Aker Carbon Capture Valuation

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

ACC (NOK5.78) is trading below our estimate of [[fair value]] (NOK14.65)

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: ACC (NOK5.78) is trading below our estimate of fair value (NOK14.65)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for ACC. This is calculated by dividing ACC's market cap by their current revenue.
What is ACC's PS Ratio?
PS Ratio	2.2x
Sales	NOK 1.60b
Market Cap	NOK 3.43b

ACC 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	-9.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for ACC 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	8.5x
QFUEL Quantafuel	21.8x	105.3%	NOK 1.8b
PYRUM Pyrum Innovations	11.5x	48.8%	NOK 1.2b
AKH Aker Horizons	0.3x	n/a	NOK 1.3b
VOW Vow	0.3x	29.2%	NOK 239.1m
ACC Aker Carbon Capture	2.2x	20.5%	NOK 3.5b

Price-To-Sales vs Peers: ACC is good value based on its Price-To-Sales Ratio (2.2x) compared to the peer average (8.5x).

Price to Sales Ratio vs Industry

How does ACC's PS Ratio compare vs other companies in the European Commercial Services Industry?

11 Companies	Price / Sales	Estimated Growth	Market Cap

11 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: ACC is expensive based on its Price-To-Sales Ratio (2.2x) compared to the European Commercial Services industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

What is ACC'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.

ACC PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.2x
Fair PS Ratio	1.3x

Price-To-Sales vs Fair Ratio: ACC is expensive based on its Price-To-Sales Ratio (2.2x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

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 ACC 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 5.78	NOK 12.29 +112.6%	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 6.18	NOK 12.00 +94.3%	35.0%	NOK 20.00	NOK 7.20	n/a	8
Sep ’25	NOK 6.18	NOK 12.00 +94.3%	35.0%	NOK 20.00	NOK 7.20	n/a	8
Aug ’25	NOK 6.50	NOK 12.00 +84.6%	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 7.42	NOK 12.11 +63.3%	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 5.80	NOK 13.52 +133.1%	30.7%	NOK 20.00	NOK 7.00	n/a	10
Mar ’25	NOK 7.94	NOK 14.78 +86.1%	23.4%	NOK 20.00	NOK 7.00	n/a	9
Feb ’25	NOK 10.71	NOK 14.78 +38.0%	23.4%	NOK 20.00	NOK 7.00	n/a	9
Jan ’25	NOK 13.58	NOK 14.78 +8.8%	23.4%	NOK 20.00	NOK 7.00	n/a	9
Dec ’24	NOK 10.25	NOK 14.78 +44.2%	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 11.33	NOK 17.33 +53.0%	21.2%	NOK 22.00	NOK 10.00	NOK 6.18	9
Sep ’24	NOK 11.78	NOK 17.33 +47.1%	21.2%	NOK 22.00	NOK 10.00	NOK 6.18	9
Aug ’24	NOK 15.23	NOK 17.33 +13.8%	21.2%	NOK 22.00	NOK 10.00	NOK 6.50	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 12.63	NOK 18.39 +45.6%	29.7%	NOK 30.00	NOK 10.00	NOK 7.42	9
May ’24	NOK 10.89	NOK 19.17 +76.0%	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 5.80	9
Mar ’24	NOK 15.23	NOK 21.50 +41.2%	25.6%	NOK 30.00	NOK 13.00	NOK 7.94	8
Feb ’24	NOK 15.43	NOK 21.75 +41.0%	26.1%	NOK 30.00	NOK 13.00	NOK 10.71	8
Jan ’24	NOK 11.56	NOK 21.75 +88.1%	26.1%	NOK 30.00	NOK 13.00	NOK 13.58	8
Dec ’23	NOK 11.08	NOK 21.22 +91.5%	26.2%	NOK 30.00	NOK 13.00	NOK 10.25	9
Nov ’23	NOK 12.51	NOK 21.78 +74.1%	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.