Nel ASA

LSE:0E4Q Stock Report

Market Cap: NOK 4.9b

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 Ratio2.9x
SalesNOK 1.72b
Market CapNOK 4.95b

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 Average5.5x
ITM ITM Power
13.2x39.2%UK£217.7m
IES Invinity Energy Systems
6x61.5%UK£52.9m
SAE SIMEC Atlantis Energy
0.9x26.8%UK£12.3m
TFW FW Thorpe
2xn/aUK£360.2m
0E4Q Nel
2.9x19.7%NOK 4.9b

Price-To-Sales vs Peers: 0E4Q is good value based on its Price-To-Sales Ratio (2.9x) compared to the peer average (5.5x).

Price to Sales Ratio vs Industry

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

11 CompaniesPrice / SalesEstimated GrowthMarket Cap
DSCV discoverIE Group
1.4x2.8%US$768.21m
VLX Volex
0.7x6.7%US$684.71m
XPP XP Power
1.1x3.4%US$393.36m
LUCE Luceco
0.9x8.2%US$245.44m
0E4Q 2.9xIndustry Avg. 1.8xNo. of Companies11PS0612182430+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 0E4Q is expensive based on its Price-To-Sales Ratio (2.9x) compared to the UK Electrical industry average (1.8x).

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 Ratio2.9x
Fair PS Ratio2.7x

Price-To-Sales vs Fair Ratio: 0E4Q is expensive based on its Price-To-Sales Ratio (2.9x) compared to the estimated Fair Price-To-Sales Ratio (2.7x).

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 2.90
NOK 4.83
+66.4%
48.2%NOK 12.00NOK 2.50n/a18
Nov ’25NOK 4.28
NOK 5.03
+17.4%
45.8%NOK 12.00NOK 2.50n/a18
Oct ’25NOK 4.66
NOK 6.01
+28.9%
36.1%NOK 12.00NOK 3.00n/a19
Sep ’25NOK 5.43
NOK 6.22
+14.4%
36.5%NOK 12.00NOK 3.00n/a20
Aug ’25NOK 6.00
NOK 6.26
+4.2%
36.4%NOK 12.00NOK 3.25n/a20
Jul ’25NOK 6.09
NOK 6.18
+1.5%
38.6%NOK 13.00NOK 3.39n/a21
Jun ’25NOK 7.75
NOK 6.45
-16.8%
42.8%NOK 13.00NOK 3.50n/a21
May ’25NOK 5.19
NOK 6.48
+24.8%
45.7%NOK 13.00NOK 3.50n/a22
Apr ’25NOK 4.75
NOK 7.06
+48.6%
41.4%NOK 13.00NOK 3.50n/a22
Mar ’25NOK 4.88
NOK 7.39
+51.5%
38.3%NOK 13.00NOK 3.50n/a23
Feb ’25NOK 5.32
NOK 8.61
+61.7%
35.0%NOK 15.00NOK 4.00n/a20
Jan ’25NOK 6.96
NOK 10.07
+44.7%
48.1%NOK 23.00NOK 4.50n/a20
Dec ’24NOK 7.93
NOK 11.27
+42.2%
49.2%NOK 23.00NOK 4.50n/a19
Nov ’24NOK 7.40
NOK 11.36
+53.6%
48.6%NOK 23.00NOK 4.50NOK 4.2819
Oct ’24NOK 8.47
NOK 15.02
+77.3%
37.8%NOK 25.00NOK 7.00NOK 4.6619
Sep ’24NOK 11.43
NOK 15.45
+35.2%
34.8%NOK 25.00NOK 7.00NOK 5.4321
Aug ’24NOK 13.77
NOK 15.57
+13.1%
33.7%NOK 25.00NOK 7.00NOK 6.0021
Jul ’24NOK 12.76
NOK 15.71
+23.1%
33.7%NOK 25.00NOK 7.00NOK 6.0921
Jun ’24NOK 14.08
NOK 16.14
+14.7%
31.1%NOK 25.00NOK 7.00NOK 7.7521
May ’24NOK 14.38
NOK 16.11
+12.0%
31.5%NOK 25.00NOK 7.00NOK 5.1921
Apr ’24NOK 13.90
NOK 16.05
+15.5%
31.3%NOK 25.00NOK 7.00NOK 4.7521
Mar ’24NOK 15.35
NOK 15.86
+3.3%
32.2%NOK 25.00NOK 7.00NOK 4.8821
Feb ’24NOK 17.26
NOK 14.22
-17.6%
33.2%NOK 25.00NOK 7.00NOK 5.3221
Jan ’24NOK 13.81
NOK 14.22
+3.0%
33.2%NOK 25.00NOK 7.00NOK 6.9621
Dec ’23NOK 15.04
NOK 14.18
-5.8%
33.0%NOK 25.00NOK 7.00NOK 7.9321
Nov ’23NOK 13.01
NOK 14.59
+12.1%
34.2%NOK 25.00NOK 7.00NOK 7.4020

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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