Company Valuation: poLight ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 761.9 1,936 961.1 1,420 620.9 1,402
Change - 154.07% -50.35% 47.77% -56.28% 125.83%
Enterprise Value (EV) 1 685.7 1,783 880.9 1,309 464.8 1,129
Change - 159.99% -50.59% 48.54% -64.48% 142.88%
P/E -14.4x -33x -14.1x -15.3x -4.94x -9.77x
PBR 5.91x 9.07x 6.38x 7.12x 2.68x 4.13x
PEG - 10.49x -0.9x -2.22x 0.2x 0.3x
Capitalization / Revenue 252x 193x 71.9x 63.1x 64.5x 68.5x
EV / Revenue 227x 178x 65.9x 58.1x 48.3x 55.1x
EV / EBITDA -13.5x -33.2x -12.9x -15x -4.36x -9.04x
EV / EBIT -13.3x -32.8x -12.8x -14.8x -4.28x -8.88x
EV / FCF -31.3x -69.1x -16.5x -20.7x -12.4x -22x
FCF Yield -3.2% -1.45% -6.07% -4.84% -8.07% -4.55%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -1.167 -1.13 -1.31 -1.4 -0.97 -0.6745
Distribution rate - - - - - -
Net sales 1 3.019 10.03 13.36 22.51 9.624 20.48
EBITDA 1 -50.72 -53.71 -68.33 -87.2 -106.5 -124.9
EBIT 1 -51.37 -54.33 -69.05 -88.49 -108.6 -127.2
Net income 1 -51.16 -53.48 -67.89 -85.49 -101.8 -118.3
Net Debt 1 -76.16 -152.9 -80.18 -111.7 -156 -273.1
Reference price 2 16.84 37.28 18.50 21.45 4.79 6.59
Nbr of stocks (in thousands) 45,244 51,925 51,953 66,212 129,622 212,768
Announcement Date 26/04/21 27/04/22 28/04/23 24/04/24 28/04/25 28/04/26
1NOK in Million2NOK
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 250M
23.18x6.64x12.85x2.12% 17.91B
45.84x3.35x48.59x0.22% 7.74B
40.04x - - - 7.02B
86.5x1.15x16.38x0.87% 4.65B
66.35x11.01x56.12x0.51% 2.55B
16.08x2.21x6.23x2.87% 2.13B
23.76x - - - 1.51B
Average 43.11x 4.87x 28.03x 1.32% 5.47B
Weighted average by Cap. 38.90x 5.23x 23.97x 1.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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