olivLaw · European equity research
EAM Solar ASA EAM.OL
Norway · Euronext Oslo Børs · ISIN NO0013601245 · Vertical: Listed companies from Norway
EAM Solar ASA owns and operates a few solar photovoltaic plants in southern Italy, sold under long-term fixed-price contracts. The company is however dominated by litigation over the P31 acquisition, and its liquidity is strained by legal costs, while operations have shrunk to four plants.
At the close of 06 Nov 2026, EAM Solar ASA (EAM.OL) stock was 0.62 NOK (−2.50% on the day), with beta -0.91, 52-week range 0.62–4.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.3
- weak (30–45)
- Bollinger (20, 2)
- 0.62 – 0.68
- in the lower half of the band · %B 0.12 · band width 10.0%
- SMA 50 / 200
- 0.68 / 1.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.3% | −0.6% | −5.7 pp | — |
| 3 months | −5.2% | −4.2% | −1.0 pp | — |
| 6 months | −67.8% | +4.3% | −72.2 pp | — |
| Year to date | −33.6% | +7.5% | −41.1 pp | — |
| 1 year | −38.8% | +9.9% | −48.7 pp | −4.7% |
| 3 years | −96.5% | +49.8% | −146.3 pp | +17.6% |
| 5 years | −97.2% | +42.8% | −140.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | 1.2 m | 992.7 k |
| Revenue YoY | unavailable | −18.7% |
| Net income | 2.2 m | -1.2 m |
| Net income YoY | unavailable | −154.9% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 180.6% | -122.0% |
| Free cash flow | -700.2 k | -492.5 k |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 391.7 k EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.8 m EUR
- Total assets
- 8.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.11x
- ROE
- -43.1%
- ROA
- -12.7%
- FCF margin
- -49.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.2 m | 992.7 k | esef· 09 Jul 2024verified |
| Operating income | -2.5 m | -1.5 m | esef· 09 Jul 2024verified |
| Interest expense | 765.0 k | 820.9 k | esef· 09 Jul 2024verified |
| Pre-tax income | -2.1 m | -950.9 k | esef· 09 Jul 2024verified |
| Income tax | 140.6 k | 260.4 k | esef· 09 Jul 2024verified |
| Net income | 2.2 m | -1.2 m | esef· 09 Jul 2024verified |
Balance sheet · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 1.5 m | 391.7 k | esef· 09 Jul 2024verified |
| Receivables | 2.2 m | 1.7 m | esef· 09 Jul 2024verified |
| Current assets | 4.3 m | 2.8 m | esef· 09 Jul 2024verified |
| Property, plant & equipment, net | 6.0 m | 5.4 m | esef· 09 Jul 2024verified |
| Total assets | 10.7 m | 8.5 m | esef· 09 Jul 2024verified |
| Current liabilities | 2.3 m | 2.5 m | esef· 09 Jul 2024verified |
| Total liabilities | 6.8 m | 6.7 m | esef· 09 Jul 2024verified |
| Equity | 3.9 m | 1.8 m | esef· 09 Jul 2024verified |
Cash flow · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -687.6 k | -487.2 k | esef· 09 Jul 2024verified |
| Capex | 12.6 k | 5.3 k | esef· 09 Jul 2024verified |
| Free cash flow | -700.2 k ≈ | -492.5 k ≈ | esef· 09 Jul 2024derived |
| Investing cash flow | 2.2 m | 179.7 k | esef· 09 Jul 2024verified |
| Financing cash flow | -630.8 k | -765.2 k | esef· 09 Jul 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -122.0% | 13 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.9x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EAM SOLAR ASA (EAM.OL). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 992.7 k EUR in 2023; YoY growth -18.7%; net margin -122.0%; ROE -43.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -122.0%
- Interest coverage: -1.9x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for EAM.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
EAM Solar ASA owns and operates a few solar photovoltaic plants in southern Italy, sold under long-term fixed-price contracts. The company is however dominated by litigation over the P31 acquisition, and its liquidity is strained by legal costs, while operations have shrunk to four plants 1.
SWOT
Strengths
- The company owns operating solar plants with long-term contracts and has obtained a favourable arbitration award 1.
- The operating structure is relatively simple, concentrated on a small number of plants in one region 1.
- A litigation funder has partly covered legal costs, easing the burden on the company 1.
Weaknesses
- Liquidity is low, and most cash is restricted or has been consumed by legal costs 1.
- Production has been below estimates due to module theft, and revenues fell after tariff recognition for ENFO 25 stopped 1.
- The company has no new development activity and depends almost entirely on the outcome of its litigation 1.
