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ADS-TEC Energy (NASDAQ: ADSE)

Last close As at 13/05/2024

USD11.12

▲ −0.01 (−0.09%)

Market capitalisation

USD556m

ADS-TEC Energy makes battery storage-based energy platforms. These buffer systems enable consistent, high-power delivery for systems such as EV charging.

ADS-TEC Energy’s combined storage, buffering and charging systems are aimed at specialist applications where the grid capacity is unable to support ultra-fast charging, the premium end of the electric vehicle charging infrastructure sector. Management estimates that the total addressable market for Europe and the US is worth €80bn for more than 725,000 buffered charging units. The secondary market is for industrial applications, providing power storage and smoothing as the grid grapples with the supply/demand imbalances from the increasing renewables generation.

Latest Insights

Industrials | Initiation

ADS-TEC Energy — Serving the energy transition

Industrials | edison tv

ADS-TEC Energy – EFK interview
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Sector

Industrials

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • Prof. Dr. Kurt Lauk

    Chairman

  • Thomas Speidel

    CEO

  • Wolfgang Breme

    CFO

Balance Sheet

Forecast net cash (€m)

17.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.9 22.6 246.4
Relative 4.9 16.3 173.6
52 week high/low US$11.2/US$3.4

Financials

FY23 revenue grew by more than 300% to €107.4m, with management forecasting 85% growth to €200m in revenue in FY24. Volume growth is starting to leverage the P&L positively, with the group EBITDA positive in Q423 at €4.9m, supporting our expectation for ADS-TEC to be EBITDA positive in FY24 and EBIT positive in FY25. The group had €29m in gross cash at the year-end (full financials to be released late April).

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 33.0 (15.2) (21.4) (86.19) N/A N/A
2022A 26.4 (29.3) (13.6) (32.9) N/A N/A
2023E 107.4 (16.6) (26.9) (42.2) N/A N/A
2024E 199.6 10.0 (0.3) (2.0) N/A 53.0

Research

Industrials

Initiation

ADS-TEC Energy — Serving the energy transition

Industrials

edison tv

ADS-TEC Energy – EFK interview

Initiation

Industrials

ADS-TEC Energy — Serving the energy transition

edison tv

Industrials

ADS-TEC Energy – EFK interview

Further insights

insight

Industrials

ADS-TEC Energy: EKF 2023 QuickView

Analyst of the week

Natalya Davies

Natalya Davies

Analyst

ndavies@edisongroup.com 020 3077 5700
Read latest

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The long and winding road

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