Enersense International: The beginning of a new era - Nordea

Enersense's wind power development portfolio has been divested, and losses from non-core operations are falling. Execution of the new strategy is progressing well. Yet net debt looks set to decline only by EUR 9m in Q1, which means risks related to the balance sheet are reduced but linger. The expected total divestment price of EUR 42m for its wind portfolio was a positive surprise. The divestment of offshore platforms and EV chargers could happen in H1 2025, after which the company might release new financial targets as a pure service company. We derive a lower fair value range of EUR 4.3-5.4 (4.5-5.6) per share, based on a DCF model and peer group comparison. Our net sales forecast for next year is EUR 399m, but that could change once the next two non-core operations are divested. Marketing material commissioned by Enersense.

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