London, UK, 9 April 2024

Edison issues initiation on ADS-TEC Energy (ADSE): Serving the energy transition

ADS-TEC Energy operates in an emerging market serving the changing grid and power management requirements of an electrifying world. Its key market at present is for battery-buffered ultra-fast charging systems for electric vehicles (EVs). This is starting to produce tangible positive results, with the business EBITDA positive in Q423. Hence, ADS-TEC offers a de-risking investment into the electrification of the energy system, including the growth of EVs through the associated charging infrastructure.

Our discounted cash flow (DCF) based valuation, assuming a 12% cost of capital and a terminal growth rate of 2%, comes to $12.80/share. ADS-TEC Energy’s key peers are part of larger international groups (eg Elli is owned by VW) limiting any meaningful comparative valuation.

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