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Ennogie Solar Group (ESG) Fair Value & Analysis

Technology · DK · Market cap 115M DKK

ES Ennogie Solar Group ESG · CO
Pricekr 1.89
Fair Valuekr 0.7000
Upside-63.0%
Quality34/100
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Mixed Growth
Loss-making · -7.1% net margin
Low debt · negative free cash flow
Mixed vs. peers (4/10)
Narrow moat 29/100
Evidence: Low Range kr 0.4200 – kr 0.9100 Share as image

Fair value as of: Jul 14, 2026

From 4 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from kr 1.76 to kr 0.7000 (−60.2%) since Jun 24, 2026. Share price −43.9% over the past month.

Below-average quality, and screening another 63% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 0.9100). The favourable scenario is already priced in.
  • Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (kr 0.4200 to kr 0.9100) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 33.00 kr 1.86 Fair Value kr 0.7000 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range kr 1.86 – kr 33.00 · fair‑value band kr 0.4200 – kr 0.9100 · the kr 1.89 price screens above the kr 0.7000 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Ennogie Solar Group (ESG) currently trades at kr 1.89, while our model-based Fair Value estimate is kr 0.7000, implying the stock looks roughly 63.0% overvalued today. The Quality Score stands at 34/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Ennogie Solar Group generated revenue of 52.8M DKK at a net margin of -7.1%. Revenue grew 105.6% year over year. It earns a return on equity of -21.6%. Net debt stands at 14.5M DKK. Fundamentals as of Jul 14, 2026

Our scenario range runs from kr 0.4200 (bear case) to kr 0.9100 (bull case); at kr 1.89, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 74% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -7% fair-value upside, at -63%, ESG screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Gordon GGM kr 3.13 kr 5.24 kr 6.80 70
DDM Multi-Stage kr 3.13 kr 4.97 kr 5.63 61
EV/EBITDA kr 0.0100 54
All 4 models by family
Dividend Discount
Gordon GGM kr 3.13 kr 5.24 kr 6.80 70
DDM Multi-Stage kr 3.13 kr 4.97 kr 5.63 61
Multiples
EV/EBITDA kr 0.0100 54
Asset-Based
NCAV (Graham) kr 0.2900 kr 0.3900 kr 0.5900 50

Widest divergence: Dividend Discount (kr 4.97) versus Asset-Based (kr 0.3900). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) 52.8M DKK
Revenue growth (YoY) +106%
Net margin -7.1%
Return on equity -21.6%
Free cash flow −7.7M DKK FY2025
Operating margin 22.1%
More key figures
EPS (TTM) kr -0.0800
Net debt 14.5M DKK FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 34/100

Of which business quality 33 · Market factors (momentum, volatility) 16

Profitability 21
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 2
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 56
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Ennogie Solar Group A/S develops, manufactures, and sells building-integrated solar roofs and facades in Denmark and Germany. It also engages in battery solutions and installation business. Ennogie Solar Group A/S was founded in 1951 and is based in Herning, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ennogie Solar Group reported revenue of kr 52.8M in FY2025 versus kr 3.1M in FY2021, a compound +103.9%/yr. Reported net income was −kr 3.8M in FY2025.

Growth Quality 34/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
52.8M DKK
Latest YoY
+14.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+108.2%
Avg. growth/yr (16Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−6.3%
Revenue +103.9%/yr
FY21 kr 3.1M
FY22 kr 61.1M
FY23 kr 98.8M
FY24 kr 46.2M
FY25 kr 52.8M
Net income
FY21 −kr 28.7M
FY22 −kr 11.7M
FY23 −kr 8.0M
FY24 −kr 13.9M
FY25 −kr 3.8M

ESG screens 63% overvalued. Compare with First Solar, Inc →

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Cite: Fair Value Calculator (2026). "Ennogie Solar Group Fair Value". https://www.fairvalue-calculator.com/stock/ESG

Peer Group

Solar · 118 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 34 · Below median
Fair Value upside −63% · Bottom 25%
Return on assets -3% · Below median
Net margin (TTM) -7% · Below median
Operating margin (TTM) 22% · Top 25%
Revenue growth 106% · Top 25%
Debt / equity 0.38× · Higher than median

Valuation Multiples vs Solar median · lower = cheaper

P/B 0.91× · Cheaper than median
P/S (TTM) 0.34× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 18
FUTURE 100 · sector 0
PAST 0 · sector 0
HEALTH 81 · sector 85
DIVIDEND 0 · sector 14

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Solar stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
First Solar, Inc FSLR $221.03 $284.45 +29%
Nextpower Inc NXT $111.50 $69.61 -38%
Waaree Energies Limited WAAREEENER ₹2,923 ₹3,613 +24%
Tongwei Co 600438 ¥13.08 ¥12.13 -7%
Jinko Solar Co 688223 ¥4.39 ¥4.75 +8%
Hengdian Group 002056 ¥21.64 ¥22.76 +5%
CSI Solar Co 688472 ¥10.11 ¥7.01 -31%
Enphase Energy, Inc ENPH $44.83 $22.20 -50%
Premier Energies Limited PREMIERENE ₹1,086 ₹912.32 -16%
Trina Solar Co 688599 ¥12.98 ¥7.97 -39%

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Frequently asked questions

Is Ennogie Solar Group (ESG) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of kr 0.7000 versus a price of kr 1.89, about −63% (overvalued).
What is the fair value of ESG?
Our model-based fair value for Ennogie Solar Group is kr 0.7000 (as of Jul 14, 2026), built from audited fundamentals. The current price is kr 1.89.
What is the quality score of ESG?
Ennogie Solar Group has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Ennogie Solar Group (ESG)?
Ennogie Solar Group reported trailing-twelve-month revenue of about 52.8M DKK (latest available figure, as of Jul 14, 2026).
What is the net profit margin of ESG?
The net profit margin of Ennogie Solar Group is about -7.1%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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