Projected Income Statement: Nel ASA

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
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
15
Last Close Price
2.622NOK
Average target price
2.577NOK
Spread / Average Target
-1.72%
Consensus

Quarterly revenue - Rate of surprise