Company Valuation: Nel ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 22,213 21,654 11,513 4,518 4,103 3,878 - -
Change - -2.51% -46.83% -60.75% -9.2% -5.47% - -
Enterprise Value (EV) 1 19,513 21,654 8,172 2,903 2,718 2,775 3,041 3,267
Change - 10.97% -62.26% -64.48% -6.35% 2.08% 9.6% 7.43%
P/E -13.2x -18.2x -13.3x -18x -3.19x -6.52x -10.3x -13.9x
PBR 4.38x - 1.84x 0.91x 1.02x 1.1x 1.16x 1.38x
PEG - 0.5x 0.4x 0.3x -0x 0.1x 0.3x 0.5x
Capitalization / Revenue 27.8x 21.8x 6.49x 3.02x 3.73x 5.1x 2.79x 2.54x
EV / Revenue 24.5x 21.8x 4.61x 1.94x 2.47x 3.65x 2.19x 2.14x
EV / EBITDA -41.1x -27.8x -17.2x -16.8x -9.89x -6.45x -15.9x -25.5x
EV / EBIT -33.5x -16.9x -11.7x -7.45x -1.99x -4.33x -7.11x -10.1x
EV / FCF -23.6x - -5.8x -3.52x -5x -6.42x -6.7x -22.3x
FCF Yield -4.24% - -17.2% -28.4% -20% -15.6% -14.9% -4.48%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -1.15 -0.76 -0.52 -0.15 -0.7 -0.3238 -0.2045 -0.1515
Distribution rate - - - - - - - -
Net sales 1 798 993.6 1,773 1,495 1,100 760.2 1,389 1,524
EBITDA 1 -475.2 -779.9 -473.7 -172.9 -274.8 -430.5 -191.8 -128
EBIT 1 -582.9 -1,279 -699.5 -389.4 -1,365 -640.6 -427.7 -323.9
Net income 1 -1,667 -1,171 -855.2 -244.3 -1,265 -555.6 -358.8 -246.7
Net Debt 1 -2,700 - -3,341 -1,616 -1,384 -1,103 -837 -610.9
Reference price 2 15.210 13.855 6.890 2.704 2.232 2.110 2.110 2.110
Nbr of stocks (in thousands) 1,460,396 1,562,907 1,670,907 1,670,907 1,838,040 1,838,040 - -
Announcement Date 2/16/22 2/28/23 2/28/24 2/26/25 2/26/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
34.44x2.72x17.74x1.35% 150B
13.72x1.74x9.69x1.75% 30.19B
12.79x0.9x10.71x3.79% 12.87B
-14.25x0.57x7.15x-.--% 4.27B
16.77x0.73x9.02x3.41% 3.49B
14.79x - - 0.73% 2.29B
25.37x - - - 2.19B
-24.88x0.48x-99.76x-.--% 1.64B
23.94x0.76x4.92x-.--% 719M
Average 11.41x 1.13x -5.79x 1.38% 23.04B
Weighted average by Cap. 27.97x 2.35x 14.73x 1.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield