Rankings Grid & electrical equipment Kempower
Kempower
62
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−7
- Multiples vs own history−5
- Lowered guidance and weak order intake−5
Strengths
- Order book+1
- Cost programme+1
How the score is built
From 100 to 62, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 8.06 EUR
- Median analyst target
- 9.00 EUR
- Upside to median
- +11.7%
- Analysts
- 5
- Target range
- 8.00 – 17.50 EUR
- 52-week change
- −48%
- P/E (trailing)
- n/a
- Forward P/E
- 267.0
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−14 of −30
- −7MarginLoss: operating margin −3.5% and net margin −3.2% (TTM) vs +14.2% operating margin in 2023; third year in a row with an operating loss (EUR −28.9m in 2024, −14.3m in 2025). ROIC −10.6% is not counted again.
- −4Quality of growthRevenue of EUR 281m (TTM) is still below the 2023 level of 284m; Q2 growth was only 10% vs 19% expected, and order intake fell 6% in Q2 because charge point operators (CPOs) are prioritising profitability over expansion.
- −3MoatThe gross margin has fallen every year from 54.4% in 2023 to 49.0% (TTM), and analysts expect 46.4% in 2026 – a sign of price pressure from competitors in fast chargers.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −5Multiples vs own historyForward P/E 95 vs 36–99 in 2023–2025 and EV/EBITDA 133 on an almost zero EBITDA; EV/Sales 1.75 is the lowest ever (2.3–23.6 previously), but without earnings it is only the sales multiple that looks cheap.
- −2FCF yieldNegative FCF yield of −3.4% (FCF −EUR 16.5m TTM), and analysts expect negative FCF of approx. −EUR 12m in 2026.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −5Lowered guidance and weak order intakeQ2: order intake −6% vs expected +14%, 2026 revenue guidance lowered to 10–25% growth (from 10–30%); Inderes cut its 2027–28 EPS estimates by 49% and 32% and downgraded to 'Reduce' with a target price of 11 EUR.
- −3Receivables and customer mixCash flow weakened markedly in Q2 because receivables are accumulating at distribution partners with longer payment terms than direct customers.
- −3FundingThe net cash is gone: from +EUR 74.6m in 2023 and +19.2m at the end of 2025 to net debt of EUR 1.2m as of 30 June 2026, while operating cash flow is negative (−5.9m TTM).
- −2Management turnoverThe head of the North American operations has left the post, and in September 2026 both a new CFO (starting by 1 March 2027 at the latest) and a new HR director were appointed, while the current HR director stepped down.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Order bookThe order book is 18% higher than a year earlier, and fleet orders (buses and trucks) remained strong in Q2.
- +1Cost programmeCost-saving programme of at least EUR 5m in fixed costs with effect from the end of 2026; gross margin rose sequentially to 47.2% in Q2 from 45.4% in Q1.
Caveats
What the score does not capture, or where the data is weak.
The Helsinki listing (KEMPOWR). Forward P/E 95 is based on 2026 EPS close to zero, so the multiple is very sensitive. Inderes writes that revenue guidance has been lowered to 10–25% growth (from 10–30%); the company's own announcement words it differently, so the figure should be checked in the Q3 report 4 Nov. 2026. Free float is only about 20m of 55m shares (large main shareholder), but the ownership structure has not been investigated further. The price fall of about 30% since August is not tied to a single news item in September/October.
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