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Enersense International: Future divestments the main story this year - SEB

Q2 EBITDA is burdened by a EUR 6m write-down of receivables in Lithuania. We cut our EBITDA estimates due to this as well as expectations of a strategy review slowing activity in the businesses that will be divested. We value Enersense’s shares at a fair value range of EUR 6-8, and we expect that the divestment of the renewable pipeline (SEBE EUR 50-86m) could be a major trigger in the coming months.

Q2 EBITDA is burdened by a EUR 6m write-down of receivables in Lithuania. We cut our EBITDA estimates due to this as well as expectations of a strategy review slowing activity in the businesses that will be divested. We value Enersense’s shares at a fair value range of EUR 6-8, and we expect that the divestment of the renewable pipeline (SEBE EUR 50-86m) could be a major trigger in the coming months.
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