Enersense International: A year with many changes - Nordea
The beginning of 2024 was tough, but the worst could be behind us. Enersense expects to see a gradual improvement starting in Q3. The company has a new management team and a new strategy. Its focus is set on cash flow, profitability and safeguarding its core service operations. We believe a divestment of the wind power development portfolio could happen in H2 2024. We do not yet include divestments in our estimates, owing to uncertainty related to timing and divestment prices, hence we argue that the divestment could lead to a positive surprise. While waiting for bigger news, we keep our fair value range of EUR 4.5-5.6 per share, which is based on a DCF model and backed by a peer group comparison. Marketing material commissioned by Enersense.
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