Buy Or Sell Opportunity • Aug 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to €5.30. The fair value is estimated to be €4.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has declined by 15%. Buy Or Sell Opportunity • Jun 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €4.77. The fair value is estimated to be €3.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has declined by 15%. Buy Or Sell Opportunity • Jun 03
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to €4.54. The fair value is estimated to be €3.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has declined by 15%. Buy Or Sell Opportunity • May 07
Now 20% overvalued Over the last 90 days, the stock has fallen 2.4% to €4.44. The fair value is estimated to be €3.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has declined by 15%. Buy Or Sell Opportunity • Feb 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.3% to €4.64. The fair value is estimated to be €3.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has declined by 15%. New Risk • Feb 06
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -€6.0m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€6.0m). Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (€34.8m market cap, or US$41.1m). Reported Earnings • Feb 06
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: €0.14 loss per share (improved from €0.35 loss in FY 2024). Revenue: €56.1m (up 46% from FY 2024). Net loss: €1.12m (loss narrowed 58% from FY 2024). Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 30%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 12% per year. Announcement • Feb 06
Merus Power Oyj, Annual General Meeting, Mar 19, 2026 Merus Power Oyj, Annual General Meeting, Mar 19, 2026. Buy Or Sell Opportunity • Jan 23
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to €4.21. The fair value is estimated to be €5.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings are also forecast to grow by 72% per annum over the same time period. New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (74% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (€38.6m market cap, or US$45.4m). Major Estimate Revision • Jan 13
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.09 to -€0.10 per share. Revenue forecast of €45.9m unchanged since last update. Electrical industry in Finland expected to see average net income growth of 31% next year. Consensus price target down from €5.00 to €4.50. Share price fell 5.0% to €4.16 over the past week. Announcement • Nov 20
Merus Power Brings Online the First Grid-Forming Battery Energy Storage System in the Nordics Merus Power has brought online the first grid-forming (GFM) battery energy storage system (BESS) in the Nordic countries for its Swiss customer, Alpiq. The 30 MW /36 MWh energy storage system commissioned in Valkeakoski, Finland, meets the requirements set by Fingrid, Finland's Transmission System Operator (TSO), for large-scale grid-forming energy storages. The functionality of the technology has been verified and approved by Fingrid through simulations and demanding field tests. Grid-forming BESS solutions are capable of independently supporting the power grid during disturbances and fault situations. Merus Power's energy storage strengthens grid stability and enables a more seamless integration of renewable energy sources into the power system. Unlike traditional grid-following power electronics solutions, the grid-forming Battery Energy Storage System (BESS) delivered by Merus Power can independently maintain voltage and frequency, improve grid stiffness, and support the power system during disturbances. This capability enables, for example, the creation of a grid after a blackout and makes the energy storage an active enabler of grid stability. Grid-forming means that an energy storage system or another power source does not merely follow an existing grid but can independently establish and maintain grid voltage and frequency. This allows it to serve as a foundation for grid stability even in fault situations. Units operating with traditional grid-following control, such as wind turbines, require a sufficient amount of grid-forming capacity to function stably. Therefore, grid-forming energy storage systems play a crucial role in enabling further growth in renewable energy generation. The project carries historical significance, as Fingrid published its first requirements for grid-forming functionality in type D and C energy storages only in the summer of 2023. Merus Power successfully developed the technology and brought it into commercial use in just two years. The facility has passed the verification process, which includes both extensive modeling requirements and demanding field tests, demonstrating its reliability and capability to strengthen grid stability. In this project, Merus Power served as the developer, supplier, and EPC (Engineering, Procurement, and Construction) contractor, overseeing the entire process from permitting and design to manufacturing, delivery, and commissioning. Merus Power's battery energy storage systems are based on in-house developed and manufactured technology. A strong focus on grid-forming development further enhances solutions and strengthens position as a technology leader. Commissioned by the Swiss energy company Alpiq, the project is also their first grid-forming energy storage system. The project strengthens Alpiq's position as a provider of flexible energy solutions in the European power market and supports the growth of renewable energy. New Risk • Sep 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (74% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (€42.7m market cap, or US$49.6m). Reported Earnings • Aug 25
