Reported revenue growth has been negative for the last six quarters, but we forecast reported net sales to bounce into positive territory (+8% y/y) in Q3. However, we lower our Q3 EBITDA estimate to reflect slower project starts, while raising our Q4 forecasts accordingly. Our full-year adjusted EBITDA forecast of EUR 19m is unchanged. Our fair value range remains at EUR 4.2-5.3, based on our DCF analysis and backed by a peer group comparison. Based on our current estimates, Enersense's 2027E EV/EBIT is 6.2x (peer group median: 11.7x), including the EUR 30m hybrid debt. We see decent upside to the share price if execution of the company's strategy is successful.
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