olivLaw · European equity research
Ennogie Solar Group A/S ESG.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010305077 · Vertical: Listed companies from Denmark
Ennogie Solar Group A/S is a Danish supplier of solar installations for customers in Germany and Denmark, active in residential, commercial and municipal projects. The company is currently under strain: revenue for the first half of 2026 was DKK 8.4 million, and 2026 guidance was cut substantially, while the report flags a material uncertainty about going concern.
At the close of 05 Nov 2026, Ennogie Solar Group A/S (ESG.CO) stock was 2.50 DKK (−3.47% on the day), with market capitalisation 78.3 m DKK, beta 0.09, 52-week range 1.47–4.82 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.7
- strong (55–70)
- Bollinger (20, 2)
- 0.89 – 3.30
- in the upper half of the band · %B 0.67 · band width 115.1%
- SMA 50 / 200
- 1.84 / 3.04
- mixed trend
- MACD (12, 26, 9)
- 0.28 / 0.22
- 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 | +45.8% | +0.4% | +45.4 pp | — |
| 3 months | +22.0% | −3.3% | +25.2 pp | — |
| 6 months | −34.7% | +4.0% | −38.7 pp | — |
| Year to date | −46.8% | +8.1% | −54.9 pp | — |
| 1 year | −47.3% | +10.7% | −58.0 pp | −5.3% |
| 3 years | −86.3% | +50.1% | −136.4 pp | +3.3% |
| 5 years | −79.0% | +43.6% | −122.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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 | 2024 | 2025 |
|---|---|---|
| Revenue | 46.2 m | 52.8 m |
| Revenue YoY | unavailable | +14.3% |
| Net income | -13.9 m | -3.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.45 | -0.12 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -30.1% | -7.1% |
| Free cash flow | -5.0 m | -3.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.6 m DKK
- Financial debt
- 11.2 m DKK
- Net debt
- 8.7 m DKK
- Equity
- 18.8 m DKK
- Total assets
- 76.7 m DKK
- Debt / equity
- 0.60x
- Current ratio
- 1.15x
- ROE
- -22.7%
- ROA
- -5.8%
- FCF margin
- -6.9%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 46.2 m | 52.8 m | esef· 12 May 2026verified |
| Operating income | -12.6 m | -2.8 m | esef· 12 May 2026verified |
| Interest expense | 1.3 m | 1.3 m | esef· 12 May 2026verified |
| Pre-tax income | -13.9 m | -3.8 m | esef· 12 May 2026verified |
| Income tax | 0 | 0 | esef· 12 May 2026verified |
| Net income | -13.9 m | -3.8 m | esef· 12 May 2026verified |
| Diluted EPS | -0.45 | -0.12 | esef· 12 May 2026verified |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 2.1 m | 2.6 m | esef· 12 May 2026verified |
| Receivables | 15.7 m | 31.4 m | esef· 12 May 2026verified |
| Inventories | 13.8 m | 15.2 m | esef· 12 May 2026verified |
| Current assets | 31.6 m | 49.2 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 1.8 m | 2.8 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 16.8 m | 18.3 m | esef· 12 May 2026verified |
| Total assets | 52.6 m | 76.7 m | esef· 12 May 2026verified |
| Short-term debt | 3.0 m | 3.7 m | esef· 12 May 2026verified |
| Long-term debt | 8.7 m | 7.5 m | esef· 12 May 2026verified |
| Current liabilities | 23.2 m | 43.0 m | esef· 02 Sept 2026verified |
| Total liabilities | 37.4 m | 57.9 m | esef· 02 Sept 2026verified |
| Equity | 14.4 m | 18.8 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 31.6 m | 31.3 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -4.2 m | -1.1 m | esef· 02 Sept 2026verified |
| Capex | 805.0 k | 2.6 m | esef· 12 May 2026verified |
| Free cash flow | -5.0 m ≈ | -3.7 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -3.1 m | -5.5 m | esef· 12 May 2026verified |
| Financing cash flow | -4.4 m | 8.2 m | esef· 12 May 2026verified |
≈ 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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 78.3 m DKK
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -21.7% | 6 (vs peers) | 29% |
| Net margin · Quality | -7.1% | 16 (vs peers) | 18% |
| 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 | -2.1x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.7% | 0 (on a fixed band) | 24% |
| 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 sheet3/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Ennogie Solar Group A/S (ESG.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 52.8 m DKK in 2025; YoY growth 14.3%; net margin -7.1%; ROE -52.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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
- ROIC: -21.7%
- Net margin: -7.1%
- Interest coverage: -2.1x
- Current ratio: 0.9x
- FCF yield: -4.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · 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 | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for ESG.CO 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Ennogie Solar Group A/S is a Danish supplier of solar installations for customers in Germany and Denmark, active in residential, commercial and municipal projects. The company is currently under strain: revenue for the first half of 2026 was DKK 8.4 million, and 2026 guidance was cut substantially, while the report flags a material uncertainty about going concern.
SWOT
Strengths
- The company improved its gross margin in the first half of 2026 and has an order base in Denmark and Germany, showing an ability to win projects even in difficult conditions.
- In-house product development, including storage solutions, could become a differentiator if launches are delivered on the revised timetable.
- Presence in two European markets offers geographic diversification, although Germany remains the dominant share of revenue.
Weaknesses
- New order intake has fallen sharply compared with the prior year, and both revenue and EBITDA guidance have been cut significantly.
- The company is loss-making with negative operating cash flow, and its equity has shrunk considerably in the first half of 2026.
- Warranty claims from earlier years consume operational resources and significant provisions, and remediation work has delayed commercial activity.
