Kempower: Profitability scales rapidly
By Pauli Lohi
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.
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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 pageKey Estimate Figures19.07.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 103.6 | 295.3 | 457.7 |
| growth-% | 278.1 % | 185.0 % | 55.0 % |
| EBIT (adj.) | 6.7 | 39.5 | 65.0 |
| EBIT-% (adj.) | 6.5 % | 13.4 % | 14.2 % |
| EPS (adj.) | 0.07 | 0.57 | 0.90 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | 283.3 | 24.1 | 15.2 |
| EV/EBITDA | 117.9 | 15.8 | 8.7 |
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