Alfen - Pacto issues resolved & faster than expected
Alfen resumes supply of Pacto transformers after adjusting production methodLiander approved new method and will inspect installed base furtherAlfen expects costs to be EUR 5, below our estimate of EUR 10-20mThis will bring relief to the market and likely result in a nice upward jump. The cost came in lower than expected and the guidance for the segment was repeated. The overhang from the CFO departure remains and hence we remain cautious on the stock, explaining our Hold rating.After updating our estimates and increasing our WACC to 9.9% (from 9%), our TP moves to EUR 55 (from EUR 66).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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