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GreenMobility
GreenMobility - Smarter (and greener) mobility in cities (ABG Sundal Collier)
2020-06-25 08:08
Riding the wave of several urban megatrends
Expected to launch in ten new cities by 2021
Price range of DKK 30-90 dependant on execution ability
Well-positioned to help ease congestionEurope currently has six cars for every ten inhabitants, and the average private car is used for only 3-5% of the day. Moreover, ~70% of the world’s population is expected to live in cities by 2050 (2018: 55%). GreenMobility supports cities by: 1) lowering traffic intensity, 2) reducing parking pressure, 3) increasing potential for green urban areas, and 4) decreasing gas emissions/air pollution. GreenMobility has 91,000 users at the end of H1’20e and expects to have 5-7 operational European cities by the end of 2020. It is currently active in Copenhagen, Oslo, and Århus. Along with the recent starts in Göteborg and Malmö, the company anticipates launching in Ghent and Antwerp during 2020. Vienna, Liverpool, Manchester and Leeds are also in the pipeline, and are likely to be launched in 2021. Due to the COVID-19 lockdowns, GreenMobility delayed its entrance to the Swedish market until 15 June (prev. planned for Q1), but now operates 100 cars in Göteborg and 100 in Malmö. The company also saw a decline in work and airport commuter customers. We have integrated the objectives of the company into our estimates, where we project 15 operating cities by the end of 2021 with a total fleet size of 3,250 cars and ~0.5m customers (with LT potential of 1.4m).
Expected to enter the OMX main market in H2’20e
GreenMobility has already announced that it expects to enter the Copenhagen OMX main market during H2’2020. We think that the company will issue at least ~1m shares (30% of equity) and raise DKK ~50m, which is included in our estimates. GreenMobility could also decide to engage with an industry partner or investor, like an energy company, in order to raise capital to grow.
We set an indicative price range of DKK 30-90/share
We set a price range of DKK 30-90 (see our sensitivi
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