An exceptionally strong order book makes us raise our estimates for 2023-25. Profitability is still burdened by ERP system implementation and offshore business in 2023, but we expect margins to improve from 2024 onwards. Offshore and EV charging businesses are the ones to watch later this year, as we hope to hear more about Enersense’s plans regarding scaling-up the businesses. We reiterate our fair value range of EUR 8-13.
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