m into 250m shares in March–April 2025, CHF 40.1m in Dec. 2025 and about CHF 10m in April 2026 under an agreement giving the company the right to demand conversion.
- −5Dependence on the main shareholderThe Golden Partner/SEF-LUX sphere has controlled the company since 2019 (took over 32.9% from Precept and Oakridge) and is both the largest lender and shareholder; a resolution may come on the main shareholder's terms.
- −4No updated financial figuresThe latest published figures are from H1 2025; investors know neither cash, debt nor loss for 2025 and 2026.
Plus
Only documented strengths. · 0 findings±0 of +15
- No findings recorded.
Caveats
What the score does not capture, or where the data is weak.
Swiss producer of battery cells and systems (e-mobility, ships, trains, stationary storage). Trading on SIX has been SUSPENDED since 1/6/2026 because the 2025 annual report has not been published; the 'final' deadline of 30/9/2026 was also missed (announcement 1/10/2026), so the price of CHF 0.0836 is from before the suspension, and delisting is a real possibility. The latest audited figures are H1 2025 (stockanalysis TTM as of 30/6/2025); cash, debt and share count are therefore outdated, and the debt conversions in Dec 2025 (CHF 40.1m) and Apr 2026 (about CHF 10m) are only partly reflected. Market cap calculated by us: about 1.60bn shares × CHF 0.0836 = CHF 134m (about DKK 1,071m; Nordnet 1,081), but it is theoretical as long as the stock is not traded. Industry: batteries do not fit exactly, 'Grid & electrical equipment' has been chosen as the closest. No analysts.
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