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Enersense International: Waiting for offshore orders - SEB

Although we expect revenue to continue to grow in Q1 – by 14% y/y – EBITDA is still weighed by the ERP implementation and ramp-up expenses related to the offshore and EV charging businesses. We trim our FY 2024 EBITDA estimate by EUR 0.5m due to slower-than-expected ramp-up in offshore but still see Enersense’s shares trading at a significant discount compared to their fair value. We reiterate our fair value range of EUR 8-10 per share.

Although we expect revenue to continue to grow in Q1 – by 14% y/y – EBITDA is still weighed by the ERP implementation and ramp-up expenses related to the offshore and EV charging businesses. We trim our FY 2024 EBITDA estimate by EUR 0.5m due to slower-than-expected ramp-up in offshore but still see Enersense’s shares trading at a significant discount compared to their fair value. We reiterate our fair value range of EUR 8-10 per share.
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