Compleo stock analysis: Will the up-and-coming EV charging player ever become profitable?


Compleo stock analysis: Will the up-and-coming EV charging player ever become profitable?

Avatar of Matthias Krey
Matthias Krey

As the world rolls away from combustion engine vehicles and towards clean transportation systems, the need for innovative charging technologies and infrastructure has never been greater. Markets for electric vehicles (EV) are projected to grow rapidly, as many governments put forward favorable policies. Compleo Charging Solutions manufactures cutting-edge charging stations, large and small, for use in both public and private sectors. A German company founded in 2009, it now operates all over the European Union and is one of the largest players worldwide. Here are four notable points about this share, which are explored in our analysis:

  1. Quest for profitability: Compleo’s annual revenues grew about 70% on average over the last three years. But it remains unprofitable and, until 2025, it’s expected to continue operating in the red. Can Compleo steer itself from the red into the black?
  2. Acquisitions and integration: Last year, the company acquired Wallbe and Innogy eMobility Solutions, with the goal of integrating its software and hardware solutions. Can they meet the challenge of integration?
  3. Market and expansion: Currently, Compleo’s primary market is Germany, as well as 13 other European countries and Israel. But the company has also set its sights on Switzerland, Austria, the Nordic countries, the UK, France, and Italy. What are its prospects for future expansion?
  4. Growth forecasts: It’s predicted that the EV charging market will boom in the future. Therefore, companies like Compleo that develop charging infrastructure are critical to meeting the growing demand at the plug. Can the company position itself to ride this wave?

So let’s take a look to see whether an investment in Compleo is worth consideration. Have fun!

Table of Contents

Table of Contents

Business Overview

Let’s first get an overview of the company and understand why Compleo is a Pure Climate Stock.


Compleo Charging Solutions (XTRA:COM), as its name suggests, develops charging technology. The company manufactures and sells charging stations and “wall boxes” (basically, a smaller version of a charging station) to power electric vehicles (EVs). It was founded in Germany in 2009 and now operates all over the European Union. George Griesemann, initially starting as a co-CEO, has since been appointed as sole CEO in 2021.

Since Compleo became public in 2020, the company has really focused its strategy on growth, with the acquisition of Wallbe and Innogy eMobility Solutions (ieMS) in 2021.

Product & Business model

Basically, Compleo’s charging technology operates with three key components:

  • Public and individual EV charging stations and wall boxes;
  • Software that supports the operation of its larger charging stations; and
  • Services, including not only for established stations, but for new project planning and installation.

Compleo mostly sells its stations to big companies and buyers like governments, real estate industry players, and car dealerships. Several of its more notable clients include Volkswagen, Aldi (a large German discount supermarket chain), and Siemens. 

Today, the company’s charging stations can be found in many European countries, giving Compleo the 6th leading spot worldwide among its competition.

Why Compleo is a Pure Climate Stock?

EVs are an essential ingredient to reducing emissions from common forms of transportation. But they require a more powerful charging capacity than the kind found in power sockets at home. For this reason, companies like Compleo that develop charging infrastructure are critical to meeting growing demand for EVs. That’s why the company makes the cut as a Pure Climate Stock.


Share price development

Compleo went public in October 2020 with an initial price of 26 EUR. Within the first few months, its share price grew impressively, reaching an all-time-high of 104 EUR in August 2021. But since this early success, the stock has dropped 70% and is now trading at around 30.45 EUR.

compleo share price development

Key figures

Unless otherwise stated, all figures are USD and trailing twelve months (TTM). Addition ‘(e)’ = expected in the current year.

Key data (TTM in million EUR):

  • Market Capitalization: 164
  • Revenue: 46.75
  • Profit: -42.2
  • Free cash flow: -34.8
  • Country: Germany


  • P/S ratio: 3.5
  • P/E ratio (excluding extra items, annually): -10.2

Growth & debt

  • D/E ratio: 12.8
  • Gross margin: 15.5%
  • Revenue growth (2019 – 2021): 67.3%

5 Facts about Compleo

  1. Compleo sits comfortably at 6th in the worldwide EV charging station market, with a strong share in Europe.

  2. The company is growing through mergers and acquisitions and is building integrated software and hardware solutions.

  3. Annual revenues grew ~70% on average over the last three years.

  4. Compleo remains unprofitable and, until 2025, is expected to continue operating in the red.

  5. The EV charging market has promising growth forecasts, particularly with support of many governments.

Business breakdown: business model & strategy analyzed

How strong is the sales growth?

