Nel Future Growth

Future criteria checks 1/6

Nel is forecast to grow earnings and revenue by 31.6% and 18.4% per annum respectively. EPS is expected to grow by 34.6% per annum. Return on equity is forecast to be -4.7% in 3 years.

Key information

31.6%

Earnings growth rate

34.6%

EPS growth rate

Electrical earnings growth	15.7%
Revenue growth rate	18.4%
Future return on equity	-4.7%
Analyst coverage	Good
Last updated	20 Dec 2024

Recent future growth updates

Recent updates

Nel ASA's (OB:NEL) 33% Cheaper Price Remains In Tune With Revenues

Nov 27

What You Can Learn From Nel ASA's (OB:NEL) P/S After Its 28% Share Price Crash

Oct 13

Market Participants Recognise Nel ASA's (OB:NEL) Revenues Pushing Shares 53% Higher

May 25

Nel (OB:NEL) Is Using Debt Safely

May 24

Investors Appear Satisfied With Nel ASA's (OB:NEL) Prospects As Shares Rocket 31%

Apr 10

Calculating The Fair Value Of Nel ASA (OB:NEL)

Mar 27

Earnings Update: Nel ASA (OB:NEL) Just Reported Its Annual Results And Analysts Are Updating Their Forecasts

Mar 01

Earnings and Revenue Growth Forecasts

OB:NEL - Analysts future estimates and past financials data (NOK Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2026	2,258	-246	-702	-4	16
12/31/2025	1,579	-372	-598	-256	17
12/31/2024	1,512	-301	-935	-237	17
9/30/2024	1,718	-533	-1,292	-407	N/A
6/30/2024	1,654	-585	-1,415	-554	N/A
3/31/2024	1,693	-695	-1,481	-703	N/A
12/31/2023	1,681	-855	-1,409	-670	N/A
9/30/2023	1,307	-1,237	-1,239	-723	N/A
6/30/2023	1,180	-1,329	-1,117	-647	N/A
3/31/2023	982	-1,376	-897	-560	N/A
12/31/2022	915	-1,171	-969	-691	N/A
9/30/2022	781	-720	-876	-599	N/A
6/30/2022	827	-967	-869	-596	N/A
3/31/2022	805	-1,005	-786	-424	N/A
12/31/2021	753	-1,667	-827	-449	N/A
9/30/2021	723	-102	-817	-441	N/A
6/30/2021	621	-222	-725	-392	N/A
3/31/2021	607	687	-648	-396	N/A
12/31/2020	578	1,262	-448	-216	N/A
9/30/2020	516	-127	-370	-177	N/A
6/30/2020	543	468	-309	-142	N/A
3/31/2020	522	-222	-318	-173	N/A
12/31/2019	519	-270	-319	-200	N/A
9/30/2019	477	-231	-289	-189	N/A
6/30/2019	445	-264	-290	-195	N/A
3/31/2019	457	-210	-223	-136	N/A
12/31/2018	453	-189	-237	-143	N/A
9/30/2018	449	-112	-192	-107	N/A
6/30/2018	442	-79	N/A	-197	N/A
3/31/2018	352	-67	N/A	-137	N/A
12/31/2017	275	-52	N/A	-113	N/A
9/30/2017	220	-94	N/A	-80	N/A
6/30/2017	135	-73	N/A	35	N/A
3/31/2017	109	-62	N/A	-27	N/A
12/31/2016	98	-56	N/A	-34	N/A
9/30/2016	85	-50	N/A	-76	N/A
6/30/2016	89	-39	N/A	-75	N/A
3/31/2016	110	-31	N/A	-58	N/A
12/31/2015	89	-22	N/A	-38	N/A
9/30/2015	72	-3	N/A	-9	N/A
6/30/2015	46	-3	N/A	3	N/A
3/31/2015	12	-3	N/A	10	N/A
12/31/2014	12	-7	N/A	3	N/A
9/30/2014	0	-20	N/A	-15	N/A
6/30/2014	0	-28	N/A	-23	N/A
3/31/2014	0	-31	N/A	-33	N/A
12/31/2013	0	-37	N/A	-35	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NEL is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: NEL is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: NEL is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: NEL's revenue (18.4% per year) is forecast to grow faster than the Norwegian market (2.2% per year).

High Growth Revenue: NEL's revenue (18.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NEL is forecast to be unprofitable in 3 years.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/26 19:26
End of Day Share Price	2024/12/23 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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 here.

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 .

