KBC Securities - Alfen NV (ALFEN) Alfen A growth company that doesnt grow

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KBC Securities

Thibault Leneeuw

Alfen A growth company that doesn't grow

In this note we adjust our estimates as Alfen's 1Q25 results have once again fallen short of expectations. The outlook for the smart grid solutions segment, which was anticipated to be robust, disappointed. Despite investment plans highlighting labour shortages, the impact has been more severe than anticipated. Additionally, gross profit margins dynamics in the smart grid segment are well below our expectations. In the EV charging segment, public demand was low, while increased competition in the home segment is not a surprise. The energy storage segment is the only area where market trends show an improvement. Despite promising underlying structural market trends, market confidence in Alfen's management remains very low. We do not foresee this to change in the near future. Consequently, we lower our recommendation to hold. Our revised estimates result in a target price decrease from € 20 to € 15 per share.

15/05/2025 1 EN

Underlying

Alfen NV

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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NL0012817175 Euronext Amsterdam Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Thibault Leneeuw

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Morning Notes : CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

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Alfen A growth company that doesn't grow

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

Alfen/Less appealing than we thought/HOLD (previously Buy)

mdxhealth 1Q25 results emphasize tissue-based growth, adj. EBITDA on track

D'Ieteren DIE CMD Feedback: Steady as she goes, but with some extra colour

Morning Notes : CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

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