The company’s sales have increased 68% on average since 2018.

  • 2018: 13.5 million EUR
  • 2019: 15.2 million EUR (+12.6%)
  • 2020: 33.1 million EUR (+117.8%)
  • 2021: 57.5 million EUR (+73.7%)

compleo sales growth 1

Compleo’s margins tell a slightly different story with more mixed results.

Compleo stock analysis

During the first nine months of 2021, the company’s revenues were distributed as follows: 48% in alternative current (AC) charging stations, 19% in direct current (DC) charging stations, 14% in projects and installations, and 19% in services. For future reports, the company formed the software division in 2022. For the same period in 2020, 32% of sales were from AC stations, 47% from DC stations, 10% from projects and installations, and 11% from services. This compositional shift was thanks to the integration of Wallbe (now Compleo Connect) during 2021, adding strong AC business capabilities. The main driver of sales growth, contributing a full 115%, was the consolidation of Compleo Connect. Growth mostly came from AC sales, with an additional 8 million EUR coming from the software segment. At the same time, growth has slowed from the shrinking 3.5 million EUR in revenue from Compleo’s DC charging business, due primarily to delayed decisions and changes from a major customer.

When it comes to markets, 2020 sales took place 97.6% in Germany, 2% in Europe, and 0.4% internationally. Meanwhile, Compleo has already expanded its reach even further across Europe, with four subsidiaries in the UK, Norway, Switzerland, and Austria having joined the network in 2021.

In the future, the company expects a compound annual growth rate (CAGR) of around 40% between 2022 and 2030, increasing its non-German presence and growing the share of its software division.  

What is the business model and strategy?

How does the company make money?

Compleo is focused on three offerings:

  • Charging stations: The company offers both AC and DC charging stations and wall boxes for public, semi-public, fleet, and residential charging purposes. Its technical portfolio ranges widely from 27 to 400 kWh capacities.
  • Software: With the strategic acquisitions of Wallbe and ieMS, Compleo has built its own internal organization that is dedicated to software development and operation. This software will help support charge point operators in public settings and allow for easier payment for power transfers.
  • Services: The company offers services for all of its existing stations and for turnkey projects, including project planning, station installation, commissions, and after sales services.

compleo products and services

Compleo has identified specific customer sectors for its portfolio, doing both direct sales to selected customers and indirect sales through market partners. The company has identified four main sale divisions:

(i) Energy (30%),

(ii) Solution providers (34%), including companies like Aldi that offer on-site charging stations to customers,

(iii) Automotive and logistics (24%), with clients like Mercedes Benz and Volkswagen,

(iv) Electricians and resellers (13%).

compleo products and services2 compleo products and services3

Areas of application and relevance of the product/service

AC and DC are the two “fuels” that can power electric cars, whether we’re talking about battery electric vehicles or plug-in hybrids. Power sourced from the grid is always AC; however, batteries (like those in EVs) can only store power as DC. For this reason, most electronic devices have a converter built into the plug. You may not realize it, but every time you charge a device – say, for example, your smartphone – the plug is actively converting AC power to DC.
The most common charging method for EVs is AC, and most chargers use AC power. AC charging stations have a 22kW speed and, since they take more time to load, are ideal for charging EVs while at home or work. Wall boxes are essentially AC charging stations with a smaller and sleeker design. Compleo’s AC chargers are well-suited for use in family homes, offices, and some public places (e.g. chain stores).To put it simply, the key difference between AC and DC charging comes down to the location where the AC power gets converted: inside or outside the car. Unlike AC chargers, a DC charger has an internal converter inside the charger itself. This means it can feed power directly into the car battery without needing the onboard charger to convert it.As a rule, DC chargers are bigger and faster. This helps explain why DC charging is more common near highways or in public charging stations, where shorter recharge times are desirable. However, DC charging technology is also now finding its way into homes, since it can allow not only for greater speeds but also bi-directionality in charging.Compleo operates in both the AC and DC sectors with a software focused on DC chargers to allow operators better management and smoother payment systems. Its DC chargers and software are mostly used for high-power stations in urban centers or along highways, where final users, i.e. car owners, pay directly for recharging services on-site.

compleo electric vehicle charging use cases

Deep dive mechanisms of the business model

  • What is Compleo’s strategic goal?