Analyst Sources

Nel ASA is covered by 34 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Naisheng Cui	Barclays
James Hosie	Barclays
James Carmichael	Berenberg

Nel Future Growth

Future criteria checks 1/6

Key information

Recent future growth updates

Price target decreased by 9.8% to kr4.36

Price target decreased by 8.9% to kr4.89

Price target decreased by 7.8% to kr5.47

Consensus EPS estimates upgraded to kr0.22 loss, revenue downgraded

Price target decreased by 8.1% to kr6.45

Consensus EPS estimates upgraded to kr0.26 loss, revenue downgraded

Recent updates

Price target decreased by 9.8% to kr4.36

Nel ASA's (OB:NEL) 33% Cheaper Price Remains In Tune With Revenues

Price target decreased by 8.9% to kr4.89

Price target decreased by 7.8% to kr5.47

Third quarter 2024 earnings released: kr0.069 loss per share (vs kr0.14 loss in 3Q 2023)

What You Can Learn From Nel ASA's (OB:NEL) P/S After Its 28% Share Price Crash

Nel ASA(OB:NEL) dropped from Oslo OBX Total Return Index

New minor risk - Profitability

Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

Consensus EPS estimates upgraded to kr0.22 loss, revenue downgraded

Nel ASA to Report Q3, 2025 Results on Oct 29, 2025

Nel ASA completed the Spin-Off of Cavendish Hydrogen ASA (OB:CAVEN).

New major risk - Share price stability

Market Participants Recognise Nel ASA's (OB:NEL) Revenues Pushing Shares 53% Higher

Nel (OB:NEL) Is Using Debt Safely

Price target decreased by 8.1% to kr6.45

Consensus EPS estimates upgraded to kr0.26 loss, revenue downgraded

Price target decreased by 8.0% to kr6.49

First quarter 2024 earnings released: kr0.013 loss per share (vs kr0.12 loss in 1Q 2023)

Investors Appear Satisfied With Nel ASA's (OB:NEL) Prospects As Shares Rocket 31%

Calculating The Fair Value Of Nel ASA (OB:NEL)

Now 20% undervalued after recent price drop

Earnings Update: Nel ASA (OB:NEL) Just Reported Its Annual Results And Analysts Are Updating Their Forecasts

Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat

No longer forecast to breakeven

Price target decreased by 7.2% to kr7.99

Price target decreased by 7.3% to kr8.44

Now 24% overvalued

Why We're Not Concerned Yet About Nel ASA's (OB:NEL) 27% Share Price Plunge

Price target decreased by 9.3% to kr9.13

At kr5.94, Is It Time To Put Nel ASA (OB:NEL) On Your Watch List?

ITOCHU Corporation (TSE:8001) and Osaka Gas Co., Ltd. (TSE:9532) agreed to acquire 13.56% stake in Everfuel A/S (OB:EFUEL) from Nel ASA (OB:NEL) for NOK 120 million.

Nel (OB:NEL) Is Using Debt Safely

Price target decreased by 9.0% to kr10.27

New minor risk - Share price stability

Third quarter 2023 earnings released: kr0.14 loss per share (vs kr0.17 loss in 3Q 2022)

New major risk - Revenue and earnings growth

Price target decreased by 7.9% to kr13.78

Nel (OB:NEL) Is Using Debt Safely

New minor risk - Share price stability

Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind

Consensus revenue estimates increase by 19%, EPS downgraded

Investors Appear Satisfied With Nel ASA's (OB:NEL) Prospects

Nel ASA to Report Q3, 2024 Results on Oct 16, 2024

Is Nel (OB:NEL) Using Too Much Debt?

High number of new directors

First quarter 2023 earnings released: kr0.12 loss per share (vs kr0.057 profit in 1Q 2022)

Consensus EPS estimates upgraded to kr0.48 loss, revenue downgraded

Consensus EPS estimates fall by 16%, revenue upgraded

Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Price target increased by 8.2% to kr15.39

Does Nel (OB:NEL) Have A Healthy Balance Sheet?

An unknown buyer acquired a 17.64% stake in Hyon AS (OB:HYON) from Nel ASA (OB:NEL) for NOK 7 million.

Nel ASA to Report Fiscal Year 2022 Results on Feb 28, 2023

Consensus EPS estimates fall by 15%

Third quarter 2022 earnings released: kr0.17 loss per share (vs kr0.35 loss in 3Q 2021)

Is Nel (OB:NEL) Using Too Much Debt?

Consensus EPS estimates fall by 11%

Second quarter 2022 earnings released: kr0.18 loss per share (vs kr0.21 loss in 2Q 2021)

Price target decreased to kr15.86

Consensus forecasts updated

Health Check: How Prudently Does Nel (OB:NEL) Use Debt?

First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind

Nel ASA to Report Q2, 2022 Results on Aug 11, 2022

Consensus forecasts updated

Consensus EPS estimates fall by 22%

Chief Executive Officer recently sold kr13m worth of stock

Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind

Price target decreased to kr17.16