Teco 2030 financials

Financials

Here you can find the financial data of TECO 2030 and analyses including price targets. In addition, my own estimates.
Here are the official finance statements from TECO 2030: https://teco2030.no/investors/reports/

Price Targets/Financial Analysis

Fearnley Securities: 95 NOK - BUY 22.12.2020 - find the full analysis in my dropbox


Below you can find a button with stock exchange information about TECO 2030. There is also a position called "Short posisjoner" which stands for short selling positions.
Next to it is a button with TECO's home exchange (Euronext Growth - Oslo).

My own estimates

For mobile users: Please download my excel sheet via the button down below. Its easier to use then the website data.
 

These calculations are based on public information:
                                     2021                 2022                  2023                      2024


Own price targets:      3€                       5€                       7€                           9€
Turnover *:             23 Mio Euro      49 Mio Euro      68,9 Mio Euro          130 Mio Euro
P/S Ratio:                   16,17                 12,65                   12,59                       8,58
Market Cap(in Euro): 372 Mio           620 Mio               868 Mio                 1,116 Bn

*Estimated turnover from Fearnley Securities analysis on TECO 2030.

Own estimations on turnover, sold numbers and price per kW for the fuel cells:
A future funnel should generate a turnover from 2 Mio Euro to 4 Mio Euro (depending on ship size). A BWST should generate a turnover from 100.000 Euro to 300.000 Euro (depending on ship size). For the fuel cell I am using a price from 1000€ per kW, at least for the Chemgas Deal (120 MW), for other contracts there could be higher or lower prices.
 

                                          2021                  2022                  2023                    2024
Sold Future Funnel:         10                       20                       30                         40
Sold BWST:                       40                       60                      80                         100
Sold Fuelcell**:                 -                          10 MW              60 MW                 120 MW
Expected turnover:        24 Mio Euro        56 Mio Euro     128 Mio Euro       210 Mio Euro   
P/S Ratio*** (124 Shares): 15,5                11,07                 6,78                       5,31
P/S Ratio (134 Shares): 16,75                   11,96                 7,32                       5,74
P/S Ratio (144 Shares): 18                        12,85                 7,87                        6,17
P/S Ratio (154 Shares): 19,25                   13,75                 8,42                        6,6

**The fuel cell estimations come from a TECO investor presentation where they informed about the capacity steps and planned production.
*** Shares are in Million. This depends on a possible capital raise which could be part of financing for the fuel cell factory in Narvik.

Bullish Targets:

The bullish price targets are set by 10 x turnover as market cap divided by shares.
 

 

                                         2021                  2022                  2023                     2024 

Price targets (124*):        3,7€                  7,9€                  15,3€                    23,5€ 

Price targets (134*):        3,4€                  7,3€                  14,1€                    21,7€ 

Price targets (144*):        3,1€                  6,8€                  13,1€                    20,2€ 

Price targets (154*):        2,9€                  6,3€                  12,32€                  18,9€ 


Sold Future Funnel:          20                      40                      60                         80
Sold BWST:                       60                       80                     100                       120 
Sold Fuelcell**:                 -                          10 MW              60 MW                 120 MW
Expected turnover:        46 Mio Euro        98 Mio Euro     190 Mio Euro       292 Mio Euro    

 

* Shares are in Million. This depends on a possible capital raise which could be part of financing for the fuel cell factory in Narvik. 

**The fuel cell estimations come from a TECO investor presentation where they informed about the capacity steps and planned production. 



Targets from Fearnely numbers (in MIO NOK) for 2021:
                                                Q1                        Q2                      Q3                      Q4
Estimated Turnover:           28                         36                       56                      123     
Real Turnover:                     9.3
Difference:                          -18.7

The turnover from Q1 will be realised in Q2 because of the delivery of the systems. The turnover for Q1 is 1.19 MIO NOK.
All calculations can be found in my excel sheet which you can download via the button below.