Market Closed -
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5-day change | 1st Jan Change | ||
2.622 NOK | -0.08% |
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-5.68% | -3.03% |
Jul. 17 | Kepler Cheuvreux Raises Target Price for Nel to NOK 1.70 (1.60), Reiterates Reduce | FW |
Jul. 16 | NEL : Order scarcity continues as revenue runway shortens further | ![]() |
Projected Income Statement: Nel ASA
Annual
Quarterly
Annual
Quarterly
Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
---|---|---|---|---|---|---|---|---|
Net sales 1 | 651.9 | 798 | 993.6 | 1,773 | 1,495 | 843.9 | 1,279 | 1,565 |
Change | - | 22.42% | 24.51% | 78.45% | -15.69% | -43.55% | 51.52% | 22.42% |
EBITDA 1 | -251.5 | -475.2 | -779.9 | -473.7 | -172.9 | -349.1 | -208.3 | -87.76 |
Change | - | -88.96% | -64.1% | 39.26% | 63.49% | -101.84% | 40.32% | 57.87% |
EBIT 1 | -414.5 | -582.9 | -1,279 | -699.5 | -389.4 | -604.5 | -443 | -349.5 |
Change | - | -40.62% | -119.38% | 45.29% | 44.33% | -55.22% | 26.71% | 21.11% |
Interest Paid 1 | -8.792 | -1,101 | - | -173 | - | -11 | -11 | - |
Earnings before Tax (EBT) 1 | 1,246 | -1,684 | -1,187 | -872.5 | -264.2 | -550.8 | -390.9 | -308.8 |
Change | - | -235.19% | 29.51% | 26.49% | 69.72% | -108.5% | 29.04% | 21.01% |
Net income 1 | 1,262 | -1,667 | -1,171 | -855.2 | -244.3 | -532.5 | -387.2 | -318.4 |
Change | - | -232.09% | 29.74% | 26.98% | 71.43% | -117.94% | 27.29% | 17.77% |
Announcement Date | 2/18/21 | 2/16/22 | 2/28/23 | 2/28/24 | 2/26/25 | - | - | - |
1NOK in Million
Estimates
Forecast Balance Sheet: Nel ASA
Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
---|---|---|---|---|---|---|---|---|
Net Debt 1 | -2,303 | -2,700 | - | -3,341 | -1,616 | -1,601 | -1,174 | -1,028 |
Change | - | -17.24% | - | - | 51.63% | 0.9% | 26.67% | 12.44% |
Announcement Date | 2/18/21 | 2/16/22 | 2/28/23 | 2/28/24 | 2/26/25 | - | - | - |
1NOK in Million
Estimates
Cash Flow Forecast: Nel ASA
Fiscal Period: December | 2020 | 2021 | 2023 | 2024 | 2025 | 2026 | 2027 |
---|---|---|---|---|---|---|---|
CAPEX 1 | 232.2 | 377.2 | 739.8 | 680.3 | 261 | 406.6 | 514.8 |
Change | - | 62.43% | - | -8.05% | -61.63% | 55.79% | 26.6% |
Free Cash Flow (FCF) 1 | -448.1 | -826.6 | -1,409 | -823.5 | -743.9 | -371.4 | -379.5 |
Change | - | -84.48% | - | 41.58% | 9.67% | 50.08% | -2.19% |
Announcement Date | 2/18/21 | 2/16/22 | 2/28/24 | 2/26/25 | - | - | - |
1NOK in Million
Estimates
Forecast Financial Ratios: Nel ASA
Fiscal Period: December | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
EBITDA Margin (%) | -38.58% | -59.55% | -78.49% | -26.72% | -11.57% | -41.36% | -16.29% | -5.61% |
EBIT Margin (%) | -63.59% | -73.04% | -128.69% | -39.45% | -26.05% | -71.62% | -34.64% | -22.32% |
EBT Margin (%) | 191.07% | -211.01% | -119.47% | -49.21% | -17.67% | -65.27% | -30.57% | -19.72% |
Net margin (%) | 193.58% | -208.88% | -117.87% | -48.23% | -16.34% | -63.1% | -30.28% | -20.34% |
FCF margin (%) | -68.74% | -103.59% | - | -79.49% | -55.09% | -88.14% | -29.04% | -24.24% |
FCF / Net Income (%) | -35.51% | 49.59% | - | 164.82% | 337.02% | 139.69% | 95.91% | 119.19% |
Profitability | ||||||||
ROA | - | -27.45% | - | -11.55% | -3.45% | -5.41% | -3.41% | - |
ROE | -11.44% | -31.73% | - | -14.68% | -4.37% | -11.02% | -7.89% | -7.32% |
Financial Health | ||||||||
Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
Debt / Free cash flow | - | - | - | - | - | - | - | - |
Capital Intensity | ||||||||
CAPEX / Current Assets (%) | 35.62% | 47.26% | - | 41.73% | 45.51% | 30.93% | 31.8% | 32.88% |
CAPEX / EBITDA (%) | -92.33% | -79.36% | - | -156.18% | -393.37% | -74.77% | -195.18% | -586.54% |
CAPEX / FCF (%) | -51.82% | -45.63% | - | -52.49% | -82.61% | -35.09% | -109.48% | -135.64% |
Items per share | ||||||||
Cash flow per share 1 | -0.1555 | -0.3098 | - | -0.4054 | -0.1446 | -0.16 | - | 0.3 |
Change | - | -99.2% | - | - | 64.34% | -10.67% | - | - |
Dividend per Share 1 | - | - | - | - | - | - | - | - |
Change | - | - | - | - | - | - | - | - |
Book Value Per Share 1 | 3.884 | 3.473 | - | 3.752 | 2.979 | 2.662 | 2.481 | 2.308 |
Change | - | -10.6% | - | - | -20.61% | -10.62% | -6.82% | -6.95% |
EPS 1 | 0.91 | -1.15 | -0.76 | -0.52 | -0.15 | -0.3068 | -0.2138 | -0.1676 |
Change | - | -226.37% | 33.91% | 31.58% | 71.15% | -104.52% | 30.31% | 21.63% |
Nbr of stocks (in thousands) | 1,407,401 | 1,460,396 | 1,562,907 | 1,670,907 | 1,670,907 | 1,838,040 | 1,838,040 | 1,838,040 |
Announcement Date | 2/18/21 | 2/16/22 | 2/28/23 | 2/28/24 | 2/26/25 | - | - | - |
1NOK
Estimates
2025 * | 2026 * | |
---|---|---|
P/E ratio | -8.55x | -12.3x |
PBR | 0.98x | 1.06x |
EV / Sales | 3.81x | 2.85x |
Yield | - | - |
More valuation ratios
* Estimated data
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Sell
Buy

Mean consensus
UNDERPERFORM
Number of Analysts
15
Last Close Price
2.622NOK
Average target price
2.577NOK
Spread / Average Target
-1.72%
Quarterly revenue - Rate of surprise
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- NEL Stock
- Financials Nel ASA
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