Financials Norsk Hydro ASA Swiss Exchange

Equities

NHY

NO0005052605

Aluminum

Market Closed - Swiss Exchange Other stock markets			5-day change	1st Jan Change
- ^CHF	-.--%		-.--%	-.--%

05:55pm	Eqva Unit Signs NOK53 Million Contract With Norsk Hydro	MT
14/05	Anglo-BHP takeover saga is full of twists and turns

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	66,835	81,678	1,42,619	1,49,900	1,37,630	1,34,251	-	-
Enterprise Value (EV) ¹	78,595	89,508	1,39,406	1,48,590	1,46,460	1,50,239	1,47,131	1,39,783
P/E ratio	-37.1 x	21.8 x	11.7 x	6.22 x	38.6 x	15 x	9.36 x	8.74 x
Yield	3.83%	3.14%	7.77%	7.71%	3.65%	4.19%	6.28%	7.04%
Capitalization / Revenue	0.45 x	0.59 x	0.95 x	0.72 x	0.71 x	0.69 x	0.66 x	0.66 x
EV / Revenue	0.52 x	0.65 x	0.93 x	0.71 x	0.76 x	0.78 x	0.72 x	0.69 x
EV / EBITDA	6.64 x	6.25 x	4.98 x	3.75 x	6.58 x	6.02 x	4.71 x	4.26 x
EV / FCF	20.6 x	12.4 x	29.9 x	7.51 x	17.1 x	101 x	13.8 x	11.5 x
FCF Yield	4.87%	8.08%	3.34%	13.3%	5.86%	0.99%	7.24%	8.72%
Price to Book	0.84 x	1.1 x	1.7 x	1.47 x	1.38 x	1.27 x	1.17 x	1.11 x
Nbr of stocks (in thousands)	20,47,649	20,49,125	20,51,476	20,44,467	20,12,141	20,04,949	-	-
Reference price ²	32.64	39.86	69.52	73.32	68.40	66.96	66.96	66.96
Announcement Date	07/02/20	12/02/21	22/02/22	14/02/23	13/02/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,49,766	1,38,118	1,49,654	2,07,929	1,93,619	1,93,495	2,03,536	2,02,884
EBITDA ¹	11,832	14,316	28,010	39,664	22,258	24,974	31,269	32,821
EBIT ¹	3,359	6,051	20,786	31,179	12,983	15,436	21,479	22,461
Operating Margin	2.24%	4.38%	13.89%	15%	6.71%	7.98%	10.55%	11.07%
Earnings before Tax (EBT) ¹	-1,556	4,509	18,397	32,365	6,546	12,637	20,546	22,483
Net income ¹	-1,811	3,745	13,930	24,154	3,583	8,919	14,322	15,430
Net margin	-1.21%	2.71%	9.31%	11.62%	1.85%	4.61%	7.04%	7.61%
EPS ²	-0.8800	1.830	5.930	11.78	1.770	4.464	7.151	7.660
Free Cash Flow ¹	3,824	7,228	4,660	19,789	8,582	1,483	10,657	12,182
FCF margin	2.55%	5.23%	3.11%	9.52%	4.43%	0.77%	5.24%	6%
FCF Conversion (EBITDA)	32.32%	50.49%	16.64%	49.89%	38.56%	5.94%	34.08%	37.12%
FCF Conversion (Net income)	-	193%	33.45%	81.93%	239.52%	16.62%	74.41%	78.95%
Dividend per Share ²	1.250	1.250	5.400	5.650	2.500	2.807	4.203	4.712
Announcement Date	07/02/20	12/02/21	22/02/22	14/02/23	13/02/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	36,710	46,433	46,616	64,793	52,445	44,075	48,534	53,630	44,702	46,754	47,545	49,968	48,744	48,430	56,999
EBITDA ¹	7,453	7,219	9,011	11,165	11,594	9,721	7,184	7,525	7,098	3,899	3,736	5,411	6,083	6,478	6,954	7,567
EBIT ¹	-	5,309	7,026	9,170	9,452	7,611	4,946	5,364	4,788	1,600	1,231	2,966	3,713	4,110	4,433	5,169
Operating Margin	-	14.46%	15.13%	19.67%	14.59%	14.51%	11.22%	11.05%	8.93%	3.58%	2.63%	6.24%	7.43%	8.43%	9.15%	9.07%
Earnings before Tax (EBT) ¹	-	1,620	10,730	8,416	14,108	8,166	1,676	2,021	6,986	55	-2,516	1,148	3,636	3,939	3,936	5,119
Net income ¹	-	1,127	8,525	6,411	11,136	6,676	287	1,265	5,056	-625	-2,536	428	2,372	2,718	3,083	3,563
Net margin	-	3.07%	18.36%	13.75%	17.19%	12.73%	0.65%	2.61%	9.43%	-1.4%	-5.42%	0.9%	4.75%	5.58%	6.37%	6.25%
EPS ²	-	0.5000	3.470	2.800	5.490	3.340	0.1500	0.6200	2.560	-0.1800	-1.240	0.4700	1.215	1.378	1.500	1.789
Dividend per Share ²	-	-	5.400	-	-	-	5.650	-	-	-	2.500	-	-	-	2.661	-
Announcement Date	22/07/20	26/10/21	22/02/22	03/05/22	21/07/22	24/10/22	14/02/23	28/04/23	20/07/23	23/10/23	13/02/24	24/04/24	-	-	-	-

