Last close As at 05/08/2026
USD11.57
▲ −0.22 (−1.87%)
Market capitalisation
USD870m
Research: Industrials
ADS-TEC Energy has been building a strong position in battery-buffered fast charging systems. To date the company has largely operated through unit sales with some additional services. The $50m gross fund raise will enable a shift to providing a complete system and service delivery model, enabling ADS-TEC to participate in longer-term revenues than its charging infrastructure currently offers, while customers will benefit from an outsourced business model. This should generate a more stable and longer-term revenue stream for the company and shareholders.
| Year end | Revenue (€m) | PBT (€m) | EPS (EUc) | DPS (EUc) | P/E (x) | Yield (%) |
|---|---|---|---|---|---|---|
| 12/22 | 26.4 | (13.6) | (33.10) | 0.00 | N/A | N/A |
| 12/23 | 107.4 | (26.9) | (56.50) | 0.00 | N/A | N/A |
ADS-TEC has issued $53.8m of convertible notes, which, post a 7% initial discount and placing agent’s fees, will provide net proceeds to the company of $47.8m. The notes are convertible at any time at an ADS-TEC share price of $16.88 and carry annual interest of 2% (rising to 12% on any default). The notes mature on 1 May 2028. The full details can be found in the prospectus on www.sec.gov.
ADS-TEC provides battery-buffered storage/fast charging systems. Activities include hardware (designed and assembled in-house), proprietary software along with some additional services. To date the business has operated in the B2B space, in particular developing strategic partnerships, primarily in the electric vehicle (EV) charging sector. Revenues have largely come from equipment sales, which are one-off and can be somewhat lumpy (note the recent delay of deliveries from FY24 into FY25 affecting FY24 turnover). This additional finance will enable a step change in the offering as a vertically integrated supplier providing a comprehensive package including financing, installation, operational management, digital advertising and energy trading. Customers will benefit from ADS-TEC’s operational experience to generate higher revenues along with reduced operating costs, while ADS-TEC will gain a longer-term, higher-margin revenue stream. Initially the focus is expected to be on EV charging at a range of locations most applicable to battery-buffered fast charging such as at supermarkets, convenience stores, DIY retailers and gas stations. We would expect future expansion into other sectors such as renewables buffering, etc. The company has a pipeline of over 300 sites in Germany and expects recurring revenue from deployment of the additional funding to ramp up from late 2025 into 2026.
ADS-TEC announced preliminary figures for FY24 in February. Full FY24 financials and a management presentation are due on 12 May. We expect this to include guidance on FY25 and plan to reintroduce forecasts at that time.
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United Kingdom
Research: Industrials
Aamal Company reported a strong start to 2025, with ongoing delivery of its strategy while navigating dynamic market conditions. In Q125 the company recorded year-on-year growth in revenue and total net profit of 6.8% and 8.3%, respectively, to QAR580.3m and QAR101.8m. Aamal sustained its financial strength, reducing gearing by 0.33pp to 0.89%. The robust performance in the quarter means the company it is on track to achieve our FY25 estimates. The continued development of Qatar’s liquefied natural gas (LNG) capacity expansion projects and focus on non-oil sectors, through the Third National Development Strategy, is positive for both Qatar’s economic growth and Aamal’s long-term growth prospects. We maintain our previous estimates, as well as our valuation of QAR1.22/share, which represents c 45% upside to the current share price. For more information on Aamal please see our April 2025 initiation note.