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 3,832 - -
Change - -2.51% -46.83% -60.75% -9.2% -6.59% - -
Enterprise Value (EV) 1 19,513 21,654 8,172 2,903 2,718 2,693 2,940 3,221
Change - 10.97% -62.26% -64.48% -6.35% -0.93% 9.19% 9.56%
P/E -13.2x -18.2x -13.3x -18x -3.19x -6.44x -10.3x -13.8x
PBR 4.38x - 1.84x 0.91x 1.02x 1.08x 1.13x 1.37x
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 5.11x 2.71x 2.45x
EV / Revenue 24.5x 21.8x 4.61x 1.94x 2.47x 3.59x 2.08x 2.06x
EV / EBITDA -41.1x -27.8x -17.2x -16.8x -9.89x -6.12x -15.5x -25.2x
EV / EBIT -33.5x -16.9x -11.7x -7.45x -1.99x -4.3x -7.15x -10.9x
EV / FCF -23.6x - -5.8x -3.52x -5x -6.23x -6.11x -22x
FCF Yield -4.24% - -17.2% -28.4% -20% -16.1% -16.4% -4.55%
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 1,100 750 1,415 1,564
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 -626.3 -411.3 -295.6
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 2.085 2.085 2.085
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.($)
-6.47x3.61x-6.16x-.--% 408M
32.71x2.58x16.74x1.38% 140B
13.43x1.75x9.38x1.76% 27.22B
11.73x0.8x9.92x4.19% 12.16B
-10.39x0.55x7.58x-.--% 3.83B
16.3x0.64x9.87x2.63% 3.15B
16.11x - - 0.79% 2.15B
24.17x - - - 2.11B
-6.84x0.4x-4.77x-.--% 1.06B
20.86x0.7x4.51x-.--% 627M
Average 11.16x 1.38x 5.88x 1.19% 19.32B
Weighted average by Cap. 26.93x 2.26x 14.73x 1.59%

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

-40%: Exceptional extension
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