Nel ASA

OB:NEL Stock Report

Market Cap: NOK 5.9b

Nel Valuation

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

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

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for NEL. This is calculated by dividing NEL's market cap by their current revenue.
What is NEL's PS Ratio?
PS Ratio3.5x
SalesNOK 1.72b
Market CapNOK 5.94b

Price to Sales Ratio vs Peers

How does NEL's PS Ratio compare to its peers?

The above table shows the PS ratio for NEL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.6x
AFK Arendals Fossekompani
1.5x-144.7%NOK 8.8b
HEX Hexagon Composites
1.8x15.3%NOK 9.6b
BONHR Bonheur
0.8x-2.9%NOK 11.4b
CAMBI Cambi
2.2x8.8%NOK 2.4b
NEL Nel
3.5x21.8%NOK 5.9b

Price-To-Sales vs Peers: NEL is expensive based on its Price-To-Sales Ratio (3.5x) compared to the peer average (1.6x).

Price to Sales Ratio vs Industry

How does NEL's PS Ratio compare vs other companies in the European Electrical Industry?

18 CompaniesPrice / SalesEstimated GrowthMarket Cap
NEL 3.5xIndustry Avg. 1.0xNo. of Companies25PS012345+
18 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: NEL is expensive based on its Price-To-Sales Ratio (3.5x) compared to the European Electrical industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is NEL'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.

NEL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.5x
Fair PS Ratio3.5x

Price-To-Sales vs Fair Ratio: NEL is good value based on its Price-To-Sales Ratio (3.5x) compared to the estimated Fair Price-To-Sales Ratio (3.5x).

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 NEL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 3.55
NOK 4.83
+36.0%
48.2%NOK 12.00NOK 2.50n/a18
Nov ’25NOK 4.28
NOK 5.03
+17.6%
45.8%NOK 12.00NOK 2.50n/a18
Oct ’25NOK 4.69
NOK 6.01
+28.1%
36.1%NOK 12.00NOK 3.00n/a19
Sep ’25NOK 5.36
NOK 6.22
+16.0%
36.5%NOK 12.00NOK 3.00n/a20
Aug ’25NOK 6.12
NOK 6.26
+2.1%
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 8.00
NOK 6.45
-19.4%
42.8%NOK 13.00NOK 3.50n/a21
May ’25NOK 5.25
NOK 6.48
+23.4%
45.7%NOK 13.00NOK 3.50n/a22
Apr ’25NOK 4.83
NOK 7.06
+46.3%
41.4%NOK 13.00NOK 3.50n/a22
Mar ’25NOK 4.90
NOK 7.39
+50.8%
38.3%NOK 13.00NOK 3.50n/a23
Feb ’25NOK 5.26
NOK 8.61
+63.7%
35.0%NOK 15.00NOK 4.00n/a20
Jan ’25NOK 6.89
NOK 10.07
+46.1%
48.1%NOK 23.00NOK 4.50n/a20
Dec ’24NOK 7.96
NOK 11.27
+41.5%
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 8.39
NOK 15.02
+78.9%
37.8%NOK 25.00NOK 7.00NOK 4.6919
Sep ’24NOK 11.39
NOK 15.45
+35.6%
34.8%NOK 25.00NOK 7.00NOK 5.3621
Aug ’24NOK 13.54
NOK 15.57
+15.0%
33.7%NOK 25.00NOK 7.00NOK 6.1221
Jul ’24NOK 12.59
NOK 15.71
+24.8%
33.7%NOK 25.00NOK 7.00NOK 6.0921
Jun ’24NOK 14.01
NOK 16.14
+15.2%
31.1%NOK 25.00NOK 7.00NOK 8.0021
May ’24NOK 14.61
NOK 16.11
+10.3%
31.5%NOK 25.00NOK 7.00NOK 5.2521
Apr ’24NOK 14.20
NOK 16.05
+13.1%
31.3%NOK 25.00NOK 7.00NOK 4.8321
Mar ’24NOK 15.43
NOK 15.86
+2.8%
32.2%NOK 25.00NOK 7.00NOK 4.9021
Feb ’24NOK 17.37
NOK 14.22
-18.1%
33.2%NOK 25.00NOK 7.00NOK 5.2621
Jan ’24NOK 13.86
NOK 14.22
+2.7%
33.2%NOK 25.00NOK 7.00NOK 6.8921
Dec ’23NOK 15.00
NOK 14.18
-5.5%
33.0%NOK 25.00NOK 7.00NOK 7.9621
Nov ’23NOK 13.05
NOK 14.59
+11.8%
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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