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dc.contributor.advisorSu, Xunhua
dc.contributor.authorShah, Ravi kumar
dc.date.accessioned2018-09-04T07:44:17Z
dc.date.available2018-09-04T07:44:17Z
dc.date.issued2018
dc.identifier.urihttp://hdl.handle.net/11250/2560594
dc.description.abstractWith today’s problem of Global Emission and rise in Greenhouse gas, they way how economy depends on conventional sources of energy must change. To solve this problem several governments and NGOs are shifting focus on green and renewable technology. One of several clean energy companies, Nel Hydrogen ASA is a Norwegian company manufacturing technology, plants, service and solution focused on production of Hydrogen using renewable source of energy. Aim of this this study is to fairly value Nel Hydrogen equity using three stage DCF-model through weighted average cost of capital. Several assumptions are made based on its historical performance and thorough analysis of fuel cell industry and markets. Its market positioning is in strong position due to its long expertise and control of value chain. It is a fast-growing company with high growth ambition and fulfilling it by two major acquisition in 2015 and 2017. Estimation of its future free cashflows and Net Present value shows that Nel Hydrogen equity is not fairly priced in the market. DCF three stage model price its share at Kr 10,06 whereas market price is Kr 2.99. Relative valuation using EV/Revenue multiple supports the DCF estimates. But sensitivity analysis reveals that the company is highly sensitive to growth rate and discount rate. Study concludes that one should invest in Nel hydrogen to get good return in the future.nb_NO
dc.language.isoengnb_NO
dc.subjectfinancenb_NO
dc.subjectverdsettelsenb_NO
dc.titleValuation of Nel Hydrogen ASAnb_NO
dc.typeMaster thesisnb_NO
dc.description.localcodenhhmasnb_NO


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