SB1M er ute med en oppdatert analyse på NEL hvor de løfter kursmålet fra 4,4 til 5,0. De skriver blant annet følgende:

"NEL (Buy tp NOK5.0): Nikola contract gives growth confidence

Conclusion
We reiterate our Buy recommendation on NEL and increase our target price to NOK5.0 from NOK4.4 per share. On 28 June 2018, NEL signed a contract with Nikola Motors to supply 448 electrolysers in 56 hydrogen-fuelling stations, representing approximately NOK8.2bn revenues on our estimate. Based on the contract and other projects, we estimate that NEL's revenue will more than quadruple to NOK2.4bn in 2020. In addition to the significant revenue contribution, the contract gives NEL the opportunity to increase production capacity to 340MW from 40MW and thus become industrial scale to reduce cost by c.40%. It gives NEL a quality stamp as the contract was highly attractive in the market, which combined with cost reductions makes us confident in growth both from Nikola and globally

Our analysis
• Nikola aims for 700 stations in the US, NEL got the first 56. NEL management has done very well to secure a contract for the first 56 hydrogen stations with Nikola in tough competition with its peers. We believe that the contract can contribute with revenues of approximately NOK8.2bn (USD1bn) and EBITDA of NOK1.3bn from 2020 to 2024. The contract gives confidence on the estimates from 2020-2024, and we believe NEL is in pole position to secure more of the planned 700 stations from Nikola in the US. In addition, we believe the contract gives support in the quality of NEL's electrolysers and fuelling stations, which is estimated to boost growth in other parts of the world as well.

• Industrial scale reduce cost by 40%. To fulfil the contract, NEL did a private placement to fund an expansion of its facility in Notodden (Norway) to 290MW from 40MW, with the opportunity to scale up to 340MW. Management expects to be able to reduce cost by 40% due to scale, which would make the company even more competitive.

• Valuation. We increase our target price to NOK5.0 from NOK4.4 based on a DCF basis with a conservative 2% terminal growth rate after 2025. The target price (current share price) represents a P/E of 12x (7.9x) on our 2022 estimates.

Analysts
Jonas Meyer"