Rankings Commodities & uranium Bergen Carbon Solutions
Bergen Carbon Solutions
44
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin and returns−12
- Commercial risk−9
- Quality of growth−8
Strengths
- Net cash+3
- Public grant+2
How the score is built
From 100 to 44, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 6.58 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +73%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−29 of −30
- −12Margin and returnsNo revenue; the operating result was −NOK 39.9m over the last 12 months and the net result −34.5m (Q2 2026: −9.9m). The company has lost money every year since the start.
- −8Quality of growthRevenue has fallen from NOK 1.5m (2022) to zero, and the company expects no revenue in the rest of 2026; focus has shifted from process to product development and trials at partners.
- −5Capital allocationBCS raised about NOK 347m in 2021–2022; cash has fallen from 293m to 122m and equity from 309 to 127m. Burn has, however, been cut from about 57m a year (2023) to about 23m (free cash flow, last 12 months).
- −4MoatThe Norwegian patent office has given notice of approval of a patent on purification of the carbon material, but the CNT market is dominated by large Chinese producers (e.g. Cnano) and OCSiAl, Cabot and LG Chem with far greater scale and lower prices.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −6Multiples vs own historyP/B 2.1 vs 1.13 (2025), 0.74 (2024) and 1.88 (2023); the price has risen approx. 65% in a year without revenue or contracts, so the market now pays a clear premium over cash.
- −4PeersEV about NOK 164m with no revenue and P/B 2.1 vs Nel 1.06 and Cavendish Hydrogen 0.44 - expensive relative to other Norwegian green tech companies with cash burn.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−16 of −35
- −9Commercial riskNo customers or offtakers; the product is only being tested as samples with unnamed industrial partners in Europe and Asia, and more external documentation and testing in larger pouch cells is needed before sales can begin.
- −4Changing applicationsThe focus has shifted from carbon nanofibers to concrete/plastic toward battery CNT and most recently lithium-sulfur batteries and defense batteries (drones) in an IFE project where only public support has been applied for.
- −3Future financingCash of NOK 122m lasts about 2.5-3 years, but a commercial plant will require far more capital, so a breakthrough will probably be followed by a large issue or a partner with control.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Net cashCash of NOK 122.1m vs debt of 10.4m; net cash of 111.7m equals approx. 40% of market cap, and the equity ratio is 82%.
- +2Public grantInnovation Norway has granted NOK 30.3m, of which the first instalment of 9.09m was paid out in January 2026 – external validation and non-dilutive financing.
Caveats
What the score does not capture, or where the data is weak.
Bergen Carbon Solutions (BCS) makes carbon nanotubes (CNT) from CO2 for batteries and has no revenue. 'Commodities & uranium' is chosen as the nearest industry (battery materials); cyclical is set to false, as there are no earnings yet that follow a commodity price. Nordnet's market cap (DKK 171m) is outdated; the market cap is calculated by ourselves: 41.97m shares × NOK 6.58 = NOK 276m ≈ DKK 190m. Quarterly burn is calculated from the fall in cash in H1 2026 (NOK 14.6m) plus the Innovation Norway grant of 9.09m that came in during January, i.e. about NOK 11–12m per quarter before grants. No analysts on stockanalysis. Named test partners have not been published. The ownership list (Awilco, the founders) is from 2021 and not verified for 2026. Short register not checked.
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