# Ilika plc Commercialisation is in the ascendency

- Link: https://www.directorstalkinterviews.com/ilika-plc-commercialisation-is-in-the-ascendency/4121119329
- Published: 2023-05-19T07:23:24+01:00
- Author: Emily Johnson

**[Ilika Plc](https://www.directorstalkinterviews.com/company/ilika-plc/ika.l)**(
[LON:IKA](https://www.directorstalkinterviews.com/company/ilika-plc/ika.l)) is the
topic of conversation when we caught up with Liberum Equity Research Analyst, Sam
Wahab. We asked Sam:

**What were the key points investors should be aware of?**

First deliveries to Blink Energy and now to CubeWorks and Lura Health suggests commercialisation
of Ilika’s medical SSBs is in the ascendency. Ongoing discussions with Cirtec remain
encouraging with regards to Stereax outsourcing to the US and we would not be surprised
to see a positive near-term outcome. At Goliath, the company is targeting Li-ion
energy density parity by the end of 2023(currently >80%) ahead of implementing a
scale-up to mega-factory scale in order to support a commercial roll-out of a small
portfolio of electric hyper and super car models. Ilika’s share price (albeit +100%
YTD) continues to reflect material value to investors in our view.

**Have you adjusted your forecasts in any way?**

No change as yet, but once details of existing shipments are made public (i.e quantity,
ASP etc) and discussions conclude with Cirtec – we will revisit.

**How do you see the company in terms of fair value?**

Currently we model Stereax on a FY25E 20x multiple on 30,000 units sold which is
very conservative given recent events. Goliath is on 20x 2040E EV/EBITDA. Overall
60p/share TP ahead of details outlined above – scope to revisit once we have more
information on shipments/discussions etc.

Ilika is a pioneer in solid state battery technology, enabling solutions for applications
such as Industrial IoT, MedTech, EV and Consumer Electronics.

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