Company Overview
Merus Power is a Finnish technology company that specializes in sustainable energy solutions, aiming to accelerate the transition to a low-carbon economy. With its innovative products and services, Merus Power enables businesses and industries to reduce their environmental impact while improving their operational efficiency.
The company's primary mission is to become a leading provider of sustainable energy solutions, leveraging its expertise in power conditioning, energy storage, and grid management. Merus Power's core values include innovation, sustainability, and customer-centricity, guiding its strategy and decision-making processes.
Key Products/Services
Merus Power's products and services are designed to meet the growing demand for sustainable energy solutions, catering to industries such as manufacturing, data centers, and renewable energy. The company has established partnerships with key players in the industry, including major technology companies and energy providers. Some of its key offerings include:
- Sustainable Energy Storage Solutions: Merus Power provides energy storage systems that enable businesses to store excess energy generated from renewable sources, reducing their reliance on fossil fuels.
- Power Conditioning and Grid Management Systems: The company's power conditioning and grid management solutions help optimize energy distribution, reduce energy losses, and improve grid stability.
- Digitalization and IoT Services: Merus Power offers digitalization and IoT services that enable businesses to monitor and manage their energy consumption in real-time, reducing waste and improving efficiency.
These products and services benefit customers by reducing their environmental impact, improving operational efficiency, and increasing their competitiveness in the market. By investing in Merus Power's sustainable energy solutions, businesses can accelerate their transition to a low-carbon economy while minimizing their costs and risks.
Valuation
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 7.6 | 7.6 | 7.6 | 7.7 | 8.2 | 8.2 | 8.2 |
| Target Valuation (MEur) | 25.6 | 22.3 | 13.9 | 19.8 | 17.7 | 18.2 | 18.2 |
| Targer Price | 3.34 | 2.92 | 1.82 | 2.58 | 2.16 | 2.22 | 2.22 |
| Potential, % | -60.6 | -29.4 | -55.0 | -30.5 | -50.7 | -53.3 | -53.3 |
| Recommendation | Sell | Sell | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 64.9 | 31.6 | 30.9 | 28.5 | 35.9 | 39.0 | 39.0 |
| Price | 8.49 | 4.13 | 4.04 | 3.71 | 4.37 | 4.75 | 4.75 |
| EV | 58.0 | 30.0 | 32.0 | 27.0 | 39.0 | 42.0 | 43.0 |
| P/S | 2.58 | 1.21 | 1.06 | 0.79 | 0.66 | 0.66 | 0.6 |
| EV/S | 2.29 | 1.16 | 1.11 | 0.76 | 0.71 | 0.7 | 0.66 |
| EV/EBIT | 46.01 | 3.38 | -63.42 | -13.29 | 121.94 | -34.12 | -15.85 |
| P/E | -356.63 | 75.09 | -27.87 | -10.73 | -32.23 | -39.83 | -18.07 |
| P/B | 4.99 | 2.45 | 2.55 | 2.99 | 3.45 | 4.14 | 5.37 |
| P/OCF | -29.8 | -6.37 | 735.28 | 5.72 | -11.84 | 8.43 | 11.62 |
| EV/OCF | -26.51 | -6.08 | 768.61 | 5.48 | -12.78 | 8.99 | 12.69 |
| P/FCF | -23.71 | -5.52 | -10.85 | 11.51 | -3.96 | 144.56 | -39.03 |
| EV/FCF | -21.09 | -5.27 | -11.35 | 11.04 | -4.28 | 154.19 | -42.63 |
Income Statement
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 25.2 | 26.1 | 29.0 | 35.8 | 54.6 | 59.1 | 64.8 |
| Rev. Growth, % | 287.7 | 3.6 | 11.1 | 23.4 | 52.5 | 8.2 | 9.6 |
| Ebit | 1.3 | 8.9 | -0.5 | -2.1 | 0.3 | -1.2 | -2.7 |
| Ebit Growth, % | 425.0 | 584.6 | -105.6 | -320.0 | 114.3 | -500.0 | -125.0 |
| Ebit, % | 5.2 | 34.1 | -1.7 | -5.9 | 0.5 | -2.0 | -4.2 |
| Profit | -0.2 | 0.4 | -1.1 | -2.7 | -1.1 | -1.0 | -2.2 |
| EPS | -0.03 | 0.05 | -0.14 | -0.35 | -0.13 | -0.12 | -0.27 |
| Profit Growth, % | 60.0 | 300.0 | -375.0 | -145.5 | 59.3 | 9.1 | -120.0 |
| Profit, % | -0.8 | 1.5 | -3.8 | -7.5 | -2.0 | -1.7 | -3.4 |
Balance Sheet
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 2.1 | 10.8 | 6.3 | 9.1 | 7.0 | 6.4 | 6.0 |
| Acc. Receivable | 1.5 | 4.5 | 3.1 | 4.1 | 4.0 | 3.2 | 3.2 |
| Cash | 10.1 | 5.3 | 2.6 | 3.0 | 5.0 | 5.3 | 4.3 |
| Equity | 13.0 | 12.9 | 12.1 | 9.5 | 10.4 | 9.4 | 7.3 |
| ROE, % | -1.5 | 3.1 | -9.1 | -28.4 | -10.6 | -10.6 | -30.1 |
| ROCE, % | 8.2 | 53.2 | -3.1 | -18.6 | 1.6 | -6.9 | -17.8 |
| Net Debt | -7.2 | -1.4 | 1.4 | -1.2 | 2.9 | 2.6 | 3.6 |
| Gearing, % | -55.2 | -11.2 | 11.6 | -12.2 | 27.6 | 27.6 | 49.5 |
| Equity ratio, % | 64.0 | 52.5 | 57.1 | 35.7 | 36.1 | 33.3 | 26.7 |
| Acc. Payable | 2.0 | 5.3 | 2.7 | 9.1 | 5.7 | 5.3 | 5.3 |
| Total Assets | 20.3 | 24.5 | 21.2 | 26.7 | 28.8 | 28.3 | 27.2 |
| ROA, % | -1.0 | 1.6 | -5.2 | -10.1 | -3.8 | -3.5 | -8.1 |
Cash Flow
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -2.2 | -5.0 | 0.0 | 5.0 | -3.0 | 4.6 | 3.4 |
| Investment Cash Flow | -0.6 | -0.8 | -2.9 | -2.5 | -6.0 | -4.4 | -4.4 |
| Free Cash Flow | -2.7 | -5.7 | -2.8 | 2.5 | -9.1 | 0.3 | -1.0 |
| OCF/CAPEX | 0.0 | 0.0 | 0.01 | 1.99 | 0.0 | 1.06 | 0.77 |
| Financial Cash Flow | 11.5 | 0.9 | 0.2 | -2.1 | 8.1 | 0.0 | 0.0 |
Disclaimer
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