Rankings Grid & electrical equipment Merus Power
Merus Power
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
- Margin and returns−7
- Multiples vs own history−7
- Moat−5
Strengths
- Record order book+3
- Large partner+2
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
- 5.66 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +23%
- P/E (trailing)
- n/a
- Forward P/E
- 43.1
- 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−18 of −30
- −7Margin and returnsGross margin 33%, but EBITDA only EUR 0.5m (2.2%) and EBIT −0.3m in H1 2026; net income −0.8m over the last 12 months. Guidance for 2026 is EBITDA of 2–4m (4–7% margin).
- −3Quality of growthRevenue rose 46% in 2025 to EUR 56.1m, but fell 2.6% in H1 2026 (24.3m); order intake did double to a record 52.6m, though, and the order book is 49.9m (29.3).
- −3Capital allocationFree cash flow has fluctuated around zero for five years (−6.0 m in 2025, +0.4 m over the last 12 months); a directed issue of 2 m EUR in 2025 and new debt (6.1 m) financed the growth, and the equity ratio fell to 31% (36.1%).
- −5MoatMerus is a small system integrator of battery storage that buys cells (partnership with CATL) and competes with Fluence, Wärtsilä, Tesla and Chinese integrators; the power quality niche (STATCOM, e.g. Siemens Mobility and Argentina) is stronger, but small.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −7Multiples vs own historyP/B approx. 6.0 (5.4 at stockanalysis at EUR 6.26) vs 2.5–3.5 in 2022–2025; EV/EBITDA 58 over the last 12 months and approx. 19 at the midpoint of guidance; EV/Sales 1.0 vs 0.63–1.04. The price has risen 45% in three months.
- −3PeersEV/Sales about 1.0 vs Fluence 0.56 (gross margin 9%) and Kempower 1.74 (gross margin 49%); Inderes writes that the price already factors in a marked margin improvement.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−16 of −35
- −5Project concentrationSingle orders of EUR 8-15m (Neve 13m, Nordes Būve 13-15m, wpd 10m, Exilion 8m) vs annual revenue of about 56m; delays in one project can shift a whole half-year.
- −5Execution and fixed pricesBattery storage is delivered as fixed-price projects with penalties for delay and dependence on the battery price from CATL; with an EBITDA margin of only 2%, a few project problems can wipe out the whole year's earnings.
- −4Saturated home marketThe Finnish market for frequency reserves is being saturated by new battery storage, so prices are falling; Inderes has previously written that orders point to lower growth, and Merus now has to win in the Baltics and Sweden.
- −2Balance sheet and working capitalThe equity ratio fell to 31.0% (36.1%), and the strong operating cash flow in H1 (EUR 4.9m) is mainly due to customer prepayments, which reverse when the projects are delivered.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Record order bookOrder intake EUR 52.6m in H1 2026 (+101%) and order book 49.9m (29.3) give good visibility into 2027.
- +2Large partnerStrategic partnership with the world's largest battery maker CATL on cooperation in Northern Europe (June 2026).
Caveats
What the score does not capture, or where the data is weak.
Merus Power is a Finnish operating company (battery storage/BESS and power quality equipment such as STATCOM), not a classic penny company: it has revenue of approx. EUR 55m and no 'burn', so runway is set to null. The market cap is self-calculated: 8.218m shares × EUR 6.94 = EUR 57.0m ≈ DKK 426m (Nordnet 413; stockanalysis uses the price 6.26 from before the latest jump). Merus reports semi-annually; the next reporting date (20/11-2026) is stockanalysis' estimate. Revenue by segment is not disclosed in the half-year release. No analysts on stockanalysis (Inderes: Reduce, 30/9-2026). Insider trading and short register have not been systematically checked.
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