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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 0 research reports from 5 professional analysts.
Companies: FOG PHC FEN BBSN ELIX
Cavendish
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
Companies: James Latham Plc
SP Angel
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: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
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Liberum
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Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$
Companies: Quadrise PLC
VSA Capital
22nd 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: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
AUCTUS PUBLICATIONS ________________________________________ Tethys Oil (TETY SS)C; target price of SEK100 per share: Increasing further the size of the prize/Considering Algeria – The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Te
Companies: OKEA WDS GALP RHC RHC ENW EOG UJO TRIN I3E SCIR ZPHR SDX CRCL UOG TETY CEG IOX 0EVE CNE VAR TETY VLE GALP OKEA
Auctus Advisors
Companies: SigmaRoc Plc
Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k
Companies: Capital Limited
Tamesis Partners
Companies: FOG PEB KBT EMR TIME GETB JNEO
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