Enersense International: Revenue growth will remain strong - Nordea
The guidance midpoint indicates 10% y/y revenue growth (LSEG Data & Analytics consensus is 6%) for 2024. However, the EBITDA margin could fall slightly below consensus (5.6%). Despite a small headwind, offshore operations could reach breakeven this year. The ordinary dividend distribution is zero but the company proposes a EUR 0.10 return of capital to be paid up to two instalments, giving a yield of 2.4%. We slightly upgrade our estimates but reiterate a fair value range for Enersense of EUR 6.4-7.8 per share. Our valuation approach is based on a DCF model, backed by a peer group comparison. Marketing material commissioned by Enersense.
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