Nel ASA

OB:NEL Stock Report

Market Cap: NOK 4.4b

Nel Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: Insufficient data to calculate NEL's future cash flow value for valuation analysis.

Significantly Below Future Cash Flow Value: Insufficient data to calculate NEL's future cash flow 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 Ratio4.2x
SalesNOK 963.11m
Market CapNOK 4.37b

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 Average1x
ZAP Zaptec
2x12.43%NOK 3.0b
MORLD Moreld
0.3x-7.02%NOK 3.3b
AKVA AKVA group
1.1x9.53%NOK 5.0b
MULTI Multiconsult
0.8x6.42%NOK 4.5b
NEL Nel
4.2x16.82%NOK 4.4b

Price-To-Sales vs Peers: NEL is expensive based on its Price-To-Sales Ratio (4.2x) compared to the peer average (1x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

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

24 CompaniesPrice / SalesEstimated GrowthMarket Cap
NEL 4.2xIndustry Avg. 1.4xNo. of Companies26PS01.22.43.64.86+
24 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: NEL is expensive based on its Price-To-Sales Ratio (4.2x) compared to the European Electrical industry average (1.4x).

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 Ratio4.2x
Fair PS Ratio2.4x

Price-To-Sales vs Fair Ratio: NEL is expensive based on its Price-To-Sales Ratio (4.2x) compared to the estimated Fair Price-To-Sales Ratio (2.4x).

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 2.19
NOK 2.14
-2.45%
39.83%NOK 4.20NOK 1.00n/a11
Apr ’27NOK 2.14
NOK 2.14
-0.17%
39.83%NOK 4.20NOK 1.00n/a11
Mar ’27NOK 2.04
NOK 2.18
+7.03%
38.36%NOK 4.20NOK 1.00n/a12
Feb ’27NOK 2.20
NOK 2.21
+0.47%
36.48%NOK 4.20NOK 1.20n/a12
Jan ’27NOK 2.23
NOK 2.22
-0.62%
37.81%NOK 4.20NOK 1.20n/a11
Dec ’26NOK 2.34
NOK 2.28
-2.94%
36.25%NOK 4.20NOK 1.20n/a12
Nov ’26NOK 2.22
NOK 2.23
+0.67%
35.75%NOK 4.20NOK 1.20n/a13
Oct ’26NOK 2.22
NOK 2.23
+0.67%
35.75%NOK 4.20NOK 1.20n/a13
Sep ’26NOK 2.30
NOK 2.29
-0.25%
35.91%NOK 4.20NOK 1.20n/a13
Aug ’26NOK 2.48
NOK 2.29
-7.42%
35.91%NOK 4.20NOK 1.20n/a13
Jul ’26NOK 2.59
NOK 2.43
-6.38%
38.20%NOK 4.20NOK 1.20n/a14
Jun ’26NOK 2.18
NOK 2.94
+34.40%
55.89%NOK 8.10NOK 1.30n/a17
May ’26NOK 2.22
NOK 2.94
+32.25%
55.59%NOK 8.10NOK 1.40n/a17
Apr ’26NOK 2.42
NOK 3.22
+32.88%
47.57%NOK 8.10NOK 1.40NOK 2.1419
Mar ’26NOK 2.23
NOK 3.38
+51.58%
51.89%NOK 8.10NOK 1.40NOK 2.0418
Feb ’26NOK 2.38
NOK 3.54
+49.10%
51.73%NOK 8.10NOK 1.50NOK 2.2017
Jan ’26NOK 2.70
NOK 4.27
+57.94%
37.10%NOK 8.10NOK 2.00NOK 2.2317
Dec ’25NOK 3.03
NOK 4.81
+58.60%
49.16%NOK 12.00NOK 2.00NOK 2.3418
Nov ’25NOK 4.28
NOK 5.03
+17.61%
45.84%NOK 12.00NOK 2.50NOK 2.2218
Oct ’25NOK 4.69
NOK 6.01
+28.10%
36.10%NOK 12.00NOK 3.00NOK 2.2219
Sep ’25NOK 5.36
NOK 6.22
+16.00%
36.55%NOK 12.00NOK 3.00NOK 2.3020
Aug ’25NOK 6.12
NOK 6.26
+2.14%
36.36%NOK 12.00NOK 3.25NOK 2.4820
Jul ’25NOK 6.09
NOK 6.18
+1.54%
38.59%NOK 13.00NOK 3.39NOK 2.5921
Jun ’25NOK 8.00
NOK 6.45
-19.43%
42.78%NOK 13.00NOK 3.50NOK 2.1821
May ’25NOK 5.25
NOK 6.48
+23.43%
45.69%NOK 13.00NOK 3.50NOK 2.2222
Apr ’25NOK 4.83
NOK 7.06
+46.26%
41.38%NOK 13.00NOK 3.50NOK 2.4222
NOK 2.14
Fair Value
2.5% overvalued intrinsic discount
11
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/16 17:25
End of Day Share Price 2026/04/16 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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.

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 Github.

Analyst Sources

Nel ASA is covered by 22 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
James CarmichaelBerenberg
Alexander JonesBofA Global Research
Mikkel Nyholt-SmedsengCarnegie Investment Bank AB