Kempower: Profitability scales rapidly
Stronger than expected growth and especially the rapid scaling of profitability in Q2 provide clear additional support for Kempower’s earnings growth outlook. We still see potential for a surprise in terms of growth with new production facilities and the expansion in North America, although the uncertainty surrounding forecasts is significant. The actual result date, July 25th, can still bring additional information that may affect our estimates. We reiterate our Accumulate recommendation and raise our target price to EUR 43 (previous 32) driven by higher estimates.
Kempower
Kempower is active in the industrial sector. The company is a developer of charging solutions and services with a focus on the automotive sector. The range mainly includes charging posts, stations, sockets, and associated electronic equipment. In addition to the main business, various aftermarket services and technical support are offered. The largest operations are in the Nordic countries and Europe.
Read more on company pageKey Estimate Figures2023-07-19
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 103.6 | 295.3 | 457.7 |
growth-% | 278.10 % | 185.00 % | 55.00 % |
EBIT (adj.) | 6.7 | 39.5 | 65.0 |
EBIT-% (adj.) | 6.47 % | 13.38 % | 14.19 % |
EPS (adj.) | 0.07 | 0.57 | 0.90 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | 283.31 | 38.78 | 24.44 |
EV/EBITDA | 117.92 | 26.11 | 14.64 |