First half 2025 earnings: EPS and revenues exceed analyst expectations First half 2025 results: €0.15 loss per share (improved from €0.56 loss in 1H 2024). Revenue: €25.7m (up 232% from 1H 2024). Net loss: €1.18m (loss narrowed 73% from 1H 2024). Revenue exceeded analyst estimates by 78%. Earnings per share (EPS) also surpassed analyst estimates by 61%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 17
Consensus EPS estimates fall by 200% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.01 to -€0.03 per share. Revenue forecast of €44.8m unchanged since last update. Electrical industry in Finland expected to see average net income growth of 21% next year. Consensus price target of €4.80 unchanged from last update. Share price was steady at €4.98 over the past week. Buy Or Sell Opportunity • Aug 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to €4.93. The fair value is estimated to be €6.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 88%. New Risk • Jun 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). Earnings have declined by 50% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€39.3m market cap, or US$44.9m). Buy Or Sell Opportunity • May 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €4.91. The fair value is estimated to be €6.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 88%. Price Target Changed • May 21
Price target increased by 12% to €4.80 Up from €4.30, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €5.02. Stock is up 18% over the past year. The company is forecast to post a net loss per share of €0.01 next year compared to a net loss per share of €0.35 last year. New Risk • May 20
New major risk - Revenue and earnings growth Earnings have declined by 50% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 50% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (€39.0m market cap, or US$43.8m). Buy Or Sell Opportunity • May 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.6% to €4.91. The fair value is estimated to be €6.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 88%. Buy Or Sell Opportunity • Apr 16
Now 25% undervalued Over the last 90 days, the stock has risen 19% to €4.81. The fair value is estimated to be €6.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 88%. Buy Or Sell Opportunity • Apr 01
Now 22% undervalued Over the last 90 days, the stock has risen 32% to €4.91. The fair value is estimated to be €6.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 88%. Announcement • Mar 19
Merus Power Plc Announces Board Appointments Merus Power Plc at its annual general meeting held on March 17, 2025 approved the election of Martin Backman as Board member. The company's Board of Directors held its organizing meeting after the Annual General Meeting on 17 March 2025. In the organizing meeting, the Board of Directors elected Tapani Kiiski as the Chairman of the Board of Directors. Announcement • Feb 19
Merus Power Oyj, Annual General Meeting, Mar 17, 2025 Merus Power Oyj, Annual General Meeting, Mar 17, 2025, at 13:00 FLE Standard Time. Location: at hatanpaa manor, hatanpaan puistokuja 1, 33900 tampere Finland Announcement • Feb 18
Merus Power plc Announces Chair of the Board, Vesa Sadeharju, Informs That He Is Not Available for Re-Election Merus Power Plc announced that the Chair of the Board, Vesa Sadeharju, has informed that he is not available for re-election. Major Estimate Revision • Feb 13
Consensus EPS estimates fall from profit to €0.01 loss, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €42.6m to €44.8m. Now expected to report loss of -€0.01 instead of €0.01 per share profit. Electrical industry in Finland expected to see average net income growth of 21% next year. Consensus price target of €4.30 unchanged from last update. Share price rose 9.4% to €5.60 over the past week. Reported Earnings • Feb 07
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: €39.1m (up 28% from FY 2023). Net loss: €2.65m (loss widened 233% from FY 2023). Revenue exceeded analyst estimates by 19%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Europe. Announcement • Feb 07
Merus Power Oyj Provides Earnings Guidance for the Year 2025 Merus Power Oyj provided earnings guidance for the year 2025. For the year, the company expects its net sales will grow strongly compared to 2024. New Risk • Jan 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risk Market cap is less than US$100m (€31.4m market cap, or US$32.3m). Announcement • Dec 30
Merus Power Oyj Announces Appointments of Directors, as of 1 January 2025 Merus Power is streamlining its management team and clarifying the company's delivery processes for modular system deliveries and in-house product manufacturing. As of 1 January 2025, the Management Team will consist of the following members: Jyri Öörni, R&D Director; Mikko Marttala, Director, System Deliveries and Services; Jarkko Latonen, Director, Factory Operations and Quality. Mikko Marttala is responsible for systems delivery and services across the value chain, from project development to project implementation and lifecycle services. Jarkko Latonen is responsible for factory operations, including sourcing, manufacturing and logistics, product management, QEHS, and sustainability. Jarkko Latonen (MSc) is a new member of the company's management team. He joined Merus in 2023 as an Operations Development Manager and is currently the Director of Quality, Sustainability, and Product Management. Previously, Latonen has held consulting and management roles in product information management at Roima Intelligence Oy (2022 - 2023) and leadership roles in product development, product management, and quality at Labkotec Oy (2002 - 2022). Major Estimate Revision • Aug 29
