Q2 missed our estimate, but the guidance indicates a better H2 than we expected. Based on our understanding, Enersense is currently breaching its covenants, but we believe that the divestments (likely in the near future) will solve this problem. We trim our fair value range to EUR 5.5-8.0 (EUR 6-8), mainly due to the uncertainty related to the realised price of the renewable portfolio in the divestment process.
LÄS MER