Aktuellt
SENASTE
Net debt improved more than we expected, and ND/EBITDA was <2x in Q4. Covenants should not be a problem, as these are being renegotiated before the end of Q1. After the divestment of the renewable project development business in Q1/25, the shares trade at an EV/EBITDA of 4x, based on our 2025 estimate for core business reported EBITDA. Offshore is the last remaining non-core business. We maintain a fair value range of EUR 4.5-6.5.
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