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Head of Kempower's North American operations leaves post

KEMPOWRAnalyst Comment2024-03-05 11:04
Pauli LohiAnalyst
Discuss

Translation: Original comment published in Finnish on 3/5/2024 at 10:39 am EET.

Kempower announced changes in the Group Leadership Team. The most significant of these changes was the departure of Tim Joyce, Head of North America. We see this change as a potentially negative signal for the development of the North American businesses, although there is no certainty about the background to the departure.

Joyce’s departure the most significant change in the Leadership Team

At 9.30 am EET today, Kempower announced changes to the Group Leadership Team. There have been a number of changes, some quite small in the grand scheme of things, such as transfers between the Leadership Team and the Extended Leadership Team. The most significant change, in our view, was the departure from Kempower of Tim Joyce, the company's Head of North America. Kempower will immediately launch a recruitment process to find Joyce's successor.

Departure may signal challenges for North American growth work

Before joining Kempower, Joyce already had more than 20 years' experience in management positions in various companies Joyce was announced as Kempower's Head of North America in July 2023 and was only in the role for around 7 months. The reason for the departure is not known, but the announcement of broader changes in connection with Joyce's departure could, in our view, indicate that the change was initiated by Kempower. The rapid departure raises doubts as to whether the change could be due, for example, to challenges in implementing the growth strategy, but on the other hand, such a single change in personnel could also be due to other reasons. Speculating on the causes and consequences of this change is uncertain. North American growth was being driven long before Joyce joined Kempower, so we believe that the transition period associated with the leadership change will not be a major impediment to driving growth.

Kempower operates in the industrial sector. The company is a developer of charging solutions and services aimed at the automotive sector. The range mainly includes charging posts, stations, sockets, and associated electronic equipment. In addition to the main business, various after-sales services and technical support are offered. The largest operations are found in the Nordic region and parts of Europe.

Read more on company page

Key Estimate Figures2024-02-14

202324e25e
Revenue283.6380.0490.2
growth-%173.7 %34.0 %29.0 %
EBIT (adj.)40.733.161.6
EBIT-% (adj.)14.4 %8.7 %12.6 %
EPS (adj.)0.610.500.90
Dividend0.000.000.00
Dividend %
P/E (adj.)52.013.07.2
EV/EBITDA35.86.23.2

Forum discussions

If I recall correctly, it has long been the general understanding that with its three production facilities (2 x Lahti + Durham), the company...
5 hours ago
1
A new report has been published. The “Reduce” recommendation remains. Inderes – 4 Nov 26 Kempower Q3'26: Haastavalla markkinalla ei vielä kä...
6 hours ago
by xlat
3
Thanks, this clarified things. I’ll need to continue digging into this little by little.
7 hours ago
by xlat
2
Kempower makes DC, meaning fast chargers, while Zaptec makes AC chargers, i.e., so-called slow chargers (mainly the ones found in home parking...
7 hours ago
by Seinäkadun Keisari
5
This board has threads for both Kempower and Zaptec, but there’s barely any “cross-talk” between them. Could someone explain in simple terms...
7 hours ago
by xlat
2
Well, if you look at the revenue reached back in 2023 driven practically just by the first Lahti plant alone, you can already draw some pretty...
9 hours ago
by ozkuz
5
This was the answer I was waiting for, and then those characters…
9 hours ago
by Monte Cristo
0