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I'm taking this report in a positive way .
Let's face it after all the bad reports in the past this is Good News .
Pod Point CEO, Andy Palmer and CFO, David Wolffe present full year results for the year ended 31 December 2023, followed by Q&A.
Watch the video here: https://www.piworld.co.uk/company-videos/pod-point-podp-full-year-2023-results-presentation-april-2024/
Or listen to the podcast here: https://piworld.podbean.com/e/pod-point-podp-full-year-2023-results-presentation-april-2024/
Inread in the telegraph that February was a record month for charge point installations.If Pod Point cannot take advantage of this for the company then the board should resign
Should start moving up now they get good publicity in
motoring press
I have held them long term but did not expect them to fall so much
6,609 shares is me, its a buy, not a sell!
Just added here, I think this is the bottom and with all the Powering Up strategy playing out there is only one way this will go over the next 12 months and thats up! DYOR.
I have worked for over 25 different companies. companies like these just throw money away, they dont control anything properly and their accountants have free rein to do writedown, accruals and impairments, quite frankly the numbers could be anything u want them to be! as youve alll pointed out the share price has been trashed! im still staying away, glad i didnt buy in tbh.
Market cap - £31m
Forecast for 2024 £60m rev, EBITDA loss of £14m, and exit 2024 with cash of £15m and undrawn facility supplied by largest shareholder EDF.
Owned assets build out now complete and generating revenue.
Commercial sales units for 2023 c.20,000. Deal now in place to supply housebuilders, including Redrow, Crest Nic, Barratt, Taylor Wimpey, Bellway. Between them they build c.46,000 units per year (all won't have drives) but that will be a significant uplift over 2023.
Capital light entry into selected European markets that EDF trades in.
Increasing EV's on roads and recurring revenues building.
New CEO.
All in all I'm thinking this might be an ideal time to take a small opening position in Podpoint.
With the ZEV mandate coming into force next year and Pod Point still leading the market in UK EV charging you would think the share price wouldn't keep falling.
Pod Point is likely to be gobbled up by a much larger players. Current SP is a joke so I expect a big rise!! Fossil fuel transition makes it even more certain!
https://www.lse.co.uk/news/ev-charger-station-firms-battle-for-prime-locations-in-europe-us-wbrdh4f8b9069bk.html
Analysts at Canaccord Genuity lowered their target price on electric vehicle charging solutions provider Pod Point from 70.0p to 60.0p on Tuesday following the group's maiden capital markets day in November.
Canaccord Genuity said its main takeaway from Pod Point's CMD was that it has "strongly positioned" itself as a grid flex provider, touching multiple different routes for the service, beyond its EV roots.
"Services and businesses that do not support flex have been explicitly discontinued or earmarked for sale, and the potential for flex provision via new routes was highlighted - notably grid-connected batteries and international chargepoint sales," said Canaccord, which reiterated its 'buy' rating on the stock.
The Canadian bank highlighted that equally critical was the support of major shareholder EDF, both for the strategy and via a £30.0m credit facility, which it expects to be used from mid-2025 onwards ahead of free cash flow in 2027.
With that said, Canaccord revised its forecasts to match new guidance, noting a "slight upgrade" to 2023 expectations being offset by "a much slower earnings ramp" over the next few years, largely down to continued losses in the EV chargepoint installation business.
The Capital Markets Event, hosted by Pod Point, a leading provider of Electric Vehicle charging solutions, which updated the market on its new focussed strategy and provided more details of its medium-term financial plans.
Watch the video here: https://www.piworld.co.uk/company-videos/pod-point-podp-capital-markets-day-held-16-november-2023/
Or listen to the podcast here: https://piworld.podbean.com/e/pod-point-podp-capital-markets-day-held-16-november-2023/
No to see directors buy shared, perhaps I will buy more now
It's 2 years from IPO and PODP is approx 90% below the high water mark seen around the time of the IPO.
The trading update a few days ago stated:
"Full year results are now expected to include revenue of at least £63m, adjusted EBITDA loss no greater than £16m and year-end net cash at least £47m. This is ahead of previous guidance of revenue of £60m, adjusted EBITDA loss of £17m and closing net cash of £40-£45m."
The Capital Markets Day presentation detailed how the company is pivoting and adapting. They showcased their transformation plan and how they expect to develop over the next few years.
In terms of the financials (which everyone should be interested in):
"New 2027 financial targets of at least doubling revenue, Free Cash Flow positive, 15% of Group to be recurring revenues, with adjusted EBITDA positive in 2026"
So what do we make of this? In terms of share price, my thinking is that PODP will remain in the 20-30p range for a protracted period of time (at least 8-12 months). Absent of any sudden revelation of a new major transformational contract win, there just isn't the reason for a rerating or positive momentum. Now I suspect things may only start motoring (excuse the pun) in Autumn of 2024 onwards. At this point we'll be gearing up for the UK national elections. Could some new green policies create some fresh impetus and light a fire under the SP? Maybe, maybe not. However a new government could create a positive economic vibe which helps the economy and markets by injecting some optimism. As the old saying goes - a rising tide lifts all boats.
Beyond 2025 things do look rosier. PODP should be well into their transformation programme and we should be seeing some results. If PODP is on track to to achieve this: "adjusted EBITDA positive in 2026" then we should see that being reflected in the share price during 2025.
Overall, i'm saddened to think that PODP is likely to drift around at these dejected levels for as long as I think it will. Though in 2025 I do believe we'll see 60-90p range, and quite probably £1+ in 2026. For holders of PODP (i'm one of those), it's not the news we want to hear. There are far better opportunities out there, so there's a major opportunity cost here. For what it's worth, i don't believe PODP will get back to IPO levels until 2028.
Look forward to hearing all thoughts, and critiques of my thinking.
Big day tomorrow, looking forward to Capital Markets Day. I think we are going to see some very exciting directions. DYOR.
With EDF holding such a large stake, I think they will take this private rather than see dilution?
I agree , but things can change so quickly and the two years wait could come sooner. This share is one to hold and wait for the uprising.
I agree, good times are indeed waiting for this share. Unfortunately those good times are still 2-3 years away given where PODP is now. The long term potential is phenomenal - but the key words here are 'long term'.
PODP is already well established with a strong and growing network in the UK. The problems however are that it's not yet profitable at the company level, and the incentives at the national government level to switch to electric have been watered down to a ridiculous extent. Therefore anyone hoping to see £1+ again will need to wait upwards of 2 years in my opinion.
In the short term the big risk here is cash burn. How long can PODP go before needing to raise fresh capital?
20% of new electric cars in August sold
Next year this will be 35- 40 percent . As cars get older most people will consider electric cars it's like getting rid of the old style car and colour , it happens all the time . Good times are waiting for this share .
Https://www.gov.uk/government/news/government-sets-out-path-to-zero-emission-vehicles-by-2035
ZEV Mandate is now set to start its journey through parliament. Should take effect from Jan 2024
As soft as it starts in the first 2 years, it is the most ambitious ZEV Mandate in the world
You can't just name an arbitrary date and expect everyone to abandon generations of transport technology (ICE) because it suits your woke green agenda. Just wait until there are more collisions involving EVs & Hybrids. Unstoppable fireballs. I'll stick with my diesel thanks. Far safer & >700miles to the tank even if I left it 6months at airport parking. Might need a jump start though.
Does anyone here lease a car on Octopus? With oil close to $100 again, I’ve worked out that with the tax savings on Octopus salary sacrifice, plus savings on elec compared to diesel, it will pay for the lease payments. I get to replace my 2013 Audi with a new Audi/Tesla at no extra cost…