Rankings Grid & electrical equipment Otovo
Otovo
34
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
- Margin and returns−12
- Funding−10
- Quality of growth−8
Strengths
- Raised guidance+1
- Insider buying+1
How the score is built
From 100 to 34, 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 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 8.30 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +24%
- 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−30 of −30
- −12Margin and returnsOperating margin −86% and net result −NOK 461m over the last 12 months on revenue of 470m; adjusted EBITDA was still −USD 4.5m in Q2 2026. Otovo has never made money.
- −8Quality of growthRevenue has fallen from NOK 1.01bn (2023) to 470m (-20% latest 12 months, Q2 -38% in NOK). The new growth in customers (55,000, +200% in 2026) comes especially from acquisitions such as EnergyAid, SunSystem Technology and Freedom Power, partly paid for with shares.
- −7Capital allocationThe share count has risen from 27.9m (2024) to about 79.9m (+74% over a year), equity has fallen from NOK 874m to 343m since 2023, and capital has been raised several times in a year (including USD 16.6m in March and NOK 67m in July).
- −3MoatServicing 'orphaned' solar plants and the AI platform Endurance is a new niche, but the business is labour-intensive and can be copied by local installers and the manufacturers' own service networks.
Price
Today's multiples against the company's own history and its peers. · 2 findings−11 of −35
- −6Multiples vs own historyEV/Sales 1.57 vs 0.52 (2024), 0.92 (2025) and 1.12 (2023); P/B 2.2 vs 0.53-1.99 in the last two years. The market is already paying for the restructuring before it has delivered positive EBITDA.
- −5PeersP/S 1.6 and P/B 2.2 vs Sunrun 0.53 and 0.53 (Sunrun makes money, but has large debt). On run-rate guidance (USD 15–20m EBITDA) EV/EBITDA is approx. 4–5, but that presupposes acquisitions that have not yet closed.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−21 of −35
- −10FundingCash was only USD 3.9m (NOK 37m) at 30/6-2026 after a fall from 15.6m in Q2; with the July issue (NOK 67m) and spending of about NOK 43m per quarter that lasts about 7 months, if EBITDA does not turn positive as promised.
- −6Acquisition and integration riskFour to five acquisitions in half a year (EnergyAid, SunSystem, Freedom Power, Green Panel and 'three more'), and guidance has been raised sharply on a run-rate basis incl. acquisitions, while H1 revenue was only about 19 m USD.
- −5Weak end marketNew residential solar installations are in crisis in both Europe and the US (Otovo's own new-build revenue fell 38% in Q2), and the service business depends on an installed base where installers go bankrupt.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Raised guidanceGuidance raised in August to USD 105–115m in revenue and USD 15–20m in adjusted EBITDA (Q4 2026 run-rate; previously 80–90 and 2.5–7.5), and the customer target to 90,000 – but driven by acquisitions.
- +1Insider buyingChairman Lars Erik Torjussen (16,783 shares) and board member George Coyle (11,642 shares) bought in the issue at NOK 11.50 in July 2026 – small amounts.
Caveats
What the score does not capture, or where the data is weak.
Otovo has shifted from selling new solar systems in Europe to service and maintenance of existing systems (especially in the USA) and now reports in USD; 'Grid & electrical equipment' was chosen as the closest industry. The share count is calculated by myself: 79.65m after the July 2026 issue plus 283,352 consideration shares (Freedom Power, 21/9) = approx. 79.93m; stockanalysis shows 76.69m and Nordnet's market value (DKK 543m) is outdated. Market value: 79.93 × 9.50 = NOK 759m ≈ DKK 522m. Guidance (USD 105–115m in revenue and 15–20m in adjusted EBITDA) is on a Q4 2026 run-rate basis and includes acquisitions. The cash flow from stockanalysis (−NOK 258m in operations) covers the old business; quarterly burn is based on adjusted EBITDA in Q2 (−USD 4.5m ≈ −NOK 43m). The price of the Green Panel acquisition is not published and not deducted from cash. No analysts on stockanalysis. Short register not checked.
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