Cavendish Hydrogen ASA
Cavendish Hydrogen ASA is a renewable fuels company focused on the production and development of green hydrogen, primarily through electrolysis powered by renewable energy sources.
Business. Cavendish Hydrogen ASA (CAVEN.OL) is a renewable energy company operating in the renewable fuels industry. The firm is headquartered in Norway and is primarily listed on the Oslo Børs. Specific details regarding its operating segments and geographic revenue mix are not available.
Analyst recommendations
2 analysts · consensus SellAt a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Cavendish Hydrogen ASA (CAVEN.OL) is a renewable energy company operating in the renewable fuels industry. The firm is headquartered in Norway and is primarily listed on the Oslo Børs. Specific details regarding its operating segments and geographic revenue mix are not available.
Cavendish Hydrogen operates with a strong liquidity position, as evidenced by a current ratio of 5.59 and cash and equivalents of EUR 20.2 million. The company's price-to-book ratio of 5.8 and price-to-tangible-book ratio of 5.8 suggest a premium valuation relative to its book value. However, the company's negative operating and net income, at EUR -25.1 million and EUR -26.5 million respectively, indicate ongoing operational losses.
The company's profitability metrics are below industry norms, with a return on equity of -54.41% and a return on assets of -44.92%. These figures are significantly below the typical performance of companies in the Renewable Fuels industry, which often exhibit positive returns due to the capital-intensive nature of the sector and the long-term value proposition of renewable energy projects.
Cavendish Hydrogen's revenue is concentrated in a single business segment, with no disclosed geographic diversification. The company's EUR 15.3 million in revenue for the period is modest, and there is no indication of multiple revenue streams or geographic regions contributing to this figure.
The company's growth trajectory is uncertain, with no significant revenue growth reported in the latest financial data. The operating cash flow of EUR -18.4 million and free cash flow of EUR -24.7 million suggest that the company is not generating sufficient cash to fund operations or expansion without external financing. Analysts have assigned a mean price target of EUR 9.75, indicating a slight upside potential from the current market price of EUR 8.40.
Cavendish Hydrogen faces low liquidity and dilution risks, with no immediate filing-based flags detected. The company's debt-to-equity ratio of 0.04 and long-term debt of EUR 2.1 million suggest a conservative capital structure. However, the company's negative cash flows and operating losses may necessitate future financing, which could lead to dilution or increased debt.
Recent events and filings do not indicate any material changes in the company's operations or strategic direction. The company's focus remains on expanding its green hydrogen production capabilities, but there are no recent announcements of new projects or partnerships that would significantly alter its trajectory.
- Cavendish Hydrogen has a strong liquidity position but is currently unprofitable with negative operating and net income.
- The company's valuation multiples suggest a premium to book value, but its profitability metrics are below industry norms.
- Revenue is concentrated in a single segment with no geographic diversification disclosed.
- Analysts project a modest upside in the stock price, but the company's cash flow challenges remain a concern.
- The company's conservative capital structure and low debt levels provide some financial flexibility.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,41 |
| Revenue | —no estimate | —no estimate | 25,0M EUR |
| Operating income | —no estimate | —no estimate | -21,0M EUR |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- No immediate filing-based liquidity or dilution flags were detected.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
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- Return On Equitynet_income / total_equity
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Market Capmarket_price * shares_outstanding_diluted
- Ev To Revenueenterprise_value / revenue
- Cavendish Hydrogen ASA Market data — financials · 2026-05-27
- Cavendish Hydrogen ASA Market data — analyst estimates · 2026-05-27
Ownership & reference
Leadership
- Robert Christian Gustaf BorinCEO
Insider activity
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Return on equity (FY 2024-12-31): -1.6%Derived (calculated)
- Current ratio (FY 2024-12-31): 19.27xDerived (calculated)
- Debt-to-equity (FY 2024-12-31): 0.02xDerived (calculated)
- Return on assets (FY 2024-12-31): -1.6%Derived (calculated)
- Net margin (FY 2024-12-31): -297.3%Derived (calculated)
- Total operating expenses (annual): EUR 3.77MBRREG filing
- Revenue (annual): EUR 490KBRREG filing
- Non current liabilities (annual): EUR 0BRREG filing
- Current liabilities (annual): EUR 1.84MBRREG filing
- Net income (annual): EUR -1.46MBRREG filing
- Total liabilities (annual): EUR 1.84MBRREG filing
- Pre-tax income (annual): EUR -1.46MBRREG filing
- Shareholders' equity (annual): EUR 88.73MBRREG filing
- Total equity & liabilities (annual): EUR 90.57MBRREG filing
- Operating income (annual): EUR -3.29MBRREG filing
- Non current assets (annual): EUR 55.13MBRREG filing
- Current assets (annual): EUR 35.44MBRREG filing
- Total assets (annual): EUR 90.57MBRREG filing
- Finance expense (annual): EUR 701KBRREG filing