Rankings Grid & electrical equipment PowerCell

PowerCell

Grid & electrical equipment · SwedenRank 664 of 829Prices 3 Nov 2026Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin and returns−9
Liquidity and funding−9
Quality of growth−8

Strengths

Order intake+3
Strategic owner+1

How the score is built

From 100 to 42, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

42Score

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: 16.26 SEK
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: −59%
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−27 of −30

Margin and returns
The gross margin fell to 10.4% in Q2 2026 (61.6% a year earlier) and 17% in H1; operating result −SEK 92.6m in H1 and operating margin −46% over the last 12 months; ROIC −37%.
quartr.com
−9
Quality of growth
Net revenue fell 59% in H1 2026 to SEK 83.9m (−46% in Q2 adjusted for the Bosch licence). Revenue is project- and order-based and fluctuates heavily from quarter to quarter.
inderes.se
−8
Capital allocation
Inventory has grown to SEK 233m (turnover 0.95 vs 2.3 in 2022) against revenue of 265m, operating cash flow was -88m in H1, and the SEK 190m from the issue at SEK 33 in 2024 has been used.
stockanalysis.com
−6
Moat
PowerCell has licensed its S3 stack to Bosch and now buys stacks from Bosch, so its own stack technology is no longer an exclusive advantage; the competitors Ballard, Toyota and Cummins are larger.
mfn.se
−4

Price

Today's multiples against the company's own history and its peers. · 2 findings−9 of −35

Multiples vs own history
EV/Sales 4.39 vs 4.53 (2025), 5.41 (2024), 7.54 (2023) and 24.7 (2022) - the lowest in the period, but on revenue that has just halved; P/B 3.86 vs 4.48 (2025) and 4.47 (2024).
stockanalysis.com
−3
Peers
EV/Sales 4.39 and P/B 3.86 vs Ballard 2.22 and 1.28 and Nel 2.91 and 1.06. PowerCell trades at a clear premium, even though growth is weaker and the balance sheet thinner.
stockanalysis.com
−6

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−20 of −35

Liquidity and funding
Cash of SEK 34.5m and total liquidity of 76.0m incl. unused credit (Nordea loan of 50m), while operating cash flow was −88m in H1 and debt rose to 51m. An issue or more debt is likely within a year.
quartr.com
−9
Visibility
No guidance; management is 'not satisfied' with Q2 and will only 'defend break-even at the low end' in a volatile market, while the savings will only take effect in H2 2026.
inderes.se
−5
Dependence on Bosch and non-binding agreements
Bosch is licensee, stack supplier, owner and industrial partner in the ECL agreement; the 300 MW for ECL's AI data centres is a non-binding MoU, only the first order (about SEK 30m) is firm.
mfn.se
−4
Management change
New chair (Katarina Bonde) and new chief commercial officer from Q3 2026 amid a growth disappointment.
inderes.se
−2

Plus

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

Order intake
Order intake was SEK 86m in Q2 (2.3x revenue), followed by a data centre order of approx. 30m (ECL), a DLR order of 21m and a marine order of approx. 50m for two cargo ships.
mfn.se
+3
Strategic owner
Bosch took part as an existing owner in the directed issue at SEK 33 in 2024 together with Carnegie Fonder and Axon Partner Group.
affarsvarlden.se
+1

Caveats

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

PowerCell Group makes fuel cell systems for ships, aviation and power supply (now incl. AI data centres); 'Grid & electrical equipment' is chosen as the closest industry. Market cap calculated myself: 58.16m shares × 19.91 SEK = 1,158m SEK ≈ 765m DKK (Nordnet 771). The comparison with 2025 is distorted by a one-off licence from Bosch in Q2 2025. Intangible assets rose from 3 to 75m SEK in H1 2026 (reason not examined). No analysts on stockanalysis (forecast 404). Short register and insider trades not checked.