Off to a solid start; more to come

Norway: Best ideas Q1'25

Renewable Weekly – 20 February 2025

This week, we summarise this week's most important newsflow on the companies under our coverage.

From recovery to acceleration

Zaptec: FY24 results, first signs of market recovery in FY25

This morning, Zaptec reported FY24 results, with a soft improvement in sequential revenue growth over Q4 (+9.4% QoQ). Revenues for FY24 came in at NOK1,267 (-11.2% YoY vs. NOK1,427m in FY23), almost in line with consensus at NOK1,276m for FY24. Whereas a growth slowdown in 2024 had already been con

Blow out orders, better CF, strong outlook

Q4 as expected, but orders and CF materially better. Order intake up 87% q-o-q, momentum has continued into Q1'25. Stock set for a sharp rebound; today up +10%

Breaking barriers, driving growth

Zaptec Go 2 finally ready — key to drive sales growth. Charger set to lift GM going forward (~5pp). Great achievement - key milestone

Renewable Weekly – 27 January 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Cheap, charged, and chasing growth

Renewable Weekly – 28 Nov 2024

On aggregate, the R&C stocks underperformed (equal weight) the MSCI Nordic by ~4% throughout the reporting season (15 October to today).

Challenged now, charged for tomorrow

Zaptec: soft Q3 revenue

This morning, Zaptec reported Q3 2024 results confirming a growth slowdown in 2024 compared to 2023 as the EV market pauses for breath, regulations mature and the company faces a negative base effect related to the Easee sales ban in 2023. Q3 revenue came in at NOK299m (-12% QoQ vs. NOK341m in Q2 2

Soft sales, solid GM and opex

EBITDA NOK 4m, vs us at NOK 7 due to lower sales. Inventories coming down, improving CF

Renewable Weekly – 11 November 2024

Recovery delayed, but ready to rise

Renewable Weekly – 1 November 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Renewable Weekly – 25 October 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Renewable Weekly – 17 October 2024

This week, we summarise our Q3 previews for the sector.

Renewable Weekly – 8 Oct 2024

This week, we highlight the Norwegian Water Resources and Energy Directorate updated LCOE estimates.

Zaptec: AC smart charging expert

Founded in 2012 with the development of patented technology in super-compact power electronics and transformers, Zaptec has emerged as a prominent European EV charger manufacturer. Leveraging its cloud-based EV charging system infrastructure, with phase balancing technology and APM software, Zaptec