Enersense International: Non-core operations could have a low value - Nordea

Net sales were EUR ~104m and EBITDA came in at EUR ~2m in Q4 2024, according to preliminary information. The wind power portfolio has already been sold, but near-term newsflow could be related to the divestment of the EV charger and offshore platform operations. Our EBITDA estimates for this year are highly sensitive to the divestment of these non-core operations. Enersense should meet its covenant terms at the end of March, but possible writedowns or losses from non-core operations could change the situation later in 2025. We trim our fair value range to EUR 4-5 (4.3-5.4) per share, which is based on a DCF model and backed by a peer group comparison. On our current estimates, Enersense's 2025E EV/EBIT is 6.5x. Marketing material commissioned by Enersense.

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