Serving the energy transition
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Edison Investment Research Limited
London, UK, 9 April 2024
Edison issues initiation on ADS-TEC Energy (ADSE): Serving the energy transition ADS-TEC Energy operates in an emerging market serving the changing grid and power management requirements of an electrifying world. Its key market at present is for battery-buffered ultra-fast charging systems for electric vehicles (EVs). This is starting to produce tangible positive results, with the business EBITDA positive in Q423. Hence, ADS-TEC offers a de-risking investment into the electrification of the energy system, including the growth of EVs through the associated charging infrastructure. Our discounted cash flow (DCF) based valuation, assuming a 12% cost of capital and a terminal growth rate of 2%, comes to $12.80/share. ADS-TEC Energy’s key peers are part of larger international groups (eg Elli is owned by VW) limiting any meaningful comparative valuation. Click here to view the full report. All reports published by Edison are available to download free of charge from its website About Edison: As a content-led investor-relations business, Edison helps companies stand out and meet the right shareholders. Edison’s integrated investor relations solution combines expert analyst content, digital targeting and active investor engagement. This drives liquidity and valuations by building bigger, better informed and more engaged investor audiences globally. Edison has a proven history of increasing liquidity and valuations for its clients. Edison’s content can be viewed by all investors, anywhere in the world. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: David Larkam +44 (0)20 3077 5700 industrials@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-group-/ Twitter www.twitter.com/Edison_Inv_Res YouTube http://www.youtube.com/edisonitv
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1876591 09-Apr-2024
