Rankings Construction & materials Betolar
Betolar
37
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
- Funding and dilution−10
- Quality of growth−8
Strengths
- Strategic investor+2
- Owners subscribe at a premium+2
How the score is built
From 100 to 37, 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 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.83 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −40%
- 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 returnsRevenue of only EUR 1.43m over the last 12 months vs an operating result of -5.7m (operating margin about -400%); EBITDA was -EUR 2.1m in H1 2026 on 0.9m in revenue.
- −8Quality of growthRevenue has grown from a very low level (+51%), but order intake fell to EUR 296,000 in H1 2026 (520,000), and the company has shifted focus several times: from Geoprime building materials to metal extraction and now also defense/critical infrastructure.
- −6Capital allocationBetolar raised about EUR 40m at the 2021 IPO; cash has fallen from 37.4m to 5.9m, and equity is almost used up (P/B 9.7). Financing now comes via convertible notes with 10% PIK interest and bank loans with an EIF guarantee.
- −3MoatPatented technology for turning industrial and mining waste into materials and extracting metals, plus exclusive rights to titanium-bearing waste from the Otanmäki mine, but nothing is yet commercially proven at large scale.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −4Multiples vs own historyEV/Sales 16.0 vs 16.0 (2024) and 23.5 (2025); P/B 9.7 vs 1.8-2.2 in 2022-2024, because equity has been burned off. The price is pure option value on the technology.
- −4PeersEV about EUR 24m on 1.4m in revenue (EV/Sales 16) vs e.g. Nel 2.9 and Vow 1.3; no directly listed peers. Scalewolf does, however, value the two new subsidiaries at EUR 25 + 10m before investment.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−24 of −35
- −10Funding and dilutionCash of EUR 5.9m at 30/6 vs spending of approx. 1.25m per quarter; the general meeting granted authorization for up to 6.47m new shares (30%) for conversion of notes, PIK interest and 'general purposes'. The interest on the notes (10%, 15% from 2031) is added to the principal.
- −5Management and strategyNew CEO (Vibeke Krohn) from 1/8-2026, staff cut from 35 to 28, and the strategy has been reworked again with two new subsidiaries that must be operating by mid-December 2026 at the latest to trigger Scalewolf's investment.
- −6Lack of commercial validationThe collaboration with Anglo American is still at the development stage, and the Otanmäki project requires up to EUR 8m from Scalewolf before year-end, 'subject to final agreements'.
- −3Liquidity in the stockOnly about DKK 9,000 in daily turnover on Nordnet and a free float of about 11m shares; large orders move the price, and it is hard to get out again.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Strategic investorScalewolf invests EUR 1m in convertible notes and 2m directly in the subsidiaries MET (EUR 25m pre-investment) and CIP (10m), and plans up to 8m more in the MET projects.
- +2Owners subscribe at a premiumIlmarinen, Nidoco AB and Ajanta Innovaatiot 2 each subscribed EUR 1m in convertible notes with a conversion price of EUR 2.10 (c. 80% above the share price at the time and more than double today's).
Caveats
What the score does not capture, or where the data is weak.
Betolar started with cement-free building materials (Geoprime) and now has three business areas: metal recovery from mine waste (MET), protection of critical infrastructure (CIP) and circular materials. 'Construction & materials' is chosen as the nearest industry; the metal recovery could also belong under 'Commodities & uranium'. The share count is 21.57m according to the notice for the extraordinary general meeting (July 2026); the convertible announcement mentions 23.08m incl. something that is not clarified. Nordnet's market cap (DKK 139m) is outdated; the market cap is calculated by ourselves: 21.57 × 0.98 = EUR 21.1m ≈ DKK 158m. It is unclear whether the EUR 3m loan from Danske Bank was drawn on 30/6, and whether the convertible notes (3m) were paid in; runway is calculated with cash on 30/6 plus the loan. No analysts on stockanalysis. Short register and insider trades have not been systematically checked. The stock is very illiquid (about DKK 9,000 a day).
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