reports
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Nikola Corp: challenging way forward
We take advantage of Nikola Corp's Q3 results last week to process a model update, reviewing our sales and margin assumptions from 2024 onwards. We have decreased our group revenue forecasts, adopting a more gradual industrial ramp-up over the 2024-2030 period. While we acknowledge the progress mad
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Nikola Corp: good pace in Q2
Last Friday, Nikola Corp published H1 2024 numbers showing better than expected revenue at USD38.8m (+16% vs cons. at USD33.5m, BGe at USD47.2m) but a slightly higher than expected adjusted EBITDA loss of USD213.4m (+3% vs cons. at -USD207.1m). This came on the back of a good pace of deliveries in
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Nikola Corp: Factoring in the reverse stock split
Yesterday, following unanimous approval of a 1:30 reverse stock split by the Board on June 13, Nikola Corp began trading on a post-reverse stock split basis. As a result of the reverse stock split, shareholders have been allotted with one new ordinary share with a par value of USD0.003 for every 30
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Nikola Corp: The dual e-trucking arm
Following the publication of our industry note entitled "Electrifying the future of on-road HDVs", we initiate coverage of Nikola Corp with a Buy rating and a price target of USD1.0.Founded in 2015, Nikola is a pioneering American designer and manufacturer of ZE HDV class 8 trucks, leveraging both
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Electrifying the future of on-road HDVs
Road transport accounts for about 75% of transport emissions worldwide and is responsible for around 21% of total emissions. More than a third is directly related to medium and heavy-duty vehicles (MHDV) i.e. buses and trucks, the bulk of which relates to freight.With major economies gradually alig
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