Enersense: The period of strong growth is cooling down - Nordea

The recent period of strong revenue growth may have come to an end in Q2, as we expect negative revenue growth for Q3 y/y. We believe a strategy change will bring Enersense back to its roots as a service provider and the next bigger potential newsflow could be related to the divestment of the wind development portfolio. EV charger and offshore platform operations could also be divested, we argue. The wind power development portfolio looks sizeable, and the divestment price could therefore lead to a positive surprise. However, many onshore projects are halted, owing to the low power price, modest demand growth and high interest rates. We keep our fair value range of EUR 4.5-5.6 per share intact, based on a DCF model and peer group comparison. We note that Enersense's fair value heavily depends on the possible divestment prices of its operations. Marketing material commissioned by Enersense.