Alfen NV ABHBY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsNetherlands

Last close 5.84 USD on Nov 1, 2026, −34.0% year to date

Quant rating

Quant rating D Rank 336 of 418 in Industrials

Growth D 301 of 418
Valuation C 268 of 418
Quality D 355 of 418
Revisions C 237 of 418
Momentum D 339 of 418

Wall Street consensus Hold (3.50)Average target 12.54 USD +114.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 249M
Enterprise value: 242M
52-week range: 4.92 – 8.08
3-year range: 4.92 – 9.43
Dividend yield: –
Beta (5 years): –
Shares outstanding: 21.8M
Next earnings: Nov 6, 2026

About the company

Alfen NV (Alfen) is a company based in the Netherlands, engaged in the design, development and production of electric grid equipment. The Company is active in three business lines: Smart Grids, which supplies standardized electricity grid connection systems, secondary transformer substations, local power grids, devices for grid automation, as well as software and back-end systems for remote management and grid control; Energy Storage, responsible for development and installation of modular energy storage systems under the brand TheBattery, which are used by utilities, grid operators, energy traders and industrial companies, among others, and Electric Vehicle (EV) Charging, which supplies EV charge points in a variety of capacities and functionalities for use at home, work and in public areas. In addition, Alfen offers service, management and maintenance activities, including remote support and monitoring, as well as an in-house technological know-how center.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	512	505	557	471	284	–
Revenue growth	1.3%	−9.3%	18.3%	65.9%	23.0%	17.3%
EPS (basic, normalized)	0.18	0.13	1.51	2.67	1.15	–
EPS growth	32.2%	−91.1%	−43.5%	132.6%	–	–
Gross margin	36.5%	31.1%	35.7%	40.2%	40.5%	36.8%
Net margin	0.0%	−5.5%	5.9%	12.1%	8.6%	4.2%
ROE	−0.1%	−16.3%	18.0%	43.0%	25.2%	13.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	512	+1.3%	0.5x	30.3	+34.2%	8.0x	0.18	+32.2%	32.8x
2026	519	+1.4%	0.5x	23.7	−21.9%	10.2x	−0.08	−146.3%	−70.8x
2027	559	+7.7%	0.4x	31.4	+32.6%	7.7x	0.22	+369.0%	26.3x
2028	611	+9.2%	0.4x	38.0	+21.0%	6.4x	0.41	+85.9%	14.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	519	0.0%	+0.9%	−0.4%	−0.08	0.0%	−146.8%	−145.7%
2027	559	0.0%	+0.8%	+1.4%	0.22	0.0%	−35.0%	−32.8%
2028	611	0.0%	+1.8%	+3.8%	0.41	0.0%	−12.9%	−19.4%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	117	129	106	136	104	108	104	120	130	132
Sales mean (mil)	144	124	51,390	134	107	106	–	116	120	136
Surprise	−19.2%	+3.5%	−99.8%	+1.1%	−3.2%	+1.1%	–	+3.0%	+8.2%	−2.9%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ABHBY Alfen NV	249M	–	0.0%	1.46x	−70.8x	26.3x	10.2x	7.7x
CHPT ChargePoint Holdings Inc	256M	−1.71x	−53.5%	−7.10x	−4.7x	−8.0x	−10.1x	−28.7x
WEBC Webco Industries Inc	251M	4.67x	2.7%	0.81x	–	–	–	–
GENC Gencor Industries Inc	251M	–	13.6%	1.12x	16.2x	17.5x	5.4x	5.7x
ENGS Energys Group Ltd	245M	–	−30.1%	453.67x	–	–	–	–
NKLR Terra Innovatum Global NV	245M	2.61x	–	−2.12x	−6.4x	−6.5x	−6.9x	−5.8x
Mean		1.86x	−13.5%	74.64x	−16.4x	7.3x	−0.3x	−5.3x
Median		2.61x	0.0%	0.96x	−5.5x	5.5x	−0.7x	−0.1x

