2023 EBITDA guidance mid-point of EUR 15m missed our pre-Q4 estimate by EUR 4.8m. Enersense’s onshore pipeline increased by 5,000 MW q/q to 8,000 MW. We cut our short-term estimates significantly, but an increased long-term potential in wind power development is enough for us to increase our fair value mid-point from EUR 10 to EUR 10.5. We widen our FV range to EUR 8-13 (8-12) due to uncertainty related to the completion of wind projects.
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