Nel (Sell, TP: NOK7.00) - Three becomes one
From providing investors exposure to three different hydrogen technologies, Nel has become primarily an alkaline electrolysers case, where it has enjoyed success in order intake. Its two other technologies have suffered headwinds, with fuelling stations facing product quality and warranty issues and its PEM electrolysers needing help from General Motors (GM) to commercialise the product. From a valuation and estimate perspective, we believe the positive alkaline trends are more than offset by the negatives, leading us to cut our 2023–2025e estimates. We reiterate our SELL and NOK7 target price.NEL ASA develops diagnostic tests for early detection of diseases. Co.'s patented method is based on identifying disease-specific gene expression signatures from sample materials, such as blood. Co.'s products in development phase include MCItect, for patients with Mild Cognitive Impairment (MCI) aimed to detect Alzheimer disease within two years prior to onset of dementia, and ADtect, for the detection of mild to moderate Alzheimer disease, as well as one project in discovery phase, namely AMYtect, for brain amyloid detection.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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