Consensus EPS estimates fall by 64% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €31.6m to €30.2m. Losses expected to increase from €0.22 per share to €0.36. Electrical industry in Finland expected to see average net income growth of 15% next year. Consensus price target down from €4.50 to €4.00. Share price fell 4.6% to €4.35 over the past week. Reported Earnings • Aug 25
First half 2024 earnings: EPS and revenues miss analyst expectations First half 2024 results: €0.56 loss per share (further deteriorated from €0.11 loss in 1H 2023). Revenue: €7.72m (down 46% from 1H 2023). Net loss: €4.32m (loss widened 423% from 1H 2023). Revenue missed analyst estimates by 49%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. New Risk • Aug 23
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€2.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-€2.8m free cash flow). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (€33.8m market cap, or US$37.6m). Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 120% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.10 to -€0.22 per share. Revenue forecast of €31.6m unchanged since last update. Electrical industry in Finland expected to see average net income growth of 9.7% next year. Consensus price target of €4.50 unchanged from last update. Share price fell 11% to €4.78 over the past week. Major Estimate Revision • Jul 05
Consensus EPS estimates fall by 67% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.06 to -€0.10 per share. Revenue forecast unchanged at €31.6m. Electrical industry in Finland expected to see average net income growth of 12% next year. Consensus price target down from €5.00 to €4.50. Share price was steady at €4.79 over the past week. Announcement • Mar 14
Merus Power Oyj Approves Board Elections Merus Power Oyj at its AGM held on March 13, 2024 approved election of Tapani Kiiski as new Board member. Merus Power Plc’s Board of Directors held its organizing meeting after the Annual General Meeting on 13 March 2024. In the organizing meeting, the Board of Directors elected Vesa Sadeharju as the Chairman of the Board of Directors. Major Estimate Revision • Feb 15
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from €28.3m to €31.4m. Forecast losses expected to reduce from -€0.07 to -€0.06 per share. Electrical industry in Finland expected to see average net income growth of 20% next year. Consensus price target up from €3.70 to €5.00. Share price rose 20% to €4.86 over the past week. Announcement • Feb 09
Merus Power Oyj to Report Fiscal Year 2023 Results on Feb 22, 2024 Merus Power Oyj announced that they will report fiscal year 2023 results on Feb 22, 2024 Reported Earnings • Feb 09
Full year 2023 earnings released Full year 2023 results: Revenue: €30.8m (up 76% from FY 2022). Net loss: €798.0k (loss widened €690.0k from FY 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Electrical industry in Europe. Announcement • Feb 08
Merus Power Oyj to Report First Half, 2024 Results on Aug 22, 2024 Merus Power Oyj announced that they will report first half, 2024 results on Aug 22, 2024 Major Estimate Revision • Dec 14
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €31.4m to €29.2m. Now expected to report a loss of €0.06 per share instead of €0.02 per share profit previously forecast. Electrical industry in Finland expected to see average net income growth of 9.7% next year. Consensus price target down from €4.50 to €3.70. Share price fell 9.4% to €3.85 over the past week. New Risk • Oct 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Finnish stocks, typically moving 7.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.7% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€9.9m). Market cap is less than US$100m (€37.2m market cap, or US$39.1m). New Risk • Aug 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€5.7m). Share price has been volatile over the past 3 months (5.9% average weekly change). Shareholders have been diluted in the past year (7.2% increase in shares outstanding). Market cap is less than US$100m (€36.5m market cap, or US$39.5m). Buying Opportunity • Aug 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €5.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jul 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.9%. The fair value is estimated to be €6.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jun 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €6.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Feb 15
Now 26% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be €8.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Feb 10
Full year 2022 earnings released Full year 2022 results: Revenue: €17.5m (up 13% from FY 2021). Net loss: €108.0k (loss narrowed 89% from FY 2021). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Electrical industry in Finland. Price Target Changed • Nov 16
Price target decreased to €7.20 Down from €8.20, the current price target is provided by 1 analyst. New target price is 48% above last closing price of €4.86. Stock is down 42% over the past year. The company is forecast to post earnings per share of €0.05 next year compared to a net loss per share of €0.15 last year. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €15.5m (up 123% from FY 2020). Net loss: €994.0k (loss widened 114% from FY 2020). Revenue exceeded analyst estimates by 5.5%. Over the next year, revenue is forecast to grow 22%, compared to a 18% growth forecast for the industry in Finland.