ODDO BHF Small & MIDCAP MORNING NEWS – 16/01/2025

Fastned : Lower operational EBITDA margin needs explanation

Benelux Morning Notes

ABN AMRO: 4Q Pre-close statement points to a good quarter. Fastned: 4Q24 trading update – 2025 downgrade. KPN: ACM digs into backbook difference with frontbook, will try to encourage churn

Fastned: good pace in Q4, guidance adjusted for FY25

Fastned has reported its Q4 2024 key metrics and confirmed FY25 guidance for the number of operating stations. Q4 sales came in at EUR26.6m, pointing to EUR86.3m for FY24 (-2% vs cons. at EUR88m and BGe at EUR89m). Fastned posted a gross margin of 77.4% in Q4 (79.4% for FY24, +0.9ppt vs cons. -0.6p

Morning Notes : FAST NA, ECMPA NA

: FAST NA, ECMPA NA

Fastned 4Q24 Results, utilization trend positive, slightly lower guida...

4Q24 results confirmed the trends from 1H24. Sales growth of 39.1% came slightly below our expectation, but gross margin came above our expectation at 76.6%. The GM% acceleration should be a relief as competition remains fierce, but their focus on high traffic locations shows pricing power. The Kwh per station are also increasing nicely in its core regions, which also helps margins. With 346 operational stations, Fastned realised its outlook of 335-350 stations FY24-end. That is just below our ...

Benelux Morning Notes

Ackermans & van Haaren: Nextensa might aim for ‘Proximus Towers' landmark project. D'Ieteren: Auto CEO sees Belgian new car market at 420k in 2025, down 6% YoY. Fastned: Preview of 4Q24 trading update. Proximus: HQ sale likely at price materially lower than expected. Randstad: 4Q24F results due 12 Feb, consensus released, negative earnings momentum. WDP: Sizeable acquisition in Belgium

Benelux Morning Notes

Avantium: Christmas (Round) Robin. dsm-firmenich: A lot of hot air about Bovaer®. Fastned: JV confirmed with Places of London. Shell: JV with Equinor on UKCS. Staffing: Belgium staffing, French govt falls - less growth but fiscal policy less restrictive?

Fastned/Good update, uncertainty remains/HOLD

Fastned reported a 4Q23 trading update in October where revenue and gross profit came in higher vs our estimates. As a result, we make small upward revisions to our forecasts. We keep our HOLD rating but raise our target price to €20.5 per share (from €17.50 previously).

Fastned : Doubling station roll-out pace in anticipation of EV sales r...

Fastned is one of the leading fast-charging network operators in Europe and it is currently accelerating its station expansion pace from 50 to 100 per annum. Because of slower-than-usual growth in the Dutch and German EV fleet, but higher-than-expected grid fees and expansion costs, we today lower our earnings expectations. We believe the company would benefit from right-sizing its own guidance metrics for the coming years as soon as possible and also make clear that the equity r...

Fastned: on a crusade against CO2 emissions

We take advantage of Fastned's Q3 results to take a deep dive into its fundamentals and update our model. While the company posted an impressive 83% gross margin over the last quarter, it also announced the creation of a JV with Places for London to operate up to 65 additional locations in the UK b

ODDO BHF Small & MIDCAP MORNING NEWS - 10/15/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 15/10/2024

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Fastned : Q3 update confirms further jump in profitability

>Stations up 16% y-o-y & operational EBITDA per station up 37% y-o-y - Electricity sold up 39% y-o-y to 35.5 GWh vs. BEV fleet (= market) up 34% y-o-y and sessions up 33% y-o-y to 1.3m and active customers up 33% y-o-y to 474kEnergy delivered per station was up 19% y-o-y to 438 MWh, with a reported utilisation rate of 11.9% (11.4% a year ago) and like-for-like up to 13.7%Revenues up 44% y-o-y to € 21.9m vs. AAOB € 22.5m) with annualised revenues per station ...

Benelux Morning Notes

Alfen: Change in mindset. Fastned: 3Q24 trading update

Fastned: impressive gross margin in Q3

Fastned has published its Q3 2024 key metrics and reiterated FY24 guidance this morning. Q3 sales came in at EUR21.9m (+44% YoY), implying 9M revenue of EUR59.7m and an annual run-rate of EUR87.6m (vs cons. at EUR88.0m). Fastned posted a gross margin of 83% (+8ppt vs Q3 2023 at 75%, and cons. expec

Morning Notes : ABN NA, IVA FP, MAAT FP, ALFEN NA, ONWD BB, FAST NA

: ABN NA, IVA FP, MAAT FP, ALFEN NA, ONWD BB, FAST NA

Fastned 3Q24 trading update, Gross margin shows pricing power

3Q24 trading update confirmed the trends from 1H24. Sales growth of 44.0% 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 predict...

Benelux Morning Notes

CM.com: Preview of 3Q24 trading update. Fastned: Preview of 3Q24 trading update. Staffing: US Sept temp volume stable, Jul/Aug downward revisions, NFP jobs beat

Benelux Morning Notes

D'Ieteren: Belgian September car registrations down 19%, VW down 24%. Fastned: Eleven new stations in Switzerland. Staffing: Dutch Period 9 stable in Aug/early Sept, revenue -1% (was flat); volume -7%