contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


kempower-time-charging-break-midst-all-action

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Pauli Lohi

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.

I completely agree with this. However, development in the USA during Trump’s term will likely be quite moderate. As I understand it, the USA is a fairly significant market for Kempower, partly due to the factory investment made there.

I also started driving an electric car earlier than I had planned when my gas car unexpectedly broke down. On the other hand, used EV prices are already starting to reach a decent level. I believe they will continue to drop quite rapidly. With a warm garage and 3-phase charging, driving an electric car is very effortless and even cheap. I really have to wonder about those who get an electric car without having their own garage or parking spot. For example, fast charging at shopping malls in the Helsinki metropolitan area (pks) seems to be completely jammed (meaning all spots are taken) almost from morning to evening, at least in this weather. Which is surely good news for the likes of Kempower. But I can see electricity shortages and rapidly rising prices becoming a reality in the very near future.  The grid load is increasing in many ways, yet decision-makers aren’t doing much else besides trying to increase consumption by all possible means. Are they driving prices sky-high on purpose? We’ll get charging stations, but the electricity will “run out.” Electric cars will get cheaper, and the wealthier demographic will switch back to other fuels. Gasoline and diesel will become luxury items, and ordinary citizens will be controlled through electricity or the lack thereof. But I do think the charging station business will continue to thrive regardless. At least until a proper electricity shock occurs – which I don’t think is very far off. My view is that even 2-year electricity futures are going to see some sharp corrections. Well, the downside of Kempower’s satellites is also becoming apparent in this weather. For example, with a 12-spot station and 800kW available, the ideal power is less than 70kW per plug. Factor in the turnaround times and the low initial charging currents of cold batteries. It’s an interesting case from a queueing theory perspective, as the system’s capacity (customers served per unit of time) decreases as the load increases. Does the system keep flowing, or does it just seize up completely once a certain threshold is crossed?  Has anyone spent time queuing at, say, Jumbo, Kaari, Iso Omena, or similar places, and can describe what this kind of gridlock is actually like in practice?

That’s just it. The product isn’t up to par at Stellantis, just as it wasn’t at Tritium. Tritium couldn’t cry about the market and switch to fossils; instead, they just kept promising in every investor call that actions were being taken and a new big customer was coming very soon. Who never arrived. The reason is the same. An uncompetitive product. Stellantis is unlikely to go bankrupt, but it’s interesting to see where they intend to find competitive electric cars in 2030, now that they are stopping (?) their investment in them? The triumph of electric cars is only accelerating. There is no doubt about it. It is also accelerating in the United States this year. The cherry on top in this Kempower case is that Kempower doesn’t rely solely on electric cars but is increasingly selling chargers for buses and truck traffic, especially MCS. A segment that will grow even faster than passenger cars in the coming years.

Here is a ChatGPT summary of the development of global electric vehicle sales in recent years: Global electric vehicle sales have grown very rapidly in recent years.  •   2018: share of new cars ~2%  •   2022: sales 10.5 million, share ~13%  •   2023: 13.8 million, share ~18%  •   2024: approximately 17 million, share ~20%  •   2025: estimated over 20 million, share ~25% Growth is particularly strong in China and Europe, and today approximately one in four new cars in the world is an electric vehicle. EVs have thus moved from the margins to the mainstream. The figures are based on reports from the IEA and the industry.

I don’t think it matters for Kempower or any other investment story which cars I have driven or not, but I can answer that I haven’t driven a Stellantis electric car. The main point of the news is that electric cars are, at least according to their view, becoming common more slowly overall than they previously estimated. So this is a view related to the whole industry. Of course, if you want, you can read this as them being unable to compete in a rapidly growing market, so they just claim that the slow growth was a surprise. They decide to exit the competition and settle for their business ending in the coming years due to low demand. According to this article, only 7.7% of new cars in the US were fully electric last year. To me, that sounds quite low, and I admit I don’t follow that market much. This figure certainly includes Teslas and these Korean brands as well. “It would be a bit like saying that fast chargers aren’t becoming common as fast as one might think because Tritium went bankrupt.” I’m not that familiar with the background, but it could partly be that way too. Of course, not everyone can succeed in the competition. Did they complain about the slow growth of the industry, or were there more problems with the product itself or their financing?

Have you ever driven a Stellantis EV?  A good product sells, a bad one a bit worse. Compare it to the popularity of Korean brands, for example. They are selling well, even in the US. This is about nothing other than an inferior product. It would be a bit like saying that fast chargers aren’t becoming common as quickly as one might think because Tritium went bankrupt.

Adding the news about Stellantis to the Kempower thread. This is because it seems that electric vehicles might not conquer the world quite as quickly as Kempower’s shareholders would hope. I think an automaker of this size has good visibility into the industry. Stellantis on Friday announced it will take a $26.5 billion charge as the automaker cuts back on electric vehicle (EV) production, joining other manufacturers in taking a financial hit after misjudging consumer demand for EVs. Stellantis – the parent company of brands including Chrysler, Jeep, Dodge and Ram – became the latest automaker to take a charge. The $26.5 billion charge is larger than those taken by Ford and General Motors in the wake of the end of federal EV subsidies. The automaker had set ambitious EV goals under its former CEO, Carlos Tavares, who aimed for EVs to make up 100% of European sales and 50% of U.S. sales by 2030. Tavares was forced out in 2024 after U.S. sales plunged, where Stellantis is exposed because of its reliance on sales of high-margin Jeep and Ram pickups Across the auto industry, fully electric vehicles represented 19.5% of European sales last year and just 7.7% of new U.S. car sales. CEO Antonio Filosa, who took the helm at Stellantis last summer, said on a call with reporters that the company’s past assumptions about demand for EVs were “over optimistic” and outlined, “What we are announcing today is an important strategic reset of our business model… to put our customer preferences back at the center of what we do, globally and in each region.” Ross Mould, investment director at AJ Bell, said the writedown showed that Stellantis "got it wrong on how quickly the world would transition from combustion engines to electric power."

Kempower

2022 ended strongly in terms of new orders, production volumes and profitability. Guidance for 2023 seems slightly cautious and leaves room for even a slower start of sales in the US. We raised...

<p>2022 ended strongly in terms of new orders, production volumes and profitability. Guidance for 2023 seems slightly cautious and leaves room for even a slower start of sales in the US. We raised our earnings estimates for the next few years, but valuation has still risen to a level where the risk/return ratio no longer appears attractive. </p> 

	2022	23e	24e
Revenue	103.6	209.3	305.5
growth-%	278.1 %	102.0 %	46.0 %
EBIT (adj.)	6.7	16.5	38.5
EBIT-% (adj.)	6.5 %	7.9 %	12.6 %
EPS (adj.)	0.07	0.22	0.53
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	283.3	70.6	30.0
EV/EBITDA	117.9	37.9	17.2

Kempower: Time for a charging break in midst of all the action

Key Estimate Figures2023-02-15

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