We take advantage of the recent publication of Fastned's FY24 results to update our model. Although FY24 headline metrics were in line with consensus, Fastned slightly disappointed at the bottom line with lower-than-expected EBITDA at EUR7.4m (-50% vs cons.), due to increasing network operation cos
Fastned will report its 1Q25 trading update on Thursday, 17 April. This trading update typically only provides revenue, gross profit and operating metrics. We have slightly adjusted our forecasts, after the recently published FY24 annual report reflected higher-than-expected cost developments at the company. Our revenue and gross profit estimates for 2025 remain unchanged. We expect 1Q25 revenue of €28m, and gross profit of €21.4m. We stick to our HOLD rating but lower our target price to €18 pe...
Arcadis: Large contract in Resilience. ASM International: Highlights from CFO roadshow. Exor: Exor buying back Exor shares. Fastned: 2H24 results, cost pressure. Flow Traders: February volumes elevated in EMEA. Montea: JV with Weerts in Belgium. Sligro: FY24 results in line, weak 1Q25 outlook. Sofina: Final NAV a tad higher. Umicore: CMD targets – no big bang
Fastned published its FY24 annual report this morning. The top line and gross margin had already been communicated, with revenue reaching EUR86.7m (vs cons. at 86m) and 79% gross margin (vs 74% FY23), Fastned reported a positive but lower-than-expected EBITDA at EUR7.4m (-50% vs cons. of EUR14.8m,
Arcadis: Further in German rail. CVC Capital Partners: They beat, they score. D'Ieteren: US Belron peer Boyd 4Q24 a bit ahead, weak 2025 early outlook. Fastned: Preview FY24. IBA: 2H24 better REBIT, net cash but outlook on the low side. Proximus: Interim leadership announced. UCB: Peer Immunovant reports mixed results in gMG Zabka: Peer Jeronimo Martins FY24 results
Amid persistently unfavourable market conditions (with few IPOs, meagre funds flowing in and high-risk aversion) and uncertainties over the macroeconomic environment, small caps are yet to rebound. In the meantime, some opportunities may arise. Our new European H1 2025 Nextcap list includes: Compagnie des Alpes, Deutz, Fastned, ID logistics, Lectra, Manitou, Planisware, Roche Bobois, SMCP, Stabilus and Tubacex.
Dans un contexte de marché toujours peu porteur (peu d’IPO, absence de collecte des fonds, aversion au risque élevée) et un environnement macroéconomique source d’incertitudes le rebond des small caps se fait attendre mais quelques opportunités pourraient se présenter. Notre nouvelle European Nextcap liste S1 2025 intègre : Compagnie des Alpes, Deutz, Fastned, ID logistics, Lectra, Manitou, Planisware, Roche Bobois, SMCP, Stabilus et Tubacex.
Fastned reported a disappointing 4Q24 trading update in our view. Our key takeaways were: (1) lower-than-expected charging volumes, (2) faster-than-expected increases in the cost-base and (3) a weaker looking balance sheet. In our view, the 2025 guidance downgrade across several key metrics highlights the slowdown in BEV penetration growth, as well as less attractive financials for Fastned. We maintain our HOLD rating and lower our target price to €19.50 (from €20.50).
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