Financials Norsk Hydro ASA Euronext Paris

Equities

NOHYP

NO0005052605

Aluminum

End-of-day quote Euronext Paris Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-.--%

05-30	Curtain down for the BHP-Anglo takeover saga
05-29	Anglo rejects BHP’s call for an extended negotiation timeline

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	66,835	81,678	142,619	149,900	137,630	142,191	-	-
Enterprise Value (EV) ¹	78,595	89,508	139,406	148,590	146,460	158,179	155,070	147,723
P/E ratio	-37.1 x	21.8 x	11.7 x	6.22 x	38.6 x	15.9 x	10 x	9.56 x
Yield	3.83%	3.14%	7.77%	7.71%	3.65%	3.96%	5.93%	6.64%
Capitalization / Revenue	0.45 x	0.59 x	0.95 x	0.72 x	0.71 x	0.73 x	0.69 x	0.69 x
EV / Revenue	0.52 x	0.65 x	0.93 x	0.71 x	0.76 x	0.82 x	0.75 x	0.72 x
EV / EBITDA	6.64 x	6.25 x	4.98 x	3.75 x	6.58 x	6.32 x	4.99 x	4.57 x
EV / FCF	20.6 x	12.4 x	29.9 x	7.51 x	17.1 x	107 x	14.6 x	12.1 x
FCF Yield	4.87%	8.08%	3.34%	13.3%	5.86%	0.94%	6.87%	8.25%
Price to Book	0.84 x	1.1 x	1.7 x	1.47 x	1.38 x	1.34 x	1.24 x	1.18 x
Nbr of stocks (in thousands)	2,047,649	2,049,125	2,051,476	2,044,467	2,012,141	2,004,949	-	-
Reference price ²	32.64	39.86	69.52	73.32	68.40	70.92	70.92	70.92
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	149,766	138,118	149,654	207,929	193,619	193,524	205,903	205,969
EBITDA ¹	11,832	14,316	28,010	39,664	22,258	25,023	31,068	32,346
EBIT ¹	3,359	6,051	20,786	31,179	12,983	15,437	21,482	22,462
Operating Margin	2.24%	4.38%	13.89%	15%	6.71%	7.98%	10.43%	10.91%
Earnings before Tax (EBT) ¹	-1,556	4,509	18,397	32,365	6,546	12,639	20,171	21,666
Net income ¹	-1,811	3,745	13,930	24,154	3,583	8,920	14,054	14,813
Net margin	-1.21%	2.71%	9.31%	11.62%	1.85%	4.61%	6.83%	7.19%
EPS ²	-0.8800	1.830	5.930	11.78	1.770	4.464	7.060	7.419
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%	5.18%	5.91%
FCF Conversion (EBITDA)	32.32%	50.49%	16.64%	49.89%	38.56%	5.93%	34.3%	37.66%
FCF Conversion (Net income)	-	193%	33.45%	81.93%	239.52%	16.62%	75.83%	82.24%
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 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	2025 Q2
Net sales ¹	-	46,433	46,616	64,793	52,445	44,075	48,534	53,630	44,702	46,754	47,545	49,977	48,755	48,442	56,999	58,674
EBITDA ¹	7,453	9,011	11,165	11,594	9,721	7,184	7,525	7,098	3,899	3,736	5,411	6,084	6,480	6,956	7,567	7,423
EBIT ¹	-	7,026	9,170	9,452	7,611	4,946	5,364	4,788	1,600	1,231	2,966	3,713	4,111	4,434	5,169	4,996
Operating Margin	-	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%	8.51%
Earnings before Tax (EBT) ¹	-	10,730	8,416	14,108	8,166	1,676	2,021	6,986	55	-2,516	1,148	3,541	3,839	3,749	5,119	4,939
Net income ¹	-	8,525	6,411	11,136	6,676	287	1,265	5,056	-625	-2,536	428	2,432	2,758	2,997	3,563	3,480
Net margin	-	18.36%	13.75%	17.19%	12.73%	0.65%	2.61%	9.43%	-1.4%	-5.42%	0.9%	4.87%	5.66%	6.19%	6.25%	5.93%
EPS ²	-	3.470	2.800	5.490	3.340	0.1500	0.6200	2.560	-0.1800	-1.240	0.4700	1.215	1.379	1.499	1.789	1.749
Dividend per Share ²	-	5.400	-	-	-	5.650	-	-	-	2.500	-	-	-	2.661	-	-
Announcement Date	22/07/20	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	0.6389 x	0.4146 x	0.171 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%	12.1%	12.2%
ROA (Net income/ Total Assets)	-1.1%	1.56%	8.2%	12.9%	1.77%	4.2%	5.99%	5.85%
Assets ¹	164,666	239,757	169,973	186,565	202,544	212,537	234,641	253,113
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	7.970	11.60	12.10
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%	7.27%	6.97%
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

70.92 NOK

Average target price

76.08 NOK

Spread / Average Target

+7.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Aluminum

	1st Jan change	Capi.
HINDALCO INDUSTRIES LIMITED	+12.09%	18.35B
ALUMINUM CORPORATION OF CHINA LIMITED	+49.74%	17.89B
ALCOA CORPORATION	+30.21%	7.95B
HENAN SHENHUO COAL INDUSTARY AND ELECTRICITY POWER CORPORATION LIMITED	+37.68%	7.19B
INNER MONGOLIA DIAN TOU ENERGY CORPORATION LIMITED	+59.43%	7.04B
EN+ GROUP INTERNATIONAL	-.--%	5.94B
NATIONAL ALUMINIUM COMPANY LIMITED	+45.24%	4.22B
ALUMINA LIMITED	+109.39%	3.65B
SHENZHEN KEDALI INDUSTRY CO., LTD.	+9.67%	3.45B

Other Aluminum