Q3 numbers beat our EBITDA estimates by some margin. Due to a strong Q3, we see the possibility that the company could end up raising its guidance later this year. Enersense is due to start several projects and cooperations during Q4 2022 and in 2023, which should deliver sales growth next year. We increase our fair value range to EUR 7-11 (6-10), and we believe that the market is not giving a proper value to Enersense’s future business prospects.
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