Rankings Autos & parts LION E-Mobility
LION E-Mobility
55
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
- Multiples vs own history−9
- Quality of growth−7
- Forecast risk−6
Strengths
- Cash flow turnaround+2
- New segment (BESS)+1
How the score is built
From 100 to 55, 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
- 1.70 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +53%
- P/E (trailing)
- 11.4
- Forward P/E
- 8.9
- 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−21 of −30
- −5MarginAudited EBITDA for 2025 was EUR 6.5m (22.8%) and net income 2.3m, after operating losses every year in 2021-2024 (−EUR 8.2m in 2024). In H1 2026 EBITDA was only 0.1m on revenue of 6.9m.
- −7Quality of growthRevenue fluctuates sharply with a few bus manufacturers as customers: EUR 53.8m (2022), 56.9m (2023), 16.8m (2024, -70%), 28.3m (2025) and 6.9m in H1 2026 (10.4m). The H1 decline is due to a planned production stop and customers pulling orders forward to the end of 2025.
- −5MoatLION assembles battery packs from purchased cells with a capacity of 2 GWh and competes with far larger suppliers (Forsee Power, BorgWarner/Akasol, Webasto and Chinese pack makers). The new NMC+ pack was in customer testing in spring 2026, and the BESS business is a single project (20 MWh).
- −4Capital allocation / dilutionPrincipal shareholder Ian Mukherjee has twice converted his loan into 3.0m new shares: at approx. 0.63 EUR per share (January 2025) and approx. 1.11 EUR (November 2025). The share count has risen from approx. 12.4m to 18.4m (+48%) in under two years.
Price
Today's multiples against the company's own history and its peers. · 1 finding−9 of −35
- −9Multiples vs own historyWith the correct share count, EV is about EUR 48m (33.4m market cap plus net debt of about 14.4m), i.e. EV/Sales of about 1.9 TTM against 0.36-1.09 in 2021-2025 and EV/EBITDA of about 9 TTM against 5.0 at the end of 2025. The share price has risen from EUR 0.54 (2024) to 1.82.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−18 of −35
- −6Forecast riskGuidance is for revenue above 35m EUR in 2026 and 'strongly positive' EBITDA, but after 6.9m in H1 that requires more than 28m in H2, i.e. four times the first half, weighted mainly to Q4 and a new NMC+ line that only started at the end of June.
- −6Debt and working capitalAt 31/12-2025: cash EUR 1.16m, debt 15.6m (of which 5.05m short-term), current ratio 0.69 and working capital -4.6m. Management itself calls working capital the biggest bottleneck to scaling, and a large H2 requires inventory and receivables.
- −6GovernanceMajority shareholder Ian Mukherjee is also a lender (convertible loan) and became chairman of the board in June 2026. The 2025 annual report came only on 25 Jun 2026, and the audited EBITDA (6.5m) was 13% lower than the preliminary 7.5m from April.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Cash flow turnaroundOperating cash flow was EUR 7.7m in 2025 versus −6.5m in 2024, and net income turned positive for the first time in several years.
- +1New segment (BESS)The first phase of the BESS project in Finsterwalde with Renoc (5 MW/20 MWh) has been completed with LION Smart containers, and phase 2 (15 MW/40 MWh) is planned for early 2027.
Caveats
What the score does not capture, or where the data is weak.
LION E-Mobility is NOT in restructuring; the standard calibration is used. The company is Swiss (CH ISIN) with production in Germany (LION Smart). stockanalysis is lagging on the share count: it shows 12.38m shares, but after the conversions in January and November 2025 there are 18,375,633 shares (ad hoc 28 Nov 2025). Market cap is therefore 18.38m x EUR 1.82 = EUR 33.4m (about DKK 250m, as Nordnet), and stockanalysis' multiples (P/S 0.90, EV/EBITDA 6.9) are too low; own calculations are used. The balance sheet at 30 Jun 2026 was not found, so cash (1.16m) and debt (15.6m) are as of 31 Dec 2025. The rest of Mukherjee's convertible loan (amount and price) is not disclosed. Mukherjee's exact ownership share is not verified (the company calls him majority shareholder). Customers are not named in 2026 (bus manufacturers; KARSAN was a major customer in 2024). The price target from NuWays (EUR 3.20, paid research) is not used.
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