Pod Point has announced a possible offer from its 53% shareholder, EDF Energy Customers, to acquire the remaining equity at 6.5p per share in cash. As a result, the Group is no longer in a position to publish results by 30 April 2025, so shares will be suspended from 1 May. Zeus had issued a sell recommendation on 21 January when the price was 10.9p. The Group subsequently guided for an additional £8m of adjusted EBITDA losses in FY24, taking the expected loss to £22m. The majority of this £8m r...
Pod Point’s FY24 trading update showed a disappointing end to the financial year, with revenue and net cash both missing expectations. This has stemmed from weak private demand for electric vehicles (EVs) impacting the Home charger segment and worse-than-expected cash collection. We substantially lower forecasts for FY25 and FY26 and assume that most of the November 2023 Capital Markets Day financial targets are missed. The level of cash burn in our updated estimates implies that the Group will ...
Pod Point’s interim results show the company has returned to growth in its core home charging offering and is making progress with its strategy to return to profitability. Guidance for the full year has been maintained (£14m EBITDA loss), so Zeus forecasts are unchanged. The Group is expected to remain loss-making for the foreseeable future and faces headwinds from slowing UK new private electric vehicle sales. Even still, we think Pod Point shares are undervalued at only 0.28x FY24 EV/Sales, bu...
The UK industrial sector continues to strengthen with June output and order books increasing for a second consecutive month, albeit at a slightly slower pace than in May. We think it is too soon to declare conclusively a turnaround, but recent industrial and economic data have been reassuring, as inflation returned to the BoE’s 2% target and sentiment remained positive.
As we approach the end of H1, recent industrial and economic indicators display an encouraging picture, cautiously supporting optimism for the latter half of 2024. UK manufacturing returned to growth in May, with many countries recording higher PMI readings. Inflation data across the globe was also encouraging, prompting the Bank of Canada and ECB to cut interest rates last week. UK GDP growth for Q1 was also positive and overall business confidence appears to have improved.
In this audio note, Zeus’ Carl Smith summarises the investment case for Pod Point Group. Pod Point’s FY23 results confirmed a sharp decline in revenue and widening losses but were slightly ahead of Zeus expectations and showed positive momentum in H2 2023. Listen to the audio note below, and read the full research here.
Pod Point’s FY23 results confirmed a sharp decline in revenue and widening losses but were slightly ahead of Zeus expectations and showed positive momentum in H2 2023. Guidance for FY24 has been maintained for broadly flat revenue and EBITDA losses, which reflects the exiting of non-core revenue streams and a weak private plug-in vehicle market. However, strategic progress on the Powering up strategy has been promising. New product launches and international expansion in FY24 drive our unchanged...
20th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
Last week Pod Point issued a trading update that guided a small uplift to FY23. However, the Group is exiting non-core revenue streams and incurring cash restructuring costs to refocus the business, leading to new FY24 guidance. Guided revenue of c. £60m is 22% below prior Zeus and consensus estimates, and EBITDA losses are expected to be no greater than £14m (Zeus: £8.3m). We reset forecasts to these levels and lower FY25 expectations. The Group’s CMD provided the details behind its “Powering u...
In this audio note, Zeus’ Carl Smith summarises the investment case for Pod Point Group. Pod Point’s interim results revealed tough trading conditions in the private battery electric vehicle market and shortcomings in the Group’s products versus competitors, resulting in a disappointing performance. Listen to the audio note below, and read the full research here.
While official numbers for Q2 2023 have not been communicated yet, BEV (battery-electric vehicle) registrations have accelerated in recent months and should: (i) directly benefit both slow charger OEMs (original equipment manufacturers) and CPOs (charging point operators), (ii) indirectly fuel CPO
Following the publication or our industry note called "EV pulse never stops, the industry powers up", we revised our price target on Pod Point from GBp80 to GBp70, but maintained our BUY rating. Impacted by supply chain, inflation and lower EV registrations in 2022, Pod Point managed a challenging
30th June 2023 Today’s Small Cap Feast is dedicated to the life of Brian Winterflood The founder of Winterflood Securities and who was integral to the formation of AIM He will be greatly missed by the City and we express our deepest condolences to his family RIP Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and r...
In this audio note, Zeus’ Carl Smith summarises the investment case for Pod Point Group. Pod Point is a market-leading designer, installer and operator of electric vehicle (EV) charging points. Listen to the audio note below, and read the full research here.
Pod Point is a market-leading designer, installer and operator of electric vehicle (EV) charging points. In 2022 the Group installed or supplied c. 69k chargers to the Home and Commercial segments and now has c. 195k connected, communicating units, with a strategy to generate further annual recurring revenue from these. We think Pod Point has a strong competitive position and sufficient cash to continue to scale as the EV market undergoes significant structural growth. Our discounted medium-term...
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