Rankings Utilities & power Magnora

Magnora

Utilities & power · NorwayRank 455 of 829Prices 3 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

Margin−10
Data centre execution and financing−7
Quality of growth−5

Strengths

Net cash with no debt+3
Validation of the data centre portfolio+1

How the score is built

From 100 to 57, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

57Score

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: 20.05 NOK
Median analyst target: 29.27 NOK
Upside to median: +46.0%
Analysts: 3
Target range: 24.03 – 34.43 NOK
52-week change: −4%
P/E (trailing): n/a
Forward P/E: 18.5
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−23 of −30

Margin
Operating loss of NOK 87.7m on revenue of NOK 49.5m over the last 12 months (operating margin −177%) and net loss of 73.9m; Q2 alone gave a net loss of NOK 34.9m and only 1.6m in revenue.
stockanalysis.com
−10
Quality of growth
Revenue consists of lumpy project sales and earn-outs (97.7m in 2025, 2.3m in 2024) and fell 3.5% TTM; lower gains on project sales in 2026.
stockanalysis.com
−5
Moat
Project development (early stage, permits and sales to larger players) has low barriers to entry and many competitors; the data centre portfolio of 585 MW gross has no customers or operations yet.
quartr.com
−5
Capital allocation
Directed issue of 8.2m shares at NOK 29 in May 2026 (about +10% new shares) and NOK 100m invested in MDATA; dividend of NOK 0.75 in 2025 despite a loss. Positive: the issue was made at a price 37% above today's.
inderes.dk
−3

Price

Today's multiples against the company's own history and its peers. · 2 findings−6 of −35

Multiples vs own history
P/B 1.51 vs 3.40 (2025), 4.41 (2024) and 3.93 (2023) – lowest in five years, but distorted by minority interests; P/S 30.8 and EV/Sales 20.3 are high vs 12.8/10.8 in 2025.
stockanalysis.com
−2
Price vs sum-of-the-parts
61% of market value is the MDATA stake (52.7m shares × NOK 17.40 ≈ NOK 917m), and MDATA is priced at NOK 1.74bn with no revenue or customers – so Magnora's value rests on a speculative pricing of the data center subsidiary.
stockanalysis.com
−4

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−15 of −35

Data centre execution and financing
MDATA has 585 MW gross in Norway, Finland, Sweden and Italy, but data centres cost billions per 100 MW; without a customer and project financing MDATA will need to raise more capital, which dilutes Magnora's 52.7%.
live.euronext.com
−7
Delayed project sales
Over 2,500 MW is in or ready for sales processes, and transactions are 'expected in the coming months', but divestment gains were lower in 2026, and the South Africa portfolio (approx. 1 GW) is only to be sold towards 2030.
quartr.com
−5
Short interest
Total short position of 4.78% as of 30/9/2026 (Arrowstreet 1.83%, Citadel 1.51%, ActusRay 0.90%, Two Sigma 0.54%) – high for a small Norwegian company.
ssr.finanstilsynet.no
−3

Plus

Only documented strengths. · 2 findings+4 of +15

Net cash with no debt
Group cash NOK 814m and only 6.5m of debt; total liquidity close to NOK 1bn incl. credit facility; equity ratio 92.8%.
stockanalysis.com
+3
Validation of the data centre portfolio
MDATA's NOK 650m share issue was oversubscribed more than ten times by Nordic and international investors.
inderes.dk
+1

Caveats

What the score does not capture, or where the data is weak.

Norwegian renewable-energy developer (about 10 GW) with 52.7% of the listed Magnora Data Center (MDATA, Euronext Growth). Market cap calculated by us: 71.15m shares outstanding × NOK 21.1 = NOK 1,501m ≈ DKK 1,032m. Group cash of NOK 814m includes MDATA's issue proceeds; the parent company's own cash is estimated at about NOK 170-260m (Q2 presentation states NOK 2.4 per share). Minority interests (289m) are included in book equity, so P/B is distorted. Industry set to the closest category (Utilities & power); the data center part belongs more under 'Software, cloud & internet'. Largest owners not checked.