In sum, Compleo’s overarching strategic goal is to become an integrated full service provider, one with the highest possible scalability in the charging station market. To this end, for the coming years, Compleo has four primary pillars for growth – namely, European expansion, R&D, capacity growth, and strategic acquisitions – each with clearly defined action points.

Compleos strategic goal

In order to become a fully integrated service provider with higher scalability, Compleo made two acquisitions:

  • Wallbe, now Compleo Connect, was acquired in the first half of 2021 to boost German market share while also building up vast expertise in AC-charging, wall box, and backend technology, or software solutions.
  • Innogy e-Mobility Solutions (ieMS), now Compleo Charging Technology, was acquired in the second half of 2021. This deal built upon Compleo’s innovative AC charging technology and significantly grew that section of its business, with the addition of a backend software team and strong software revenue profile with e-mobility software services, a strong client base, and a distribution partner network.

For the coming years, Compleo wants to grow its software revenue significantly. Embedded software, a central component found in every charging station, allows for adaptive adjustment to suit different use cases. Additionally, these two acquisitions have allowed Compleo to build a highly scalable software platform, complete with “software as service” (SaaS) and transaction-based revenues, that can be used for any hardware. With this move, Compleo can now work towards complementing any charging station, irrespective of brand – a move that could prove financially rewarding, since it would boost Compleo’s margins while also generating additional revenues.

In January, Compleo also signed a Letter of Intent to explore a strategic partnership with Diebold Nixdorf, a global leader in connected commerce. If this partnership comes to fruition, the company could expand its offerings in charging station maintenance and operation, not to mention its monitoring and data analysis capabilities.

compleo saas revenue compleo transaction based system

In the realm of hardware, the company has netted a deal to deliver 25,000 “Solo” wall boxes every year to an energy supplier, set to begin in summer 2022. This new generation of wall boxes was launched in 2021’s third quarter, following delays in production, amidst claims that it has a wholly unique safety technology. Additionally, Compleo wants to expand its product range to include an HPC charging solution – a technology that would enable ultra-fast charging – with a launch date set for 2023’s first quarter. It’s worth noting that, with the consolidation of Wallbe (Compleo Connect) and ieMS, the company has already brought online more than 31,000 charging points.

Currently, Germany is Compleo’s primary market. But Compleo has also delivered its charging stations to 13 other European countries and Israel. Thanks to their regional proximity, not to mention their market maturity and volume, the company has set its sights on Switzerland, Austria, the Nordic countries, the UK, France, and Italy as potentially promising target markets for further expansion.

  • How is Compleo financing its growth?

Compleo’s substantial growth has not been cheap. The company scaled its own production facilities while acquiring Wallbe (Compleo Connect) and ieMS. To finance it, the company underwent two capital increases during 2021. But still the revenue hasn’t been sufficient to have turned a profit.

Let’s take a look at what these moves have done to the financials of Compleo, and how they have impacted Compleo’s plans to become profitable.

compleo financial profile

Although Compleo has demonstrated positive revenue growth (+73%), the company is still further away from profitability than ever before. The main financial indicator that Compleo uses to measure profitability is its adjusted Ebitda. In the case of Compleo, some part of the Ebitda is excluded. The Ebitda is tweaked by one-off costs – in 2021, this mostly had to do with the Wallbe (Compleo Connect) acquisition. But even setting these costs aside, the adjusted EBITDA margin is -17%. Compleo therefore has a negative cash flow. This fact could put the company in a tricky situation, at risk of less than a year of cash runway, based on its current free cash flow. But Compleo is expected to receive a compensation/reimbursement of 45 million EUR from EOn during the second quarter of 2022 for the loss of compensation of ieMS. So, long term, the company does expect a positive free cash flow by 2025.

So now, let’s see what Compleo’s chances at achieving profitability any time soon are.

compleo group finance compleo group finance2

From 2023 onwards, the company wants to significantly improve its operating margin; namely, by leveraging its capacity ramp up, reducing its production costs, and securing contract manufacturing services. Compleo also plans to reduce the proportional size of its R&D investments.

compleo group finance3 compleo group finance4

  • Evaluation of the business model
    • Network effects

There are no network effects. Compleo products and services don’t get better when adopted by more users.

  • Sales with lock-in

With the growth of its software division, Compleo expects to hit a significant lock-in. Currently, the company already has seen some minor lock-in effect associated with its servicing.

