Rankings Utilities & power Orrön Energy
Orrön Energy
49
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
- The Sudan case−14
- Margin−7
- Multiples vs own history and peers−6
Strengths
- Debt reduction+3
How the score is built
From 100 to 49, 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
- 8.32 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +87%
- P/E (trailing)
- n/a
- Forward P/E
- 5.8
- 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−19 of −30
- −7MarginOperating loss of EUR 8.9m and net loss of EUR 17.7m over the last 12 months despite an EBITDA margin of 23%; continuing operations gave only EUR 1.8m in EBITDA in H1 2026, weighed down by legal costs in the Sudan case.
- −5Moat and scaleAfter the Cloudberry deal, Orrön is a holding company with 27% of Cloudberry, one wind farm (Karskruv) and a development portfolio; no price influence and full exposure to spot prices in southern Sweden.
- −3Quality of growthRevenue from continuing operations was EUR 13.1m in H1, of which 5.3m came from project sales - lumpy and dependent on milestones (EUR 7.7m pending).
- −4Capital allocationThe market cap has fallen from SEK 6.4bn (2022) to approx. SEK 2bn, and the Nordic assets were swapped for Cloudberry shares at NOK 13.5, which now trade at NOK 11.82 (−12%).
Price
Today's multiples against the company's own history and its peers. · 1 finding−6 of −35
- −6Multiples vs own history and peersP/B 0.60 vs 0.37 (2025), 0.52 (2024) and 0.58 (2023) – the highest in four years after +46% in a year; EV/EBITDA is not meaningful (95). Cloudberry trades at P/B 0.71 and Scatec at 1.41, so the discount is moderate.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−23 of −35
- −14The Sudan caseThe prosecution demands confiscation of about SEK 2.4bn from Orrön – more than the entire market cap – plus a corporate fine; a verdict is expected 3/12-2026, and an appeal could drag the case on for years. Legal costs were EUR 4.1m in Q2.
- −5Power price and concentrationKarskruv is the only own producing asset; achieved price EUR 70/MWh in H1, and earnings follow the volatile spot prices in SE4.
- −4Dependence on CloudberryAbout 75% of the market cap is Cloudberry shares (124.4m shares × NOK 11.82 ≈ SEK 1.53bn); Cloudberry has an EV of NOK 7.6bn vs a market cap of 4.0bn (high debt) and EV/EBITDA 16.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Debt reductionAt completion on 31/8-2026, Cloudberry assumed approx. EUR 93m in loans and accrued interest; Orrön's net debt is under EUR 5m, and there is a committed facility of EUR 50m.
Caveats
What the score does not capture, or where the data is weak.
Reports in EUR; the stock trades in SEK on Nasdaq Stockholm. Market cap calculated myself: 285.91m shares × 7.14 SEK = 2,041m SEK ≈ 1,348m DKK. Stockanalysis' balance sheet and TTM figures are as of 30/6-2026, i.e. BEFORE the Cloudberry deal was completed on 31/8-2026 (the debt of 105.7m EUR has now largely been taken over by Cloudberry, net debt under 5m EUR). Penny amounts are in SEK (EUR/SEK 11.30, NOK/SEK 1.041). The Karskruv value in the sum-of-the-parts is my own rough estimate. The Lundin family's exact ownership share and the short register have not been checked. No analyst coverage on stockanalysis (forecast 404).
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