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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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-upside-long-term-growth-assumptions

__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.

Right! Still managed to buy before Q4 results. Ports and heavy traffic will truly accelerate next year, and if ongoing installations start to be completed. In the coming years, weaker players will also start to drop out, an example of this being Blink Charging ending the manufacturing of its own chargers and switching to buying from others. This also benefits Kempower.

I bought more kempower last week when it dropped below 14 euros. I talked with the CEO at the investment fair, and nothing alarming came up. He just reiterated that the revenue guidance was due to deliveries shifting to next year. Purely a timing issue; demand hasn’t really changed. In Europe, the market share is over 10%, and the position is already very strong. In North America, we are still a small player, but growth is strong, and the CEO is very optimistic about the future, even though Trump is trying to slow down electrification.

If these are significant, the result will simply be that the Chinese build factories in Europe and make their cars here, after which they are, poof, European. Such tricks won’t fix the situation. Competitiveness improves when car manufacturers optimize production. So far, there has been no real drive, and as long as electric cars are treated as a mere hobbyist side project while old factories churn out internal combustion engines, optimization will never happen.

This is good news (behind a paywall, of course):                   Tärkeimmät talousuutiset | Kauppalehti – 12 Dec 25              Eurooppalaisille sähköautoille tulossa etuoikeuksia    Komission suunnitelman tarkoituksena on parantaa eurooppalaisten autojen kilpailukykyä kiinalaisautoihin verrattuna.

It’s amusing how backward the European automotive industry, especially Germany’s, is.  Now they’ve just moved the goalposts a bit to extract more money from fools for inferior technology for a few more years. Meanwhile, in China, over 50% of new cars are electric, and that number is only growing. This will only cause the German automotive industry to fall even further behind and decline after 2030. Good luck, Germany.  Fortunately, customers are already choosing electric powertrains, so this just means that Porsche and its partners will continue pouring billions into old technology, and ultimately, Germans will pay the price, with all of Europe suffering as collateral damage. That eFuel+ is as much of a scam as carbon capture. Fossil industry propaganda.  Its use case would be for the rich who insist on rumbling around in old Porsches, but they should pay the 6€/liter themselves. It will never reach mass production.  A good comparison is the hydrogen hype of years past, which we’ve fortunately moved on from. We’ll get rid of this eFuel nonsense too, but the damage is already done now that they’ve started postponing the emissions ban. Below is Gemini 3.0 Pro’s summary of Porsche’s blunders. ”1. How many electric cars could one liter drive? (Calculation) This is eFuel’s biggest problem: the laws of physics. The process is shockingly inefficient compared to an electric car. Let’s do a calculation based on current technology:   Electricity consumption: Manufacturing one liter of eFuel requires an estimated 20–27 kWh of electricity (includes separating hydrogen from water and capturing carbon dioxide from the air).   Electric car consumption: A modern electric car (e.g., Porsche Taycan or Tesla Model 3) consumes approx. 18–20 kWh / 100 km.   Internal combustion engine consumption: A sports car (e.g., Porsche 911) consumes approx. 10 liters / 100 km, meaning one liter drives 10 km.   Result: With the electricity used to produce one liter of eFuel (approx. 24 kWh):   An electric car drives approximately 120–130 kilometers.   An internal combustion engine car drives approximately 10 kilometers with that manufactured liter.   Answer: With the same amount of energy, an electric car travels over 10 times further. If asked “how many cars,” the answer is: with the same energy that one internal combustion Porsche drives from Helsinki to Espoo, 10–13 electric cars could drive the same distance. 2. How much does it cost to make? The price is currently astronomical because production is in a pilot phase, akin to artisanal craftsmanship.   Now: Estimates for current production costs vary greatly, but they range between 10–50 euros per liter. It is therefore a “luxury product” not sold at pumps.   In the future (2030+): Porsche’s and eFuel lobbyists’ goal is to push production costs down to about 2 euros per liter (excluding taxes).   More critical estimates (e.g., ICCT) predict the price in 2030 to be closer to 3–4 euros per liter + taxes, which would make refueling very expensive.   3. What’s the point of this? If the efficiency is dismal and the price is high, why is Porsche doing this? The reasons are purely about brand and emotion, not about saving mass transportation:   Saving the Porsche 911: Porsche has electrified the Macan and Cayenne, but the iconic 911 is difficult to electrify without becoming too heavy. eFuel is a way to keep the internal combustion 911 on sale for as long as possible despite EU bans.   Old cars: 70% of all Porsches ever manufactured are still on the road. Porsche wants to offer wealthy collectors a way to drive old classics “carbon-neutrally” in the future as well.   Marketing: Porsche sells luxury. “Carbon-neutral gasoline” is a premium accessory for them. A customer base that pays 200,000 € for a car won’t mind if a liter of “eco-gasoline” costs 5 euros.   Summary: eFuel is not a solution for the average motorist (someone driving a VW Golf). It is “champagne” for internal combustion engines – expensive, rare, and intended for enjoyment, not everyday use.”

Sale of internal combustion engine cars is not banned – EU caved in to strong resistance  Regarding new registrations, car manufacturers’ fleet target is set at a 90 percent CO2 emission reduction starting from 2035, instead of the previous one hundred percent   Weber also confirmed that the one hundred percent target will not be set even from 2040 onwards.  Electrification will therefore not be forced, but as I understand it, a 90% CO2 emission reduction also allows for the use of biofuels? Porsche has been developing this for quite some time:                   dealer.porsche.com              Porsche’s synthetic fuel | Porsche Lauzon    Learn all about eFuel, the green synthetic gas currently in development at Porsche to save internal combustion engines!                              In absolute terms, the use of eFuel would allow for an 85% reduction of CO2 emissions!  Presumably, eFuel + hybrid technology will reach that target, at least in official measurements. It remains to be seen how it will affect the powertrain choices for new cars and thereby orders for charging stations.

It’s true that “playing” with percentages is sometimes misleading, but you might be nitpicking a bit now. It’s quite clear that a large number of electric cars have been registered in absolute terms, and in this case, percentage figures are quite useful when the base number is also larger. It’s also important to understand that the electric cars sold earlier remain in traffic for their lifespans and they also need to be charged, so new registrations are not the only noteworthy thing. Let’s also say that when the stock market relies on future expectations, it’s always wiser to look at growth figures than rearview mirror figures.

Kempower

Kempower's growth strategy is progressing well, while the trend towards electrification of transport continues to gain momentum, leading us to upgrade our estimates. 

<p>Kempower's growth strategy is progressing well, while the trend towards electrification of transport continues to gain momentum, leading us to upgrade our estimates. </p> 

	2022	23e	24e
Revenue	103.6	300.4	465.7
growth-%	278.1 %	190.0 %	55.0 %
EBIT (adj.)	6.7	40.0	66.1
EBIT-% (adj.)	6.5 %	13.3 %	14.2 %
EPS (adj.)	0.07	0.57	0.92
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	283.3	24.4	15.3
EV/EBITDA	117.9	16.0	8.9

Kempower: Upside in long-term growth assumptions

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Key Estimate Figures18.09.2023

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