Alfen - Good end to transition year- '24 is promising
FY23 revenue at EUR 504.5m, in line with outlook, CSS and estimatesOur FY24e revenue estimate (EUR 643m) is at higher end of the 2024 outlook of EUR 590-660m (CSS EUR 635m)Whereas the results are in line and the outlook is as well, the shares have rerated materially since our upgrade. As such, we downgrade to Hold with a new EUR 66.0 TP, DCF-based (WACC of 8.6%)Alfen 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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