Technical analysis

1M−15.9%
3M−19.5%
1Y−34.0%
3Y−65.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Alfen NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	512	505	557	471	284	231
Cost of revenue	325	348	358	281	169	136
Gross profit	187	157	199	189	115	95.2
Selling, general & administrative expenses	87.4	90.1	75.7	58.1	45.5	42.0
Research & development	–	–	–	–	–	–
Depreciation/amortization	21.6	19.0	15.6	10.9	9.7	7.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.4	8.2	–	–	–	–
Other operating expenses	70.3	71.2	61.1	47.8	28.3	24.1
Operating income	3.1	−31.6	46.2	72.5	31.5	21.2
Net interest income (expense)	−3.9	−5.2	−3.7	−1.0	−1.1	−0.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.9	0	0	0	0	0
Net income before taxes	0.1	−36.8	42.5	71.5	30.4	20.2
Provision for taxes	0.3	−8.8	9.7	14.7	6.0	5.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−0.2	−28.0	32.8	56.8	24.4	14.6
Extraordinary items	–	–	–	–	–	–
Net income	−0.2	−28.0	32.8	56.8	24.4	14.6
EBIT, normalized	7.6	10.1	45.0	71.1	30.7	20.5
EBITDA, normalized	29.2	29.0	60.7	81.9	40.4	28.5
Basic EPS, normalized	0.18	0.13	1.51	2.67	1.15	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Alfen NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	31.3	17.7	30.7	24.4	53.7	63.9
Receivables	114	138	150	115	70.7	44.5
Total inventory	95.9	105	166	141	47.3	24.4
Prepaid expenses	–	–	–	–	–	–
Other current assets	0	0	0	0	0	0
Total current assets	241	260	347	281	172	133
Property, plant & equipment	87.4	86.9	58.0	35.9	28.4	29.4
Goodwill	0.1	0.1	0.1	0.1	0.1	0.2
Intangibles	38.0	27.7	31.4	25.0	20.1	16.5
Long-term investments	0.4	0.4	0.3	1.7	0.4	0.2
Note receivable	–	–	–	–	–	–
Other long-term assets	0.1	0	0	0	0	0
Total assets	367	376	437	344	221	179
Liabilities
Accounts payable	23.3	71.6	83.1	76.5	54.9	32.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	2.0	1.3	7.1	0	0	0
Current portion of long-term debt	8.3	6.7	35.6	6.0	5.4	5.5
Other current liabilities	91.0	75.8	84.7	80.0	30.5	27.6
Total current liabilities	125	155	210	163	90.9	65.8
Long-term debt	45.3	43.5	20.4	13.7	15.5	18.9
Minority interest	–	–	–	–	–	–
Other liabilities	17.7	19.0	7.9	6.2	4.9	3.6
Total liabilities	188	218	239	182	111	88.3
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.6	2.3	2.4	2.3	2.5	2.7
Additional paid-in capital	56.5	49.8	54.0	54.2	57.3	61.6
Retained earnings (accumulated deficit)	120	106	142	105	49.7	26.4
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	179	158	198	161	109	90.7
Total liabilities & shareholders' equity	367	376	437	344	221	179

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Alfen NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3.1	−31.6	46.2	72.5	31.5	21.2
Depreciation, depletion & amortization	26.0	27.2	15.6	10.9	9.7	7.9
Deferred taxes	–	–	–	–	–	–
Non-cash items	−6.9	18.6	1.2	1.1	0.7	0.6
Changes in working capital	16.0	43.5	−56.8	−84.0	−29.9	−5.2
Cash from operations	38.2	57.8	6.2	0.5	12.0	24.6
Investing activities
Capital expenditures	−16.4	−25.4	−38.3	−22.5	−13.3	−11.7
Other investing cash flows	0	26.6	−26.9	0	0	0
Cash from investing	−16.4	1.2	−65.2	−22.5	−13.3	−11.7
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	0	0	0	0	0	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−10.5	−36.8	29.0	−4.1	−4.5	54.9
Cash from financing	−10.5	−36.8	29.0	−4.1	−4.5	54.9
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	11.3	22.2	−30.0	−26.2	−5.8	67.8
Free cash flow	21.8	32.4	−32.1	−22.0	−1.3	12.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.