Alfen - Cloudy Present, Rosy Future
Initiating coverage on Alfen with a TP of EUR 60 and a Hold rating despite having >40% upside. Our rating is based on the following:Limited visibility on when destocking in EV charging will easePotential to disappoint in Q3 & Q4 as consensus is still at high end of the guidance (EUR 520m). We are at EUR 478m for FY23eInsufficient upside given the above mentioned risk in the short term but upward potential if demand recovers in 2024Sentiment turned sour, 2nd most shorted stock in NLOne-Stop Shop for energy transition with lots of cross-selling opportunitiesAlfen is the only listed company in EuropeAlfen NV (Alfen) is a company based in the Netherlands, engaged in the design, development and production of electric grid equipment. The Company is active in three business lines: Smart Grids, which supplies standardized electricity grid connection systems, secondary transformer substations, local power grids, devices for grid automation, as well as software and back-end systems for remote management and grid control; Energy Storage, responsible for development and installation of modular energy storage systems under the brand TheBattery, which are used by utilities, grid operators, energy traders and industrial companies, among others, and Electric Vehicle (EV) Charging, which supplies EV charge points in a variety of capacities and functionalities for use at home, work and in public areas. In addition, Alfen offers service, management and maintenance activities, including remote support and monitoring, as well as an in-house technological know-how center.
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