Enersense International: Two of three non-core operations now ended - Nordea

Enersense's execution of its new strategy appears to be successful. The company's divestment of its wind power portfolio will improve its equity ratio by 10pp for Q1 2025, on our estimates. Moreover, the Marine and Offshore Unit is now profitable and no longer a burden. In our view, the company's new efficiency programme could boost EBITDA by EUR 5m in 2026E, and the terms of the new financing facility might be disclosed before the end of Q1 2025. A strategy update, focused on Enersense becoming a pure service company, may then be announced in Q2 2025, we believe. In this context, we maintain our fair value range of EUR 4-5, based on our DCF analysis and backed by our peer group comparison. Marketing material commissioned by Enersense.

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