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Enersense International Q3: Clearly above expectations - SEB

Q3 was clearly stronger than we expected, as all divisions came above our estimates. Enersense was within its covenant limits at the end of Q3, but we highlight that covenants will become stricter in Q4/24 and Q1/25, so divesting the renewable project pipeline is still crucial in the near future. FY/24 guidance remains unchanged, which is a slight disappointment after a super strong Q3. However, clear positive share reaction is justified, in our view.

Q3 was clearly stronger than we expected, as all divisions came above our estimates. Enersense was within its covenant limits at the end of Q3, but we highlight that covenants will become stricter in Q4/24 and Q1/25, so divesting the renewable project pipeline is still crucial in the near future. FY/24 guidance remains unchanged, which is a slight disappointment after a super strong Q3. However, clear positive share reaction is justified, in our view.
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