Report
Thijs Berkelder

Alfen : Outlook for Q4 and 2025 seems weaker than before

>Q3 better than consensus <> FY24 outlook slightly weaker = weaker Q4 - Revenues in-line, with strength in Smart Grids offsetting weakness in EV Charging. Revenues in 24Q3 were down 22% y-o-y to € 106.2m (1% below consensus of € 107.4m) with Smart Grid Solutions up 1% to € 50.3m (14% above consensus of € 44.3m), EV Charging Equipment down 6% to € 32.9m (14% below consensus of € 38.3m), and Energy Storage Systems down 55% to € 23.1m (consensus € 23.5m). Profitabil...
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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Thijs Berkelder

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