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 3,814 - -
Change - -2.51% -46.83% -60.75% -9.2% -7.03% - -
Enterprise Value (EV) 1 19,513 21,654 8,172 2,903 2,718 2,710 2,977 3,203
Change - 10.97% -62.26% -64.48% -6.35% -0.28% 9.83% 7.59%
P/E -13.2x -18.2x -13.3x -18x -3.19x -6.41x -10.1x -13.7x
PBR 4.38x - 1.84x 0.91x 1.02x 1.08x 1.14x 1.36x
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 5.02x 2.75x 2.5x
EV / Revenue 24.5x 21.8x 4.61x 1.94x 2.47x 3.57x 2.14x 2.1x
EV / EBITDA -41.1x -27.8x -17.2x -16.8x -9.89x -6.3x -15.5x -25x
EV / EBIT -33.5x -16.9x -11.7x -7.45x -1.99x -4.23x -6.96x -9.89x
EV / FCF -23.6x - -5.8x -3.52x -5x -6.27x -6.56x -21.9x
FCF Yield -4.24% - -17.2% -28.4% -20% -16% -15.3% -4.57%
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 2.075 2.075 2.075
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
32.6x2.56x16.72x1.42% 141B
13.36x1.76x9.23x1.72% 28.04B
12.66x0.88x10.54x3.83% 12.76B
-13.71x0.55x6.97x-.--% 4.11B
12.83x0.73x9.61x3.63% 3.42B
14.9x - - 0.73% 2.3B
25.38x - - - 2.19B
-23.53x0.45x-93.58x-.--% 1.55B
22.65x0.73x4.75x-.--% 681M
Average 10.79x 1.09x -5.11x 1.42% 21.81B
Weighted average by Cap. 26.47x 2.23x 13.95x 1.61%

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