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 3,933 - -
Change - -2.51% -46.83% -60.75% -9.2% -4.12% - -
Enterprise Value (EV) 1 19,513 21,654 8,172 2,903 2,718 2,794 3,041 3,322
Change - 10.97% -62.26% -64.48% -6.35% 2.79% 8.85% 9.24%
P/E -13.2x -18.2x -13.3x -18x -3.19x -6.61x -10.5x -14.1x
PBR 4.38x - 1.84x 0.91x 1.02x 1.11x 1.16x 1.4x
PEG - 0.5x 0.4x 0.3x -0x 0.1x 0.3x 0.6x
Capitalization / Revenue 27.8x 21.8x 6.49x 3.02x 3.73x 5.25x 2.83x 2.58x
EV / Revenue 24.5x 21.8x 4.61x 1.94x 2.47x 3.73x 2.19x 2.18x
EV / EBITDA -41.1x -27.8x -17.2x -16.8x -9.89x -6.35x -16x -26x
EV / EBIT -33.5x -16.9x -11.7x -7.45x -1.99x -4.32x -7.14x -10.3x
EV / FCF -23.6x - -5.8x -3.52x -5x -6.46x -6.32x -22.7x
FCF Yield -4.24% - -17.2% -28.4% -20% -15.5% -15.8% -4.41%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -1.15 -0.76 -0.52 -0.15 -0.7 -0.3238 -0.2029 -0.1515
Distribution rate - - - - - - - -
Net sales 1 798 993.6 1,773 1,495 1,100 749 1,391 1,524
EBITDA 1 -475.2 -779.9 -473.7 -172.9 -274.8 -440.2 -189.5 -128
EBIT 1 -582.9 -1,279 -699.5 -389.4 -1,365 -646.7 -426.2 -323.9
Net income 1 -1,667 -1,171 -855.2 -244.3 -1,265 -558.5 -352 -246.7
Net Debt 1 -2,700 - -3,341 -1,616 -1,384 -1,139 -892 -610.9
Reference price 2 15.210 13.855 6.890 2.704 2.232 2.140 2.140 2.140
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.($)
32.4x2.55x16.57x1.4% 139B
12.85x1.66x8.91x1.84% 26.01B
11.47x0.81x9.96x4.22% 11.89B
-10.01x0.54x7.4x-.--% 3.69B
15.93x0.63x9.71x2.69% 3.08B
14.36x - - 0.8% 2.1B
23.81x - - - 2.08B
-7.46x0.42x-4.95x-.--% 1.1B
21.73x0.71x4.62x-.--% 653M
Average 12.79x 1.05x 7.46x 1.37% 21.09B
Weighted average by Cap. 26.76x 2.23x 14.61x 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

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