Rankings Utilities & power Steady Energy
Steady Energy
37
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
- Absolute price level and peers−25
- Margin−10
- Quality of growth (orders)−6
Strengths
- Strong owners and validation+3
- Insider lock-up+1
How the score is built
From 100 to 37, 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
- 9.99 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- –
- 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−22 of −30
- −10MarginPre-revenue: no sales and ongoing losses from developing the LDR-50 reactor (60 employees). According to management's own plan, revenue comes at the earliest when the first reactor is completed after construction starts in 2029–2030.
- −6Quality of growth (orders)No binding orders; the first preliminary contracts are expected in 2027–2028. The nearest is a letter of intent with Kuopion Energia on an option for up to five reactors from 2030 and a partnership with Kärnfull Next in Sweden.
- −3Capital allocation and structureListed via a reverse merger with 3North Partners at an implied value of about EUR 330m; the EIB loan of EUR 40m is convertible (interest-free for 20 years), so it may dilute later.
- −3MoatThe technology is not proven: a non-nuclear test facility in Helsinki must first test the safety systems from 2027. Low temperature and low pressure (about 150 °C, under 10 bar) make the design simpler, but the business plan (70 reactors 2033–2045, 35–40% operating margin) is pure forecast.
Price
Today's multiples against the company's own history and its peers. · 1 finding−25 of −35
- −25Absolute price level and peersMarket cap approx. EUR 316m (33.25m shares at approx. EUR 9.50) for a company with no revenue, no binding orders and a first commercial plant no earlier than around 2030. The price rests solely on a revenue target of EUR 500m in 2035; investors on the Inderes forum compare the structure to a SPAC.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−14 of −35
- −6Regulation and licenceLong Finnish approval path: decision in principle on the first commercial plant is expected in 2027-2028, building permit in 2028-2029 and construction start in 2029-2030 - each step may delay.
- −4Timeline slippingIn 2024 the goal was the world's first district heating plant with LDR-50 in operation in 2030; now it is construction start in 2029–2030, i.e. operation effectively later than originally promised.
- −4Future capital needAbout EUR 75m has been raised in equity plus a EUR 40m convertible EIB loan, but with no revenue until around 2030 and reactor construction ahead, further capital raises and dilution are likely.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Strong owners and validationFortum, the pension companies Elo, Ilmarinen and Varma, Orlen (VC), the Finnish state investor Tesi and EIB (the bank's first SMR financing) are behind it; the offering was oversubscribed.
- +1Insider lock-upThe founders Tommi Nyman, Hannes Haapalahti and Petteri Tenhunen have committed to a 36-month lock-up on their shares.
Caveats
What the score does not capture, or where the data is weak.
Listed 2/10-2026 on Nasdaq First North Growth Market Finland via a merger with the investment company 3North Partners (SPAC-like). There are no published financial figures, no revenue, no price history and no analysts, so T2 cannot be measured against own history, and losses and cash burn have not been investigated (the figures appear only in the company description). Industry set to 'Utilities & power' as the closest (district heating reactor/Heat-as-a-Service). Price about EUR 9.50 vs subscription price EUR 10.
Also in Utilities & power
The highest scores in the same industry.
