Enersense International: Turnaround programme is progressing well - Nordea
The company's focus on profitability, cash flow and safeguarding its core service operations has started well. Q3 net sales and clean EBITDA were remarkably higher than LSEG Data & Analytics consensus expected. Losses from growth projects have declined, leading the EBITDA margin to be 7.7% in Q3. Restructuring has not affected its sales initiatives nor its capability to win new projects. We upgrade our 2024 estimates, but net sales and relative profitability for 2025 are highly dependent on possible divestments. 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. Based on our current estimates, Enersense's EV/EBIT 2025E is 6.7x.
Marketing material commissioned by Enersense.
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