  • Economies of scale

With its consolidation of three companies and planned expansion across Europe, Compleo is poised to arrive at some significant economies of scale.

  • Proprietary technology (moat)

Compleo’s charging station technology isn’t all that different from its competitors’ technology. In theory, the development of integrated software, coupled with a unique user experience, could put up a competitive barrier for other companies. But when all is said and done, it does not seem likely to happen.

  • Branding

Compleo’s branding is mainly relevant when it comes to its B2B segment. The company enjoys solid standing with its German customers, but less so with its international prospects.

  • Summary:

Compleo continues to invest significantly in software and hardware development, in order to make gains in integration and scalability. Though the company has undergone strong sales growth, it won’t reap a positive cash flow over the next three years. Its strong bet on the software business could potentially drive robust revenue growth with higher gross margins. All-in-all, Compleo has a clear strategy and solid business plan to take its place as one of the leading players in a rapidly growing European EV charging market. But if revenue does not materialize as expected, the company could soon find itself in a situation where it needs more capital than it had planned for.

Market analysis : Can Compleo take advantage of charging station market trends?

Market size and competitors

Compleo is a European player, and EU countries have shown to be frontrunners in the adoption of electric mobility. Sales of EVs across the continent have consistently gone up, and EV charging infrastructure surely has to follow suit. Although charging stations are increasing (+750% from 2014 to 2021), so too have the number of EVs per charging station. As of 2020, it’s been estimated that there are now 11 EVs per charging station, meaning that 11 cars would need to share a single public station. According to calculations in a European Automobile Manufacturers’ Association (ACEA) study, the EU will require at least six million public EV charging stations to reach its goal of 50% CO2 emissions reduction by 2030.

It’s clear that, currently, the total number of charging points across Europe – at slightly less than 225,000 – falls short, and a 27-fold increase would be necessary to hit 2030 goals. Moreover, these 224,237 EV charging stations are concentrated in three countries that account for 70% of the total. Nearly 30% are found in the Netherlands, 20.4% in France, and 19.9% in Germany. This means that, at present, only one-fifth of Europe’s territory boasts good EV charging coverage.

Added to this challenge is another: it’s not only about how many chargers exist, but how much time they require to charge a car, since on-the-go charging is necessary if EV owners hope to do any long distance traveling. Today, only about one out of nine charging stations on the continent offer quick charging capacities.  

The need for speedy charging stations is quite clear, and it takes place against a backdrop of positive prospects for market growth. The global market for EV charging stations is projected to climb from 2,354,000 units in 2022 to 14,623,000 units by 2027, at a CAGR of 44.1% and with a value of 25.5 million USD. Public chargers (DC charging stations) are slated to become the fastest growing market during this forecast period.

Europe, the region that is set to be the second-largest during the forecast period, accounting for 24.78% of the global EV charging station market (by volume) in 2021.

So, this raises a question about which European players are prepared to take advantage of this promising scenario in the future?

Major companies, such as Schneider Electric, ABB (E-Mobility Solutions), Siemens, Efacec, and EVbox, have become important competitors. So too have EV manufacturers like Tesla. That said, the roster of the most influential players is mostly made up of highly specialized startups like and Compleo, among others.

compleo market size and competitors


Compleo proves to be an interesting case. It seeks to position itself as a full-service provider and, by doing so, narrow its direct competition to only Chargepoint and Evbox.

compleo CMD Presentatiion 2022

Source: Compleo, CMD Presentation 2022

To make the most accurate comparison possible, let us use two of the most prominent stock-listed startups in the European ecosystem: Chargepoint and Blink Charging.

image 1

When considering market capitalization alone, Compleo comes out as the smallest player of the three, since it’s the only one not also operating in the United States. All three companies are still bleeding money, which is indicative of the whole industry’s standing overall. Despite Compleo holding the best operating margin, the company performs neither significantly better nor worse than its competitors.

Growth drivers and outlook for the charging station market

Not surprisingly, the main factor driving growth in the charging station market is booming EV sales. As the demand for electric cars keeps going up, both startups and big automakers are looking to massively boost their production in the future.

Several countries have implemented policies to stimulate more EV usage, by providing subsidies and reducing taxes, as well as encouraging EV-related companies’ growth with grants and other favorable incentives. Governments are also encouraging private players to roll out public charging stations by offering subsidized electricity rates.

Additionally, developments in various technologies – for instance, portable charging stations, bi-directional charging, smart charging with load management, usage based analytics, green-power sources, business intelligence, cloud platforms, and automated payment, along with the development of ultra-fast charging – will foster new opportunities for market growth.

