Report
Wim Lewi

Fastned Survival of the Fastest

Since the 2020-21 peak, the investor excitement about EV's has cooled. However, the shift from early-adopters to mass-market is progressing. The cost disadvantage of EV-cars is declining steadily while charging speeds and range autonomy increase. Some bottlenecks in the grid and renewable energy production have to be tackled and financed. The trend towards a BEV-only world is irreversible and will only accelerate from here. Fastned sits in the leading pack of companies that secure fast-charge locations. It is not trying to add as many stations at any location, but focusses on securing the best. It has reached EBITDA break-even and will rely largely on debt to fund its growth as it has ample headroom on its balance sheet. We like the DIY-approach to running its business and its focus on cash generation. Our DCF with a 10% WACC calculates a fair value of EUR 30.0 per share.
Underlyings
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.

Elia Group SA/NV

Elia System Operator develops, operates and maintains very-high-voltage (380 kV, 220 kV and 150 kV) and high-voltage (70 kV, 36 kV and 30 kV) networks, providing its customers with consultancy and engineering services. Whether in Belgium, Germany or elsewhere in Europe or the U.S., Co. ensures that electricity flows reliably from energy producers to distributors and large corporate customers. Co.'s main activities include transmission operator, system operator and market facilitator, developing and maintaining grid infrastructure, connecting electrical installations to grids, providing transparent access to grids, while taking initiatives to improve electricity market operations.

Fastned

Fastned BV is a company based in the Netherlands that owns and develops charging stations. The Company offers charging solutions to electric transportation through solar and wind energy. It serves customers in Europe.

Provider
KBC Securities
KBC Securities

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

 

Analysts
Wim Lewi

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