Enersense International: New strategy could be released in April - Nordea

Enersense could release new financial targets as a pure service company on 28 April. The company will also arrange its CMD on 4 June to present its updated core business strategy and financial targets for the new strategy period. The company's ongoing negotiations regarding its financing facility might be concluded before the CMD event, we believe. An assessment of the Marine and Offshore Unit is still ongoing and it is no longer included in full-year guidance. Overall, the execution of the strategic alignment conducted in summer 2024 to focus on core service operations has progressed well. We derive a lower fair value range of EUR 3.8-4.8 (4-5), which is based on a DCF model and backed by a peer group comparison. On our current estimates, Enersense's 2025E EV/EBIT is 5x. Marketing material commissioned by Enersense.

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