Aker Carbon Capture Valuation

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

0ZCB (NOK5.74) is trading below our estimate of [[fair value]] (NOK14.8)

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

Valuation Score

2/6

Valuation Score 2/6

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 0ZCB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0ZCB (NOK5.74) is trading below our estimate of fair value (NOK14.8)

Significantly Below Fair Value: 0ZCB is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for 0ZCB. This is calculated by dividing 0ZCB's market cap by their current revenue.
What is 0ZCB's PS Ratio?
PS Ratio	2.2x
Sales	NOK 1.60b
Market Cap	NOK 3.47b

0ZCB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.3x
Enterprise Value/EBITDA	-9.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for 0ZCB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	0.6x
RWI Renewi	0.3x	5.2%	UK£451.1m
WATR Water Intelligence	1x	12.2%	UK£65.7m
MTO Mitie Group	0.3x	5.2%	UK£1.3b
REAT REACT Group	1x	11.5%	UK£19.8m
0ZCB Aker Carbon Capture	2.2x	20.5%	NOK 3.5b

Price-To-Sales vs Peers: 0ZCB is expensive based on its Price-To-Sales Ratio (2.2x) compared to the peer average (0.6x).

Price to Sales Ratio vs Industry

How does 0ZCB's PS Ratio compare vs other companies in the GB Commercial Services Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
CPP CPPGroup	0.06x	-3.4%	US$14.31m

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 0ZCB is expensive based on its Price-To-Sales Ratio (2.2x) compared to the UK Commercial Services industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is 0ZCB'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.

0ZCB PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.2x
Fair PS Ratio	0.8x

Price-To-Sales vs Fair Ratio: 0ZCB is expensive based on its Price-To-Sales Ratio (2.2x) compared to the estimated Fair Price-To-Sales Ratio (0.8x).

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 0ZCB forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 5.74	NOK 12.29 +114.2%	35.9%	NOK 20.00	NOK 7.20	n/a	7
Nov ’25	NOK 5.92	NOK 12.29 +107.7%	35.9%	NOK 20.00	NOK 7.20	n/a	7
Oct ’25	NOK 6.20	NOK 12.00 +93.7%	35.0%	NOK 20.00	NOK 7.20	n/a	8
Sep ’25	NOK 6.14	NOK 12.00 +95.6%	35.0%	NOK 20.00	NOK 7.20	n/a	8
Aug ’25	NOK 6.43	NOK 12.00 +86.8%	35.0%	NOK 20.00	NOK 7.20	n/a	8
Jul ’25	NOK 6.67	NOK 12.11 +81.6%	32.8%	NOK 20.00	NOK 7.20	n/a	9
Jun ’25	NOK 7.44	NOK 12.11 +62.8%	32.8%	NOK 20.00	NOK 7.20	n/a	9
May ’25	NOK 7.02	NOK 12.11 +72.6%	32.8%	NOK 20.00	NOK 7.20	n/a	9
Apr ’25	NOK 5.67	NOK 13.52 +138.3%	30.7%	NOK 20.00	NOK 7.00	n/a	10
Mar ’25	NOK 7.97	NOK 14.78 +85.4%	23.4%	NOK 20.00	NOK 7.00	n/a	9
Feb ’25	NOK 10.41	NOK 14.78 +42.0%	23.4%	NOK 20.00	NOK 7.00	n/a	9
Jan ’25	NOK 13.52	NOK 14.78 +9.3%	23.4%	NOK 20.00	NOK 7.00	n/a	9
Dec ’24	NOK 10.09	NOK 14.78 +46.4%	23.4%	NOK 20.00	NOK 7.00	n/a	9
Nov ’24	NOK 10.68	NOK 15.22 +42.5%	25.1%	NOK 20.00	NOK 7.00	NOK 5.92	9
Oct ’24	NOK 11.26	NOK 17.33 +53.9%	21.2%	NOK 22.00	NOK 10.00	NOK 6.20	9
Sep ’24	NOK 11.78	NOK 17.33 +47.1%	21.2%	NOK 22.00	NOK 10.00	NOK 6.14	9
Aug ’24	NOK 15.37	NOK 17.33 +12.8%	21.2%	NOK 22.00	NOK 10.00	NOK 6.43	9
Jul ’24	NOK 14.04	NOK 18.55 +32.1%	28.0%	NOK 30.00	NOK 10.00	NOK 6.67	10
Jun ’24	NOK 12.47	NOK 18.39 +47.5%	29.7%	NOK 30.00	NOK 10.00	NOK 7.44	9
May ’24	NOK 10.88	NOK 19.17 +76.2%	30.4%	NOK 30.00	NOK 10.00	NOK 7.02	9
Apr ’24	NOK 14.78	NOK 20.28 +37.2%	30.9%	NOK 30.00	NOK 10.00	NOK 5.67	9
Mar ’24	NOK 15.34	NOK 21.50 +40.1%	25.6%	NOK 30.00	NOK 13.00	NOK 7.97	8
Feb ’24	NOK 14.98	NOK 21.75 +45.2%	26.1%	NOK 30.00	NOK 13.00	NOK 10.41	8
Jan ’24	NOK 11.57	NOK 21.75 +87.9%	26.1%	NOK 30.00	NOK 13.00	NOK 13.52	8
Dec ’23	NOK 11.14	NOK 21.22 +90.6%	26.2%	NOK 30.00	NOK 13.00	NOK 10.09	9
Nov ’23	NOK 12.10	NOK 21.78 +80.0%	26.0%	NOK 30.00	NOK 13.00	NOK 10.68	9

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.