¹NOK in Million²NOK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,760	7,830	-	-	8,830	15,988	12,879	5,532
Net Cash position ¹	-	-	3,213	1,310	-	-	-	-
Leverage (Debt/EBITDA)	0.9939 x	0.5469 x	-	-	0.3967 x	0.6402 x	0.4119 x	0.1685 x
Free Cash Flow ¹	3,824	7,228	4,660	19,789	8,582	1,483	10,657	12,182
ROE (net income / shareholders' equity)	1.29%	3.33%	17.5%	25.9%	3.53%	8.99%	12.2%	12.5%
ROA (Net income/ Total Assets)	-1.1%	1.56%	8.2%	12.9%	1.77%	4.2%	5.99%	5.85%
Assets ¹	1,64,666	2,39,757	1,69,973	1,86,565	2,02,544	2,12,514	2,39,120	2,63,646
Book Value Per Share ²	39.00	36.20	41.00	50.00	49.60	52.90	57.20	60.20
Cash Flow per Share ²	6.130	6.600	5.210	14.30	11.00	7.790	10.40	10.10
Capex ¹	8,726	6,287	6,020	9,604	13,638	14,199	14,976	14,364
Capex / Sales	5.83%	4.55%	4.02%	4.62%	7.04%	7.34%	7.36%	7.08%
Announcement Date	07/02/20	12/02/21	22/02/22	14/02/23	13/02/24	-	-	-

¹NOK in Million²NOK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Norsk Hydro ASA

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

66.96 NOK

Average target price

76.08 NOK

Spread / Average Target

+13.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aluminum

	1st Jan change	Capi.
HINDALCO INDUSTRIES LIMITED	+6.20%	17.41B
ALUMINUM CORPORATION OF CHINA LIMITED	+41.28%	16.73B
ALCOA CORPORATION	+19.32%	7.19B
HENAN SHENHUO COAL INDUSTARY AND ELECTRICITY POWER CORPORATION LIMITED	+30.60%	7.08B
INNER MONGOLIA DIAN TOU ENERGY CORPORATION LIMITED	+48.56%	6.67B
EN+ GROUP INTERNATIONAL	-.--%	5.94B
NATIONAL ALUMINIUM COMPANY LIMITED	+43.96%	4.17B
SHENZHEN KEDALI INDUSTRY CO., LTD.	+16.97%	3.56B
ALUMINA LIMITED	+88.40%	3.26B

Other Aluminum