Nel ASA (NEL) Fair Value & Analysis
Industrials · NO · Market cap 4.1B NOK
Fair value as of: Jul 16, 2026
From 3 valuation models · updated today
Share price −8.4% over the past month.
Price vs Fair Value (12 months)
12‑month range kr 1.98 – kr 3.85 · fair‑value band kr 2.32 – kr 6.03 · the kr 2.18 price screens below the kr 4.28 fair value. As of Jul 16, 2026.
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Nel ASA (NEL) currently trades at kr 2.18, while our model-based Fair Value estimate is kr 4.28, implying the stock looks roughly 97.0% undervalued today. We read business quality at 19/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.
Trailing-twelve-month revenue stands at 956M NOK. Revenue declined 4.7% year over year. It earns a return on equity of -27.9%. The balance sheet holds a net cash position of 2.9B NOK. Fundamentals as of Jul 16, 2026
Our scenario range runs from kr 2.32 (bear case) to kr 6.03 (bull case); at kr 2.18, the current price sits below that range. The share trades about 45% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -56% fair-value upside, at 97%, NEL screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 16, 2026. TTM = trailing twelve months.
About the company
Nel ASA, a hydrogen company, provides solutions to produce, store, and distribute hydrogen from renewable energy in Norway and internationally. It operates through Nel Alkaline Electrolyser and Nel PEM Electrolyser segments. The Nel Alkaline Electrolyser segment supplies hydrogen production equipment based on alkaline water electrolysis technology. The Nel PEM Electrolyser segment supplies hydrogen production equipment based on proton exchange membrane (PEM) water electrolysis technology. The company was formerly known as DiaGenic ASA and changed its name to Nel ASA in October 2014. Nel ASA was founded in 1927 and is headquartered in Oslo, Norway.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Nel ASA reported revenue of kr 963M in FY2025 versus kr 753M in FY2021, a compound +6.3%/yr. Reported net income was −kr 1.3B in FY2025.
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| SMNS SMNS | C$31.76 | C$22.85 | -28% |
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| Siemens Energy AG SMEGF | $192.99 | $47.30 | -75% |
| Eaton Corporation ETN | $407.28 | $171.92 | -58% |
| Parker-Hannifin Corporation PH | $962.14 | $404.40 | -58% |
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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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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.