Report
Fastned 3Q24 trading update, Gross margin shows pricing power
3Q24 trading update confirmed the trends from 1H24. Sales growth of44.0% to EUR 21.9m is below our expectation, but gross margin came above
our expectation at 82.6% to EUR 18.1m million. 1H24 GM% stood at 73%. The GM% acceleration should be a relief as competition remains fierce, but their focus on high traffic locations shows pricing power. With 326 operational stations, Fastned is on track for its outlook of 335-350 stations FY24-end. That is just below our 352 expectation. Fastned predicts 420-450 stations by FY25-end vs. our expectation of 417. The 3Q24 presentation zoomed in on the “Places for London” JV with 5 initial sites by FY26 and 20 additional sites by FY27-29. The company repeated its guidance for EBITDA positive for FY24 and EBITDA% > 40% FY25. Conference call at 11h00. For now, we see no reason to change our target price or rating.
Underlying
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
We are a financial services provider for several types of professional clients, each with distinct needs.
Wim Lewi
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