Kempower: Staying on board despite forecast risks
By Pauli Lohi
The soft order intake in Q3 increased the uncertainty surrounding growth forecasts. The increase in orders can be partly attributed to seasonality and temporary factors, but we still had to cut our growth estimates. In turn, profitability is scaling up more strongly than expected. We expect growth to return to a strong path in the coming quarters and expect valuation multiples to decline rapidly in line with earnings growth in the coming years.
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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 Figures19.10.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 103.6 | 298.4 | 411.7 |
| growth-% | 278.1 % | 188.0 % | 38.0 % |
| EBIT (adj.) | 6.7 | 54.5 | 67.3 |
| EBIT-% (adj.) | 6.5 % | 18.3 % | 16.3 % |
| EPS (adj.) | 0.07 | 0.80 | 0.94 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | 283.3 | 17.0 | 14.5 |
| EV/EBITDA | 117.9 | 11.1 | 8.1 |
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