reports
- Marc Hesselink
- CFA
- Thymen Rundberg
Fastned/Slowdown in charging demand/HOLD
Fastned reported a weak 1Q24 update with charging volume significantly below our expectations. We expect charging volume to continue to show YoY growth going forward, but lower our estimates considerably given that recent trends reflect a high level of uncertainty around consumers' preferred charging locations. Combined with higher OPEX on the back of announced investments we now believe the company will be net income positive in 2026 instead of 2025. We keep our HOLD rating but lower our target...
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2024 Date Performance sin...
NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 17/04/2024 Date Performance dep...
NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...
- Thijs Berkelder
Fastned : Preparing for much stronger growth in 2025
>Feedback analyst conference call - Home charging customers back to home CEO Michiel Langezaal and CFO Victor van Dijk were the hosts of Fastned’s 24Q1 conference call. They primarily blamed the normalisation of retail power prices for the weaker than expected energy sales in 24Q1, explaining that last year many home charging clients suffered from high priced electricity bills and therefore more than usual charged at Fastned. Average utilisation was 13.5%, up just 60b...
- Thijs Berkelder
- ING Helpdesk
Benelux Morning Notes
ASM International: 1Q24 Preview - focus on order intake. Barco: Preview 1Q24 - a slow start to the year. B&S Group: Solid year-end performance and healthy outlook. Fastned: 1Q24 trading update – disappointing charging volume. Staffing: Hays' 3Q23/24 trading update - warning on 3Q23/24, weaker trends
- Thijs Berkelder
Fastned : Q1 sequential growth disappoints
>Energy sold in Q1 up 52% y-o-y but slightly below Q4 - Energy sold +52% y-o-y but below Q4. Fastned in 24Q1 grew its energy volume sold by 52% y-o-y to 31.4 GWh, again stronger than the growth in the EV fleet (+43%), but was slightly down from 32.2 GWh in 23Q4 (still +80% y-o-y). On the EV market it expects: “ Prospects for sales in 2024 and beyond remain positive as EV fleet penetration is expected to more than double by 2026 and increase five-fold by 2030.”Act...
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Fastned: ready to shift up a gear
Fastned has published its Q1 2024 key metrics and adjusted FY24 guidance for the number of operating stations this morning. Q1 sales came in at EUR18.9m (+42% YoY), leaving an implied annual run-rate of at least EUR76m (vs cons. at EUR104m for FY24 and BGe EUR106m). Fastned posted a gross margin of
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- Wim Lewi
Fastned 1Q24 trading update, low sales compensated by gross margin
1Q24 trading update is tracking in line with our model. Sales growth of 42.1% to EUR 18.9m is below our expectation, but gross margin came above our expectation at 77% to EUR 14.7m million (+56.4%). The latter should be a relief as competition has increased lately, but their focus on high traffic locations seems to pay off. The outlook for new stations by FY24 of 335-350 is just below our 352 expectation. Fastned predicts 420-450 stations by FY25-end vs. our expectation of 417. New secured loca...
- Joren Van Aken
Fastned - Q1 slightly below estimates, guidance lowered
Q1 revenue at EUR 18.9m (up 42.1%) but below our estimateOperational stations at 307 (DPe 310) & secured locations at 483Guidance lowered for 2024 but increased for 2025Overall results were below estimates. The main issue remains the lack of visibility on the backlog as proven by the change in guidance and financing of the backlog. These are crucial for the investment case of Fastned and hence explain our neutral stance on the stock for the time being. Hold reiterated.
- ING Helpdesk
- ING Helpdesk
- Joren Van Aken
Fastned - French peer entering Dutch market
• French leader in fast charging Electra will enter the Netherlands with a goal of 100 stations by 2030• The company has plenty of firepower following its EUR 300m capital raise in January• No impact just yet as they need to secure locations and concessions but negative for sentiment nonetheless. Moreover, it will increase competition for Fastned in the medium term in the Netherlands
- Thijs Berkelder
- Thijs Berkelder
- Thijs Berkelder
Fastned : After Netherlands, now also Germany and Belgium EBITDA posit...
>First time official positive EBITDA, operational EBITDA x3 to € 24m - Energy sold in 2023 has grown 92% y-o-y to 99.6 GWh, supported by a European BEV market with 1.5m new BEVs were registered in 2023 (+37% vs.2022) and with the total EV fleet penetration in Europe up by 34%. The volume of renewable energy sold per station grew 49% y-o-y to 368 MWh, demonstrating Fastned again has gained market share.Stations, chargers and sessions. Fastned in 2023 expanded its ...
- ING Helpdesk
- Wim Lewi
Fastned Annual Report FY23 stays on track
Fastned already reported a trading statement on 16th January with revenues and gross margins for 4Q23. The annual FY23 report drills further in to P&L. The EBITDA fell short vs. our expectations at 4.5m vs. 11.0m expected. The EPS loss narrowed from -1.27 FY22 to -1.00, but missed our 0.88 expectation. The FTE count rose from 114 to 172. As Fastned is opening more regions, it has to invest in new areas with low initial scale. Fastned changed its P&L reporting to a more traditional split of opera...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Vranken
- Wim Hoste
- Wim Lewi
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