We believe Q3 was somewhat stable compared to Q2 but y/y growth continued to be strong, at 29%. FY/23 guidance is still most likely to be dependent on the wind power project income (SEBe: EUR 6m), which we think will be realised in Q4. We cut our EV valuation range for Enersense’s wind power pipeline by EUR 11-20m, due to low activity in wind power investment recently. We set our fair value range to EUR 8-13 (9-14).
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