Nel spin-off Cavendish halves in value over three days

Nel ASA

14/06/2024 10:08

** Shares in Nel  NEL.OL  spin-off Cavendish Hydrogen
 CAVEN.OL  lose half of their value since the fuelling company's
debut in Oslo on Wednesday
    ** Shares fall 19% on Friday to NOK 15.20, extending their
losses for the third day
    ** Stock is down 48% compared to its opening price of NOK 29
on Wednesday and down 52% from a reference price of NOK 31.60
based on Nel's estimated value of the company
    ** "It is not a mystery that there is a long way ahead of
Cavendish to scale the business up and achieving the break-even
point, so the market is adjusting that valuation to perhaps more
realistic assumptions," says Bank Pekao analyst Damian Szparaga

($1 = 10.6841 Norwegian crowns)

 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@thomsonreuters.com))