reports
- Jean-François Granjon
- Louis Boujard
- CFA
- Jean-François Granjon
- Louis Boujard
- CFA
- Jean-François Granjon
- Louis Boujard
- CFA
HDF Energy : Results still under pressure
>H1 2024 earnings release - HDF Energy's H1 2024 results reflect the group’s continued development. On H1 revenues of € 0.5m vs € 1.43m, the net loss came to -€ 5.1m vs -€ 3m for the comparative period. The lack of EBITDA and EBIT figures is regrettable. In light of the net loss, our EBITDA and EBIT estimates could prove slightly optimistic. The cash position came to € 48m, compared to € 62.6m at end-2023, or cash burn of close to € 15m for H1 compared to € 25m for ...
- Jean-François Granjon
- Louis Boujard
- CFA
HDF Energy : Des résultats toujours sous pression
>Publication des résultats semestriels - HDF Energy publie des résultats semestriels qui traduisent la poursuite du développement de la société. Sur la base d’un CA S1 de 0.5 M€ vs 1.43 M€, la perte nette ressort à -5.1 M€ vs -3 M€ pour le semestre de référence. Nous regrettons l’absence de publication de l’EBITDA et du ROC. A la lecture de la perte nette, nos estimations d’EBITDA et de ROC pourraient s’avérer un peu optimistes. La trésorerie ressort à 48 M€ à compar...
- ING Helpdesk
- Thijs Berkelder
Alfen : New strategic plan takes longer than we hoped for
>Feedback analyst conference call - No new equity needed. CEO confirms Alfen does not expect it will need new capitalGuidance Q3 revenues per segment. Now guiding for EV Charging Q3 lower than Q2 (previously sequential rise) and stronger Q4, for Energy Storage Q3 similar as Q1 and stronger Q4 again, for Smart Grids a Q3 similar to Q2 and stronger Q4. Our view: impression of lower outlook for EV Charging and Smart Grids vs. higher in Energy Storage.Ramp-up su...
- ING Helpdesk
- Roy Külter
- Steven Boumans
- Roy Külter
- Steven Boumans
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: H1 in line with updated guidance
Yesterday, Alfen published H1 2024 figures (EUR246m top line, 6% EBITDA margin) slightly above consensus expectations for EUR241m in revenue and 4% EBITDA margin. The numbers were in line with revised expectations for Q2 mostly impacted by moisture issues in Smart Grids (+9% YoY) and sluggish EV Ch
- Thijs Berkelder
Alfen : More clarity on new business plan, strategy, financing by end ...
>24H1 results better than consensus, but weaker than AAOB forecast - Revenue in 24H1 was up 10% y-o-y to € 245.7m (consensus € 239.6m) with- EV Charging revenue was up 1% y-o-y to € 80.1m (consensus € 78.4m), implying Q2 was € 40.8m, after Q1 of € 39.3m.- Smart Grid Solutions revenue grew by 9% y-o-y to € 93.5m (consensus € 99.0m), implying Q2 of € 38.6m after Q1 of € 54.9m.- Energy Storage Systems revenue up 23% y-o-y to € 72.2m (consensus € 62.2m), im...
- Thibault Leneeuw
Alfen Better than expected results, A move in the right direction
Alfen reported revenue growth of 10% y/y to € 246m well above expectations (KBCS: € 231m, CSS: 240m). Gross profit margin decreased from 30.5% in 1H23 to 28.9% in 1H24, after the expected one off costs gross profit margin was with 22.3% (KBCS: 25.3%, CSS: 24.1%) weaker than expected. However, adjusted EBITDA at € 13.5m significantly above our and CSS forecasts of € 12.2m. Furthermore, did they obtain a temporary waiver for 3Q24. A strategy update in 4Q24 can be expected which will be used for c...
- ING Helpdesk
- Usama Tariq
- Usama Tariq
- Thijs Berkelder
Alfen : Market awaiting clarity on waiver and reorganisation measures
>H1 results will be published on 21 August after trading hours - Alfen will report its H1 results on Wednesday 21 August at 18h CET, so after trading hours. An analyst conference call will be held on Thursday 22 August as from 9h CET hosted by CEO Marco Roeleveld, CFO a,i. Onno Krap, and CCO Michelle Lesh.Weakened guidance for 2024: On 26 June, Alfen downward adjusted its guidance for 2024 and said to assess its medium term growth ambitions in 24H2. It lowered it...
- Aurelien Sivignon
ODDO BHF Small & MIDCAP MORNING NEWS - 07/16/2024
The new roadmap, unveiled at the CMD held on 19 June, reveals a potential for value creation based on growth of at least 10% per year in the digital and locker businesses and a sharp upswing in their profitability, enabling these two units to turn in EBITDA margins estimated at 20-30%, close to the margins delivered by the core business (20-25%). We expect the 2023-30 EBIT CAGR to work out at +7.2%, i.e. nearly a 500bp upsurge in the current operating margin, with the digital and lock...
- Aurelien Sivignon
ODDO BHF Small & MIDCAP MORNING NEWS - 16/07/2024
La nouvelle feuille de route, dévoilée lors du CMD du 19 juin, révèle un potentiel de création de valeur à l’appui d’une croissance d’au moins 10% par an des activités Digital et Lockers et d’un net redressement de leur profitabilité pour atteindre des marges d’EBITDA (20/30%) voisines de celle de l’activité historique (20/25%). Nous tablons sur un TMVA 2023/30e de l’EBIT de +7.2%, soit une MOPC en amélioration de près de 500 pb avec une contribution de Digital + Lockers de près de 50...
- Thijs Berkelder
Alfen : Energy storage U-turn necessitates a strategic review
>Reminder on profit warning guidance statements end of June - Reminder on profit warning June 26. Alfen lowered its 2024 revenue guidance by c. 20% to € 485-520m (from € 590-660m), and its adj. EBITDA margin guidance to mid single digit (from > 11.3%). It now expects to be FCF negative in 2024, but better than the minus € 27.2m from 2023. Reminder on change in segment outlook. (1) Energy Storage Systems now expects a revenue decline by c. 20% compared to 2023 (pr...
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