Bryan Garnier - NEL (NEL.OL) NEL: 20 MW with Iberdrola: significant, but just a first step | BUY | NOK33

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Bryan Garnier

Xavier Regnard

NEL: 20 MW with Iberdrola: significant, but just a first step | BUY | NOK33

NEL - BUY | NOK33
20 MW with Iberdrola: significant, but just a first step

Big contract with Iberdrola for a 20 MW electrolyser
Collaboration with Iberdrola is starting to deliver - and it could be big
Continued momentum for large electrolysers projects
Valuation is demanding, but we confirm our positive stance

18/01/2021 4 EN

Underlying

NEL

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Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Xavier Regnard

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NEL: 20 MW with Iberdrola: significant, but just a first step | BUY | NOK33

Energy transition & Sustainability Green hydrogen finally ready for take-off | HydrogenPro initiation of coverage Buy – Tprice NOK50/share

NEL: Record order for 200 MW of alkaline electrolyser | SELL | NOK10

NEL: Top-line below expectations, challenged by supply chain disruptions | SELL | NOK10

Eutelsat: EUR1.35bn raise and step towards becoming a strategic French asset

Camurus: CAM2029 Ph2/3 in PLD met primary endpoint, follow up Ph3 TBD

Medincell FY24: Uzedy TRx growth momentum; Runway to profitability

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