We project Q1 reported EBITDA of EUR 18.3m, including EUR 16.5m in net positive one-offs. While we expect 2025 to be a solid year for the core business, Enersense’s equity case faces headwinds due to uncertainty regarding the future of the Marine & Offshore business (non-core). In our view, Enersense is not the right owner for this business and we believe that it should try to find the right time to divest it. We set our fair equity value range at EUR 4.0-6.0 (4.5-6.5).
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