The short-term outlook for Enersense looks reasonably good. The orderbook is growing and we estimate adjusted EBITDA of EUR 21m for 2024 (2023E: EUR 17m). EPS is negative for 2022-23E, but we forecast a positive figure for 2024. The long-term growth story is based on investments to power grids and renewable energy. Risks are related to funding of the 600MW renewable energy pipeline. We calculate a fair value range for Enersense of EUR 6.4-7.8 (EUR 7.1-8.6) per share. Our valuation approach is based on a DCF model, backed by a peer group comparison. Marketing material commissioned by Enersense.
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