Kepler starts Forsee Power with 'buy' on 'forseeable electric growth'

Forsee Power SA

14/12/2021 08:11

** Kepler Cheuvreux initiates the coverage of Forsee Power
 FORSE.PA  with a "buy" rating, saying the group gives investors
exposure to the structural electrification of transport
    ** "It is a young but recognised provider of smart battery
systems, almost entirely for electric buses and light electric
vehicle original equipment manufacturer," the broker notes
    ** Citing its engineering expertise, close customer
relationships, comprehensive product offering and flexible
industrial capabilities, Kepler expects the group to outperform
    ** Although Forsee currently lacks critical mass, the
brokerage sees it break even in 2023 and reach a 15% EBITDA
margin in 2027, driven by scale and productivity gains
    ** Kepler points to its high exposure to the emerging
European electric bus market, its entry into new markets and new
countries like the U.S. and Japan and its focus on innovation

 (Reporting by Juliette Portala)
 ((juliette.portala@tr.com))