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Nel’s Q3 results missed the company-complied consensus on revenues but were ahead of them on EBITDA. The order intake declined yoy but the order backlog remained at a high level. Revenue growth was propelled by the electrolyser division (80% of Q3 revenues) and the EBITDA loss narrowed yoy. Profitability showed a yoy improvement in the Electrolyser division with miniscule improvements also visible in Fueling. The former, however, is yet to show a further step-up on its margin improvement ambitio
Companies: NEL (NEL:STO)NEL ASA (NEL:OSL)
AlphaValue
Nel released a decent set of Q2 figures with revenues beating the company-compiled consensus and profitability bang in line. Order intake and the order backlog continued to grow yoy. Revenue growth was driven by soaring revenues in the Electrolyser division (82% of Q2 revenues) and the EBITDA loss narrowed yoy. The profitability in the Electrolyser division has shown improvements for two consecutive quarters and we expect more of the same in the H2.
Nel’s Q1 results were better than expected versus the company-compiled consensus. Order intake was once again solid and the order backlog also registered good growth. Revenue growth was seen across both electrolyser and fuelling with the EBITDA loss narrowing across divisions. Nel has sufficient liquidity on its books after completing the latest NOK1.6bn private placement and is on track with planned capacity expansions. While the company does not provide an outlook, we feel comfortable with our
Nel’s 2022 results were ahead of expectations on revenues and orders but below on profitability. Order and revenue growth were supported by growing demand across both businesses. Profitability was, however, dragged down due to higher losses in fuelling, lower margins on legacy projects, and increased personnel costs. Nel has sufficient liquidity following another recent capital raise. The company is planning an expansion at its PEM factory and is also close to finalising the site for its US giga
We initiate coverage of Nel, another pure play in the hydrogen sector. Based in Norway, Nel has almost a 100-year-old history of delivering Alkaline electrolysers and has recently diversified into PEM. Additionally, Nel also sells hydrogen fuelling stations that serve fuel cell electric vehicles. The company has electrolyser manufacturing plants in Norway and the USA, with fuelling station manufacturing located in Denmark. Nel’s shares are listed on the Oslo Stock Exchange.
We raise our TP in Nel to NOK 35 (25) based on a combination of further positive developments in the hydrogen space and insights gained at the company’s CMD. Since our previous update, more countries have launched hydrogen strategies, earmarked sizeable funds to stimulate demand and Nel has demonstrated its strong position through e.g. the Iberdrola contract. In our base case, we find the current share price fair, hence downgrade to Hold.
Companies: NEL ASA
Arctic Securities
Nel launching a USD 1.5/kg green hydrogen target by 2025 Implying electrolyser system costs in the range 200-300 USD/kW Planning a >2.5x PEM capacity expansion in addition to alkaline Except for capex, limited new specific guidance
Revenues and EBITDA fairly in line with estimates and guiding Though, flat revenue development YoY could be seen as a bit soft Partnerships with Statkraft and Iberdrola are the highlights so far this fall Limited new information and we don’t expect any big estimate changes
Revenue growth of 21 % YoY EBITDA of NOK -49m – cash position of NOK 2.566m All time high order backlog - increase of 75 QoQ Capacity per production line likely to be upped to 500 MW – Bullish
We raise our TP in Nel to NOK 25 on the back of an updated modelling approach, where our new base case DCF value amounts to 23 NOK/sh. Our inputs for hydrogen demand are supported by e.g. the EU’s repeated commitment to the “green deal” with corresponding ambitious targets for green hydrogen. Following its recent placement, Nel is very well capitalized and management can focus on organizing the company so as to yield the best results in the long-term.
Marginal revenue growth YoY Adj. EBITDA of NOK -41.7m – negatively impacted by growth initiatives All time high order backlog No change to long-term expansion plan
18% and 41% revenue growth QoQ and YoY, respectively EBITDA and cash position already well-known following trading update Cheaper renewable energy and political forces to drive market expansion Hosting its first capital markets day in June this year
Research Tree provides access to ongoing research coverage, media content and regulatory news on NEL ASA. We currently have 93 research reports from 5 professional analysts.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: James Latham Plc
SP Angel
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: Ilika plc
Liberum
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Companies: MPE TRI VNET BVXP HVO
Companies: Gattaca plc
Companies: Severfield Plc
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Companies: Vianet Group plc
Companies: ANTO RIO FXPO AAL TRR GLEN BHP
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