A solid Q2 report and offshore projects starting in H2 2023 increase our revenue estimates by 5% and EBITDA estimates by 10-13% for 2023-25. FY 2023 adj. EBITDA guidance range of EUR 12-18m remained unchanged, and we expect Enersense to land at EUR 16.6m. We model in earnings growth for 2024, when costs related to the ERP system fade away and the offshore business gets going. We set our fair value range at EUR 9-14 (8-13).
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