Opportunities
- Activation of municipal projects in Denmark in the autumn could bring delayed orders and support revenue in the second half of the year.
- Moving to a more asset-light model could reduce fixed costs and free up inventory liquidity if the measures are implemented.
- Launching the battery solution and extending into Poland, both postponed to 2027, could open new revenue streams if delivered.
Threats
- If additional funding is not secured, the company could face difficulty continuing operations, which creates significant uncertainty about its going-concern status.
- Dependence on the panel supplier for replacing defective modules is a risk: if the supplier does not deliver on time, costs could rise and liquidity could deteriorate.
- Pressure from convertible and near-maturity loans could lead to dilution for existing shareholders or to costly refinancing.
Risks
- Going-concern uncertaintyhigh
The report flags a material uncertainty about the company's ability to continue as a going concern, given the need for additional funding and negative net current assets.
- Need for additional capitalhigh
Management estimates that additional funding will be needed over the next six months to maintain operations and execute the strategy, and the timing and size depend on operating performance.
- Warranty claimshigh
Production defects linked to lower-than-expected power output could generate additional costs if the number or cost of replacements exceeds existing provisions.
- Dependence on panel suppliermedium
Recovery of certain receivables depends on replacement panels from a supplier; if they do not arrive on time, the company could have to buy from other sources, affecting liquidity.
- Debt refinancingmedium
Convertible and near-maturity loans need refinancing or extension, and failure to do so could add pressure on liquidity.
Investment thesis
What would need to be true (bull case)
- If the municipal projects in Denmark activate in the autumn and second-half orders materialise, the company could partly recover the lost revenue.
- The improved gross margin shows that pricing and project mix can support profitability even while volume remains under pressure.
- A shift to a more asset-light model and cost reductions could meaningfully improve operating results if the measures are implemented effectively.
What would break the thesis
- The need for additional funding and the going-concern uncertainty could force the company into dilution or unfavourable financing terms.
- The drop in orders in Germany, the main market, suggests demand could stay weak for longer than management expects.
- Warranty claims and dependence on the panel supplier could generate unexpected costs that erode already limited liquidity.
What to watch
- Development of new order intake and backlog in the second half of 20262026
- Securing the additional DKK 5-7 million of funding and its termsnext six months
- Activation of municipal projects in Denmark and timing of order intake2026
- Resolution of warranty claims and delivery of replacement panels by the supplierQ1 2027
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
Ennogie Solar Group A/S operates in solar installations, with projects in Denmark and Germany, and its revenue comes from supplying and installing solar panels for customers in new-build, renovation and public-sector segments. The half-year report shows that sales depend on order intake, so the level of new orders directly affects revenue. The company also has a product development component, including a battery solution whose launch has been postponed.
The geographic mix has shifted: in the first half of 2026, 58% of revenue came from Germany, compared with 86% in the first half of 2025, while Denmark's share rose to 42%. The company has also recorded warranty obligations for lower-than-expected power production, arising from claims in 2024 and 2025, for which provisions have been set up. These are an important element of the current financial position.
In July 2026 management announced a plan to move to a more asset-light model to lower fixed costs and free up inventory liquidity, along with a restructuring of the leadership team. These measures aim to stabilise operations but are conditional on securing additional funding.
Segments
German market
Germany accounted for most of the revenue in the first half of 2026, yet new order intake has been far below historical levels due to weak new-build and renovation segments and investor reluctance. Management expects a gradual recovery, but there is no certainty that it will offset the decline.
Market context
The company operates in Germany and Denmark, where demand for solar installations is shaped by the construction cycle, renovation programmes and administrative decisions by local authorities. The report cites difficult market conditions, more cautious investors and longer decision-making processes, which reduced new order intake in the early part of 2026.
The revised guidance indicates that if second-half orders do not materialise quickly, revenue could remain below the previously announced level. Management expects order intake to improve in the second half of the year, but not to reach the originally anticipated level for the full year.
Trends
- Weak new-build construction in Germanyheadwind
The German new-build segment is weak and demand for solar installations has fallen considerably from historical levels, directly affecting the volume of new orders in the first half of 2026.
- Municipal projects in Denmarkmixed
Projects to install panels on municipal roofs in Denmark have been delayed by political uncertainty, but management expects them to activate in the autumn, which could bring delayed orders.
- Improving gross margintailwind
The gross margin rose from 40.8% to 46.8% in the first half of 2026, showing better profitability per unit sold even as volumes declined.
- Financing and liquidity pressureheadwind
The company relies on loans, deferred repayments and shareholder funding, and the additional capital requirement raises questions about its ability to sustain operations without new sources of finance.
Competitive position
The supplied report does not explicitly name the company's competitors. Competitive pressure can be inferred indirectly from the drop in new orders in Germany and from the fact that municipal demand depends on administrative decisions, which suggests other solar solution providers operate in the same segments.
Competitive strengths mentioned in the report include the improved gross margin and in-house product development, such as the battery solution. These could support the company's position if the delayed launches take place, but the report offers no quantitative comparison with rivals.
- Local solar installers in Germany
Companies active in the same residential and commercial segments, whose presence influences new orders in the German market, in line with the dynamics described in the report.
- Solar integrators in Denmark
Firms competing for municipal and renovation projects in Denmark, a segment whose decision timelines have affected the company's deliveries.
- Photovoltaic module suppliers
Panel manufacturers on which the company depends for replacing defective modules, a relationship whose stability is named as a risk factor.
- Battery storage system developers
Players offering battery solutions comparable to the one the company intended to launch, an activity whose delay is flagged in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202512 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Ennogie Solar Group A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.