Rankings Machinery & automation Cavendish Hydrogen
Cavendish Hydrogen
50
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin and returns−10
- Cash burn and financing−9
- Quality of growth−8
Strengths
- Net cash+2
- Strategic investor+2
How the score is built
From 100 to 50, 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
- 4.66 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −46%
- 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−26 of −30
- −10Margin and returnsGross margin 36%, but EBITDA margin −120% and operating margin −144% over the last 12 months (EBITDA −NOK 184.7m on 153.5m in revenue); adjusted EBITDA was still −EUR 2.1m in Q2 2026.
- −8Quality of growthRevenue fell 23% in H1 2026 to EUR 7.2m, order intake was only EUR 2.4m in Q2 (book-to-bill about 0.5), the order book is 9.6m, and the company expects H2 to be lower than H1.
- −5Capital allocationCash has fallen from EUR 41.8m at the spin-off (2024) to 16.4m at the end of Q2 2026 despite a new issue of EUR 4.8m; the share count rose 17.6% with the BHDT issue.
- −3MoatLarge installed base in Europe (336 tons of hydrogen dispensed in Q2, +13%), but filling stations are a small, project-based market with big competitors such as Linde, Air Liquide and Korean suppliers.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyP/B 0.44 vs 0.42 (2025) and 0.33 (2024); EV only NOK 48m and EV/Sales 0.31. Cheap vs book value, but equity consists mainly of inventory and intangible assets that are being eroded by the losses.
- −2PeersEV/Sales 0.31 vs Hexagon Purus 0.26 and Nel 2.91; P/B 0.44 vs Hexagon Purus 0.43 and Nel 1.06. On par with the weakest hydrogen peers, which fits the cash burn.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−19 of −35
- −9Cash burn and financingCash fell from EUR 20.2m to EUR 16.4m in H1 2026 despite EUR 4.8m from BHDT (about EUR 4.3m per quarter incl. working capital). After a possible outstanding Iwatani settlement of 3.9m, cash lasts about 11 months, so a new issue in 2027 is likely.
- −7Weak end marketThe market for hydrogen cars and fueling stations is shrinking: low order intake (EUR 2.4m in Q2), fewer equipment deliveries in H2 and a small number of large orders (e.g. EUR 1.4m in Luxembourg) make revenue very volatile.
- −3LawsuitSettlement with Iwatani Corporation of America over an old case cost 3.9 m EUR (about 20% of cash) in Q2 2026; the risk is closed, but the money is gone.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Net cashCash of EUR 16.4m vs debt of approx. 1.9m; net cash (14.5m) equals approx. 76% of market cap (approx. EUR 19m).
- +2Strategic investorAustrian BHDT bought 5.94m new shares at NOK 8.73 (67% above the current share price) for approx. NOK 52m and now owns approx. 15% with an industrial collaboration.
Caveats
What the score does not capture, or where the data is weak.
Cavendish makes hydrogen refuelling stations and compressors (spun off from Nel in 2024) and reports in EUR; 'Machinery & automation' is chosen as the closest industry. Penny amounts are converted to NOK at 10.855 NOK/EUR. The share count has risen to 39.70m after the BHDT issue in July 2026 (5.94m new shares), so the market cap is calculated by us: 39.70 × 5.23 = NOK 207.6m ≈ DKK 143m (Nordnet 146). Sources disagree on Q2 revenue (company: EUR 4.4m; Quartr summary: 6.6m); 4.4m is used, as it fits with H1 of 7.2m. It is unclear whether the Iwatani settlement (EUR 3.9m) was paid by the end of Q2. No analysts on stockanalysis. Largest owners beyond BHDT and short register not checked.
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