Opportunities
Risks
- Low liquidityhigh
Available cash is very limited, and ongoing legal costs could pressure the company's ability to meet its obligations 1.
- Enforcement of awardshigh
Even though the arbitration court awarded favourable sums, the company does not expect to collect them without further international procedures 1.
- Non-payment by GSEmedium
Unpaid tariffs from GSE affect revenues and led to a write-down; the outcome of the Italian proceedings remains uncertain 1.
- Production below estimatesmedium
Module thefts reduced output by more than a fifth against estimates, directly affecting revenues 1.
- Governance and boardlow
Resignations of board members and the convening of an interim board may create uncertainty over management until the general meeting 1.
Investment thesis
What would need to be true (bull case)
- If the sums from the arbitration award and the proceedings against Aveleos are collected, the company could recover a significant part of the value lost 1.
- Operating plants have long-term contracts, which could provide predictable revenues if production and payments are restored 1.
- A favourable outcome in the Milan criminal proceedings could strengthen the company's position in its litigation 1.
What would break the thesis
- Low liquidity and high legal costs could force the company to cover losses from limited resources before sums are collected 1.
- If courts reject the claims or payments are delayed, the company could be left with few assets generating revenue 1.
- Operating activity is small and production has been below estimates, which could limit the ability to fund long-running proceedings 1.
What to watch
- Final judgment in the Milan Court of Appeal criminal proceedingsMay 2024
- Court decision in the case against UBI LeasingMay 2024
- Annual general meeting and establishment of the interim boardMay 2024
- Possible appeal by Aveleos against the final arbitration awardJune 2024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2023 annual report, EAM Solar ASA, based in Oslo, owns and operates solar plants and sells electricity under long-term fixed-price contracts, while pursuing recovery of company value through legal proceedings 1. The company acquired 25 plants in total, with a combined capacity of 27.1 MW and annual revenue of 13.5 million EUR, but in 2023 it operated only four plants with an installed capacity of 4.0 MW 1. Management describes the company as being in its tenth year of litigation after the P31 fraud, which has largely displaced its original core business 1.
The legal structure is dominated by proceedings against Aveleos S.A. and its shareholders in Italy, Luxembourg and Norway, all aiming to recover losses from the P31 acquisition 1. The company does not foresee new acquisitions until these disputes are resolved 1.
The capital structure includes lease debt for the Italian plants and commitments to creditor banks, and at year-end 2023 there were 6 852 210 shares outstanding 1. The board does not propose a dividend for 2023 given the company's financial situation 1.
Segments
Market context
The company operates in the Italian solar sector, where feed-in tariffs and long-term sales contracts form the revenue base, and the market was affected by a decree capping electricity prices in 2022-2023 1. The European economic environment of 2022 and 2023 was marked by high energy prices and rising interest rates, but the effect on the group was limited, with higher rates affecting only partly the leasing debt 1.
Criminal and civil proceedings in Italy and Luxembourg define the context in which the company may recover its value, and outcomes depend on court decisions and on the possibility of collecting sums in international procedures 1.
Trends
- Electricity price cap in Italymixed
The Italian decree capped market electricity prices, which prevented windfall profits in the first half of 2023, but the company could benefit if the cap were lifted 1.
- Higher interest ratesheadwind
Rising interest rates affect the company through its leasing debt, which could raise financing costs if rates stay high 1.
- Delayed payments from GSEheadwind
The operator GSE has not paid tariffs for ENFO 25 since July 2019, leading to a write-down; recovery depends on Italian court decisions 1.
- Favourable arbitration awardstailwind
The Milan arbitration court awarded the company a net amount, which could bring liquidity if payment is made without further proceedings 1.
Competitive position
The company does not define direct competitors in the analysed sources, as its activity is limited to four solar plants in Italy and to legal proceedings. The Italian solar market includes many operators, but the annual report gives no data on them 1.
EAM Solar differs from ordinary peers in that it now focuses on recovering value through litigation rather than expansion, which makes it less comparable with operators active in new asset acquisitions 1.
- Energeia AS
Company that manages EAM under a long-term agreement and previously bought subsidiaries from the company; not US-listed 1.
- Aveleos S.A.
Entity involved in the P31 acquisition, against which the company is litigating and from which it expects payments; no US ticker 1.
- Southern Italian solar operators
Companies owning photovoltaic plants with similar contracts in the Puglia and Basilicata regions, not precisely identified in the source 1.
- GSE S.p.A.
Italian state operator that pays feed-in tariffs and suspended payments to the company; not US-listed 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202309 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / EAM Solar ASA · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.