An integration approach – basically hardware, software, and service bundled together – is becoming the norm for the heaviest hitters in the industry. For example, Chargepoint has set its sights on the same strategy as Compleo. B2B customers, such as chain stores with installed stations, would stand to benefit from such an all-in-one solution.

However, since EV charging and software network technologies are still in their relative infancy, they often find themselves divided into two camps: one that is software-averse, and one that craves a more cutting-edge, high-tech experience. Many customers’ needs are basic – say, a credit card reader and an operational charger – while others want to find smart chargers. Some in the EV software industry argue that all chargers will soon be smart, given that, as the market continues to mature, customers who value software are expected to bolster demand.

So businesses will have to choose between, on the one hand, basic software operations – designed to make payments and have a network for chargers at little cost – and on the other, high-end custom software at steeper prices. In addition, they’ll have to decide whether to vertically integrate their software needs, as Compleo has done, or hire external providers of EV cloud-based platforms.

As the rollout of chargers and vehicles continues, data will likely become a huge growth area and a catalyst for EV software development.

Clearly, Compleo stands to benefit, with its growing software business, its ability to meet complex customer demands and provide a seamless charging experience, and its capacity to collect valuable data .

Asset 4

SWOT analysis: strengths, weaknesses, opportunities, and threats analyzed

Let us now turn to the various strengths, weaknesses, opportunities, and threats within Compleo’s current business model.


  • In recent years, Compleo has shown strong sales growth, mostly due to its inorganic growth strategies and acquisitions.
  • The company’s integration strategy, as well as its growth through software development, should differentiate Compleo from its competitors while allowing it to grab a larger slice of the market. It’s currently the only European-based company with a fully integrated approach. Moreover, the planned partnership with Diebold Nixdorf will further contribute to reaching this goal.
  • Compleo has a strong position in Europe, particularly in Germany, where it currently holds a 17% share of the market. In addition, it’s positioned as the 6th largest EV charging player globally, in terms of market cap.


  • As mentioned above, the company has yet to turn a profit, and it has no solid estimates of when that will happen. Losses increased over the last year. So it remains to be seen if the company’s strategy, based on integration and strong growth, can actually pay off.
  • Compleo is continuously burning cash, and at present, it has less than a year of cash runway based on its free cash flow. It is also not profitable at the operational level. Although it’s expected to get compensation from EOn, it might not be enough to finance its planned growth while also not turning a profit for several years. This could mean that Compleo will need fresh capital in the next few years, if future revenues do not materialize as planned.
  • When it comes to organizational structure, the post-merger management could present a challenge for Compleo. Two companies of similar size being successfully integrated is no small feat.


  • The market is moving towards HPC (fast charging). To seize this growth opportunity, Compleo will develop HPC-ready modules during 2022 that will go on sale in 2023’s first quarter.
  • As Vehicle-to-Grid (V2G), or bi-directional charging, becomes more prevalent and realistic in the near term, Compleo can make gains by using its software capabilities and partnering with utilities providers. V2G modules are considered to be central to the company’s future prospects, and they’re expected to come out around 2024.
  • A major energy supplier signed a letter of intent to buy 25,000 wall boxes per year beginning in the summer of 2022 – a strong revenue driver in the future.


  • There is fierce competition, not to mention fragmentation, in the EV charging market. It’s possible that Compleo won’t be able to compete with the substantial production and R&D capacities of the most established automakers and EV giant Tesla, a company that has vertically integrated its business from EV battery production all the way up to charging solutions.
  • Currently, industrial production is in turmoil from ongoing supply chain disruptions, bottlenecks in the semiconductor market, momentous geopolitical uncertainties, and rising energy costs and raw material prices. Like many companies, Compleo is not immune to these numerous negative impacts.
  • As mentioned before, Compleo keeps losing cash. This, besides being a weakness, creates risk of further shareholder dilution through capital increases. An already challenging financial situation is made worse by Compleo’s B1 credit rating, which signals to investors that the company carries a higher than average risk of default.

Scenario analysis: Is Compleo trading at its fair value?

Calculating the fair value of any company is always tricky business. To do so, several core predictions and assumptions need to be made. Armed with our comprehensive overview of Compleo, as outlined above, let us now take a look at the stock, compare quality and valuation, and draw some conclusions.

