NEL ASA stock gets a NOK 0.30 target from SB1 Markets

Published on 10/04/2026 at 13:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NEL ASA stock traded at NOK 2.08 on October 2, 2026, within a NOK 1.92 to NOK 3.96 yearly range. Q2 revenue fell 12 percent to NOK 153.4 million.

NEL ASA, NO0010081235, Illustration mit AI erstellt.

NEL ASA (ISIN NO0010081235) stock was last at NOK 2.08 on the Oslo Stock Exchange on October 2, 2026 at 4:25 p.m. CEST, up 0.72 percent on the session. On October 1, SB1 Markets maintained its Sell recommendation and set a NOK 0.30 price target, according to Boerse Express.

Analyst target stays below market

The target is materially below the Oslo quotation, leaving a wide gap between the analyst view and the market price. SB1 Markets cited global electrolyzer overcapacity and Nel's limited market share as reasons for its cautious assessment, Boerse Express reported on October 1, 2026.

The company is pursuing a more specialized order stream. Nel Hydrogen US received additional Collins Aerospace orders worth USD 7 million for PEM electrolyzer stacks used in submarine life-support systems, bringing the related third-quarter order intake to USD 20 million, according to Yahoo Finance on September 30, 2026.

Orders rise as revenue contracts

Nel's second-quarter customer-contract revenue fell 12 percent year over year to NOK 153.4 million, while EBITDA reached negative NOK 155.0 million. At the same time, order intake rose 224 percent year over year to NOK 230.0 million, according to Boerse Express in its report on the second quarter of 2026.

The contrast matters for valuation: stronger bookings have yet to translate into positive operating earnings. Nel also ended Q2 with NOK 1.3 billion in cash, while the order backlog stood at NOK 1.2 billion, giving the next report two central tests: delivery of new orders and progress toward lower losses.

Q3 report sets the next checkpoint

Nel's investor-relations calendar lists the Q3 2026 quarterly report for October 15, 2026. The company's shares are listed on the Oslo Stock Exchange under ticker NEL, according to Nel ASA.

The October report will show whether the USD 20 million Collins Aerospace order intake adds to a broader recovery or remains concentrated in a specialist application. For investors, the key comparison is clear: order intake improved sharply in Q2, while revenue and EBITDA moved in the opposite direction.

Stock remains below yearly high

NEL ASA stock was last at NOK 2.08 on Oslo Stock Exchange on October 2, 2026 at 4:25 p.m. CEST, against a 52-week range of NOK 1.92 to NOK 3.96. Market capitalization was NOK 3.8 billion and trading volume was 644,047 shares on the same date.