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ADS-TEC Energy (NASDAQ: ADSE)

Last close As at 20/11/2024

USD13.70

▲ 0.25 (1.86%)

Market capitalisation

USD706m

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 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 EV infrastructure sector. Management estimates a total addressable market for Europe and the US of €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 | Update

ADS-TEC Energy — Progressing to plan

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

  • Stefan Berndt-von Bülow

    CFO

  • Thomas Speidel

    CEO

Balance Sheet

Forecast net debt (€m)

9.8

Forecast gearing ratio (%)

16

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.2) 5.4 103.6
Relative (3.1) (0.3) 56.4
52 week high/low US$14.7/US$6.2

Financials

ADS-TEC’s H124 sales were €79.3m, up 107% y-o-y, with gross profit of €15.7m (margin of 19.8%). Operating expenses increased due to higher R&D expenses, leading to an operating loss of €5.0m compared to a loss of €20.0m for the previous year. Adjusted EBITDA of €3.6m marked the first half-year period of positive EBITDA. H1 cash outflow pre-financing was €5.4m. Liquidity remains healthy with cash and cash equivalents of €23.0m. Management guides to further sales growth in H2 and positive EBITDA for the full year.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 26.4 (29.3) (13.6) (32.9) N/A N/A
2023A 107.4 (16.6) (26.9) (42.2) N/A N/A
2024E 199.6 10.0 (0.3) (2.0) N/A N/A
2025E 310.9 36.4 22.5 21.0 60.4 25.1

Research

Initiation

Industrials

ADS-TEC Energy — Serving the energy transition

edison tv

Industrials

ADS-TEC Energy – EFK interview

Industrials

Update

ADS-TEC Energy — Progressing to plan

Update

Industrials

ADS-TEC Energy — Progressing to plan

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

Thematics

thematic

Industrials

The long and winding road

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