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There (NELO) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of There NOK 0.64, price NOK 2.07, upside -69.1%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Sep 24, 2026
There
NELO · STWeakest SetupStrongly overvalued and low quality.
!Fair value kr 0.6400 · Strongly overvalued (−69.1%)
!Quality 32/100
!Expensive Growth (revenue 5y +8.1 %/yr)
!Loss-making · -131.4% net margin (FY2025)
!Low debt · negative free cash flow
!Narrow moat 23/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 1.86 – kr 21.18 · fair‑value band kr 0.5200 – kr 0.7600 · the kr 2.07 price screens above the kr 0.6400 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
There is no Profile data available for NELO.ST.
Stock analysis
There (NELO) currently trades at kr 2.07, while our model-based Fair Value estimate is kr 0.6400, 69.1% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Dividend Discount group reads highest at a median of kr 0.8200 per share, and 0 of the 4 models we run sit above the kr 2.07 price.
Bear case: the Asset-Based group reads lowest at kr 0.2300, and 4 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 0.5200 (bear) to kr 0.7600 (bull), the price of kr 2.07 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 32/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
There reported revenue of 963M NOK in FY2025 versus 798M NOK in FY2021, a compound +4.8%/yr. Reported net income was −1.3B NOK in FY2025.
Key figures
Market cap 24.0B NOK (≈ $2.5B) · Dividend yield 2.6% · Net margin −131% · Return on equity −3,173% · Return on assets (EBIT) −10.3% · Free cash flow −543M NOK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 45% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −49% fair-value upside, at −69%, NELO screens richer than that median.
Fair Value models
Bear kr 0.5200
Fair Value kr 0.6400
Bull kr 0.7600
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EV/EBITDA
kr 0.4800
kr 0.5900
kr 0.7000
67
DDM Multi-Stage
kr 0.4700
kr 0.8200
kr 1.00
65
Gordon GGM
kr 0.4700
kr 0.9400
kr 1.43
64
All 4 models by family
Dividend Discount
Gordon GGM
kr 0.4700
kr 0.9400
kr 1.43
64
DDM Multi-Stage
kr 0.4700
kr 0.8200
kr 1.00
65
Multiples
EV/EBITDA
kr 0.4800
kr 0.5900
kr 0.7000
67
Asset-Based
NCAV (Graham)
kr 0.1700
kr 0.2300
kr 0.3400
54
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Set up alert →Quality Score breakdown
Overall quality
32/100
Of which business quality 34 · Market factors (momentum, volatility) 19
Profitability
5
Margins and returns on capital today
Quality Growth
27
Are margins and returns improving?
Cashflow
0
Earnings quality: real cash, not paper profit
Fin. Strength
100
Balance sheet, leverage, solvency risk
Investment
67
Disciplined investing over empire-building
Low Volatility
0
Calm price path (market factor)
Momentum
31
Price trend over the last 3–12 months (market factor)
52W Momentum
21
Distance to the 52-week high (market factor)
Net Issuance
12
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
18/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−30.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+1.7%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+8.1%
Start year 2020 (pandemic). Over 10 years: +27.0% a year
Revenue growth 12 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+106.9%
’14
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−62.6% (2020) → −71.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
NELO screens overvalued: fair value 69% below the price. Compare with GE Vernova Inc →
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Peer Groupⓘ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.Specialty Industrial Machinery · 789 stocks
Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Industrials
- Valuation of the Sweden market
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
Similar stocks
10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| GE Vernova Inc GEV | $950.49 | $142.61 | −85% |
| SIE SIE | €271.90 | €150.42 | −45% |
| Eaton Corporation ETN | $433.27 | $173.12 | −60% |
| Parker-Hannifin Corporation PH | $970.37 | $494.81 | −49% |
| Emerson Electric Co EMR | $155.10 | $62.54 | −60% |
| Illinois Tool Works Inc ITW | $257.28 | $153.33 | −40% |
| Cummins Inc CMI | $516.57 | $359.11 | −30% |
| AMETEK, Inc AME | $250.74 | $125.77 | −50% |
| Rockwell Automation, Inc ROK | $442.45 | $139.31 | −69% |
| Sandvik AB SAND | kr 362.00 | kr 193.59 | −47% |
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Frequently asked questions
Is There (NELO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 0.6400 versus a price of kr 2.07, about −69% upside (overvalued).
What is the fair value of NELO?
Our model-based fair value for There is kr 0.6400 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 2.07.
What is the quality score of NELO?
There has a Quality Score of 32/100. 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 price target for There (NELO)?
Our model-based price target is the fair value of kr 0.6400 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario kr 0.5200, optimistic scenario kr 0.7600. It is a calculation from audited fundamentals, not an analyst target.
What is the There stock forecast for 2026?
Our models put fair value at kr 0.6400, about −69% upside versus a price of kr 2.07 (overvalued). Cautious scenario kr 0.5200, optimistic scenario kr 0.7600. The calculation is refreshed regularly with new filings.
Does There pay a dividend?
There currently shows a dividend yield of about 2.61% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of There (NELO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For There it is kr 0.6400 per share (as of Sep 24, 2026), against a price of kr 2.07. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is There stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NELO trades above its calculated fair value: price kr 2.07, fair value kr 0.6400, a gap of about −69% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NELO?
No. The price is what the market pays today (kr 2.07); the fair value is what the company's own numbers justify (kr 0.6400). For There the two are kr 1.43 per share apart. That gap is exactly why we show both numbers side by side.
How much is There worth?
The market values There at about 24.0B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 2.07; our models calculate a fair value of kr 0.6400 per share.
What do the bullish and bearish scenarios say about NELO?
Our models span a range for There: cautious scenario kr 0.5200, base kr 0.6400, optimistic kr 0.7600 per share (as of Sep 24, 2026, price kr 2.07). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is NELO from its 52-week high?
There trades at kr 2.07, about 45% below its 52-week high of kr 3.76 and 12% above the low of kr 1.86 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.6400 is for.
Which stocks are comparable to There?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is There stock attractive at the current price?
The data as of Sep 24, 2026: price kr 2.07, calculated fair value kr 0.6400 (−69%), Quality Score 32/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NELO calculated?
We run There through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 0.6400, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. There itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of There (NELO)?
The closing price on Oct 2, 2026 was kr 2.07. Our model-based fair value is kr 0.6400, about −69% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with There right now?
The price sits above even our optimistic bull case (kr 0.7600). The favourable scenario is already priced in. Weak quality (32/100) 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.
Key figures of There
How large is the market capitalisation of There (NELO)?
The market capitalisation of There is 24.0B NOK (≈ $2.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the dividend yield of There (NELO)?
The dividend yield of There is 2.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of There (NELO)?
The net margin of There is −131% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of There (NELO)?
The return on equity (ROE) of There is −3,173% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of There (NELO)?
On an EBIT basis the return on assets of There is −10.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does There (NELO) generate?
The free cash flow of There is −543M NOK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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