The fair value of the share

To determine Compleo’s fair value, based on data and analysis, I’ve made the following assumptions for the next 10 years:

# 1 sales growth

My valuation model works with growth estimates for 2022-2026 (short-term) and 2027-2031 (long-term). Here’s how I determined growth for these two periods:


  • Compleo has demonstrated continuous growth in revenues. Sales grew 117% from 2020 to 2021, and a further 73.7% from 2021 to 2022. In their guidance for 2022, the company expects sales between 115 and 135 million EUR, meaning that Compleo would grow by 100% this year. From 2022 to 2030, Compleo expects to have a compound annual growth rate (CAGR) of 40%.
  • Market experts expect the charging station market to grow at a similar rate of around 43% over the next five years.
  • My personal short-term prediction for Compleo leans on the side of caution, given that the company had to adjust it sales guidance for 2021, and that it only underwent inorganic growth. I would therefore cautiously assume a 35% average annual growth over the next five years.
  • My long-term prediction for Compleo is a 15% growth rate.

# 2 net margin

Compleo’s margin has remained negative and, falling over recent years, reached
-17% in 2021. The company expects the margin to stay negative for at least the next 3 years. My personal estimate for the long term is that Compleo will hit a positive (although small) average net margin of 5% from 2022 to 2032. 

# 3 evaluation level

Today, the stock has a negative P/E ratio of -10.2, and it will most likely stay negative for the next 2 to 3 years. In the long term, when the company becomes profitable, I personally expect it to see a P/E ratio between the ranges of the manufacturing industry (relatively low PE) and the software industry (relatively high PE). Therefore, I assume that the share will be valued at an average P/E ratio of 12.

compleo evaluationcompleo evaluation assumptions 10 year period

My return expectation

According to the yield calculator, the stock currently looks slightly overvalued, but with a more optimistic outlook than my “basic” assumptions above, it could yield significant returns.

Conclusion: Buy Nordex? Pro Contra


  • Charging station market is expanding rapidly and getting substantial government support.
  • Compleo has done strategic acquisitions that will consolidate the company as an integrated hardware and software provider in the European charging station market.
  • The company has a strong market share in Germany and Europe, and with its integrated solutions, it’s able to stand apart from its competition.
  • Compleo has positive revenue growth prospects as it expands across new European countries, as well as products – for example, HPC charging – with significant growth potential.


  • Compleo has yet to be profitable. The company is still burning through cash, and it could be in risk of further capital increases and shareholder dilution.
  • Competition is growing, and Tesla is the biggest, most-established player. Smaller players, such as Compleo, might struggle to achieve sufficient economies of scale to keep up the pace.
  • Compleo’s 2021 revenue growth has been purely inorganic. Therefore, it still remains to be seen if the company can, after its focus on acquisitions and ramping up production capacity, quickly pivot to increase revenue, or rather, if it will fall behind expectations.
  • Currently, the stock appears to be slightly overvalued.

My opinion

compleo pure climate stocks score

Is Compleo, following the stock price decline of 70% from its all-time-high, a buy now? My personal opinion at this moment is no. I attribute stock price loss to three main factors. First, the stock price loss is due to a lack of revenue growth in the Compleo core business, when not counting the revenue of its newly acquired companies, Wallbe and ieMS. Second, the company had a clear orientation towards future revenue growth, but it lacked a clear path to achieve profitability. Finally, these first two factors combined, when coupled with the expectation of rising interest rates, would reduce the value of Compleo’s future net cash flows. That said, I still find Compleo to be a highly interesting company, due to huge market opportunities in EV charging in Europe.

If Compleo manages to achieve its growth targets as planned, the upside of an investment in its stock could prove significant. According to my personal scoring, Compleo only gets 37 out of 100 points, mostly attributable to its missing profitability relative to its valuation. In my opinion, a bet on Compleo is a bet on the growth story becoming a reality. An investment in its stock is basically a venture investment, and it comes with significant risk. I have a small amount of Compleo stocks, and I’ll certainly keep the company on my watch list. But before I buy again, I want to be sufficiently sure that Compleo has successfully integrated Wallbe (now Compleo Connect) and ieMS (now Compleo Charging Technologies) and is on a clear path towards achieving its revenue projection for 2022.




In this content I am presenting my personal opinion as an active private investor. This content is not intended to provide investment, financial, accounting, legal, tax or other professional advice and should not be relied upon or regarded as a substitute for such advice.