Nel ASA

LSE:0E4Q Stock Report

Market Cap: NOK 4.8b

Nel Valuation

Is 0E4Q undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0E4Q when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate 0E4Q's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate 0E4Q's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0E4Q?

Key metric: As 0E4Q is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0E4Q. This is calculated by dividing 0E4Q's market cap by their current revenue.
What is 0E4Q's PS Ratio?
PS Ratio3.8x
SalesNOK 1.27b
Market CapNOK 4.85b

Price to Sales Ratio vs Peers

How does 0E4Q's PS Ratio compare to its peers?

The above table shows the PS ratio for 0E4Q vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.7x
ITM ITM Power
12.9x31.77%UK£298.5m
IES Invinity Energy Systems
6.6x70.18%UK£59.5m
SAE SIMEC Atlantis Energy
1.2x-1.62%UK£17.3m
TFW FW Thorpe
2xn/aUK£346.1m
0E4Q Nel
3.8x20.79%NOK 4.8b

Price-To-Sales vs Peers: 0E4Q is good value based on its Price-To-Sales Ratio (3.8x) compared to the peer average (5.7x).

Price to Sales Ratio vs Industry

How does 0E4Q's PS Ratio compare vs other companies in the GB Electrical Industry?

12 CompaniesPrice / SalesEstimated GrowthMarket Cap
DSCV discoverIE Group
1.4x3.72%US$777.12m
VLX Volex
0.7x5.31%US$677.40m
LUCE Luceco
0.9x5.22%US$306.91m
XPP XP Power
0.9x3.61%US$298.00m
0E4Q 3.8xIndustry Avg. 1.1xNo. of Companies12PS0612182430+
12 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 0E4Q is expensive based on its Price-To-Sales Ratio (3.8x) compared to the European Electrical industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is 0E4Q's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0E4Q PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.8x
Fair PS Ratio2.9x

Price-To-Sales vs Fair Ratio: 0E4Q is expensive based on its Price-To-Sales Ratio (3.8x) compared to the estimated Fair Price-To-Sales Ratio (2.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0E4Q forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 2.64
NOK 2.94
+10.99%
55.89%NOK 8.10NOK 1.30n/a17
May ’26NOK 2.26
NOK 2.94
+30.29%
55.59%NOK 8.10NOK 1.40n/a17
Apr ’26NOK 2.44
NOK 3.22
+31.89%
47.57%NOK 8.10NOK 1.40n/a19
Mar ’26NOK 2.31
NOK 3.38
+46.21%
51.89%NOK 8.10NOK 1.40n/a18
Feb ’26NOK 2.40
NOK 3.54
+47.67%
51.73%NOK 8.10NOK 1.50n/a17
Jan ’26NOK 2.76
NOK 4.27
+54.76%
37.10%NOK 8.10NOK 2.00n/a17
Dec ’25NOK 2.94
NOK 4.81
+63.41%
49.16%NOK 12.00NOK 2.00n/a18
Nov ’25NOK 4.28
NOK 5.03
+17.42%
45.84%NOK 12.00NOK 2.50n/a18
Oct ’25NOK 4.66
NOK 6.01
+28.94%
36.10%NOK 12.00NOK 3.00n/a19
Sep ’25NOK 5.43
NOK 6.22
+14.42%
36.55%NOK 12.00NOK 3.00n/a20
Aug ’25NOK 6.00
NOK 6.26
+4.17%
36.36%NOK 12.00NOK 3.25n/a20
Jul ’25NOK 6.09
NOK 6.18
+1.54%
38.59%NOK 13.00NOK 3.39n/a21
Jun ’25NOK 7.75
NOK 6.45
-16.80%
42.78%NOK 13.00NOK 3.50n/a21
May ’25NOK 5.19
NOK 6.48
+24.80%
45.69%NOK 13.00NOK 3.50NOK 2.2622
Apr ’25NOK 4.75
NOK 7.06
+48.63%
41.38%NOK 13.00NOK 3.50NOK 2.4422
Mar ’25NOK 4.88
NOK 7.39
+51.48%
38.29%NOK 13.00NOK 3.50NOK 2.3123
Feb ’25NOK 5.32
NOK 8.61
+61.74%
34.97%NOK 15.00NOK 4.00NOK 2.4020
Jan ’25NOK 6.96
NOK 10.07
+44.73%
48.12%NOK 23.00NOK 4.50NOK 2.7620
Dec ’24NOK 7.93
NOK 11.27
+42.22%
49.20%NOK 23.00NOK 4.50NOK 2.9419
Nov ’24NOK 7.40
NOK 11.36
+53.56%
48.63%NOK 23.00NOK 4.50NOK 4.2819
Oct ’24NOK 8.47
NOK 15.02
+77.32%
37.83%NOK 25.00NOK 7.00NOK 4.6619
Sep ’24NOK 11.43
NOK 15.45
+35.18%
34.84%NOK 25.00NOK 7.00NOK 5.4321
Aug ’24NOK 13.77
NOK 15.57
+13.12%
33.68%NOK 25.00NOK 7.00NOK 6.0021
Jul ’24NOK 12.76
NOK 15.71
+23.12%
33.74%NOK 25.00NOK 7.00NOK 6.0921
Jun ’24NOK 14.08
NOK 16.14
+14.69%
31.08%NOK 25.00NOK 7.00NOK 7.7521
May ’24NOK 14.38
NOK 16.11
+11.99%
31.52%NOK 25.00NOK 7.00NOK 5.1921
AnalystConsensusTarget
Consensus Narrative from 17 Analysts
NOK 2.94
Fair Value
10.1% undervalued intrinsic discount
17
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/21 01:06
End of Day Share Price 2025/05/21 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nel ASA is covered by 31 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
James HosieBarclays
Temitope SulaimanBarclays
Naisheng CuiBarclays