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Enersense International: Stabilise, divest, grow – in that order - SEB

Strong profitability and achieved breakeven margins in non-core businesses were positives in Q3. Unchanged guidance indicates a bit weaker Q4 than we expected, so we trim our FY/25 EBITDA estimate by 10%, or EUR 1.8m. Covenants were not breached, and again the company has some additional months to possibly divest its renewable project pipeline. We reiterate our fair value range of EUR 4.5-6.5.

Strong profitability and achieved breakeven margins in non-core businesses were positives in Q3. Unchanged guidance indicates a bit weaker Q4 than we expected, so we trim our FY/25 EBITDA estimate by 10%, or EUR 1.8m. Covenants were not breached, and again the company has some additional months to possibly divest its renewable project pipeline. We reiterate our fair value range of EUR 4.5-6.5.
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