Pareto calls Nel "undesirable cocktail", cuts to 'sell'

Nel ASA

10/04/2024 11:21

** Pareto Securities cuts rating for Nel  NEL.OL  to "sell"
from "hold"
    ** Brokerage points at current lack of orders for the
Norwegian hydrogen company and the requirement for 6.7 billion
Norwegian crowns in orders as key reason for the downgrade 
    ** "An undesirable cocktail at present," says Pareto,
hightlighting sales pressure from its Fueling division spin-off
and the need for a sizable NOK 1.5 billion equity raise in 2026
    ** In the fourth quarter, Nel reported an EBITDA loss of NOK
106 million ($9.94 million) 
    ** However, brokerage anticipates record Q1'24 on
extraordinary items   


($1 = 10.6611 Norwegian crowns)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuter.com))