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Enersense International: Rising interest rates have led to project delays - Nordea

Full-year revenue and EBIDA guidance from the company remains intact but we lower our 2024 EBITDA forecast due to weak profitability in the offshore business. Q1 was better than we expected due to wind power milestone payments that we expected later in 2024. Revenue growth was 31% in Q1 y/y and we expect over 10% revenue growth for the full year. The order backlog declined by 3% q/q and 15% y/y but the company expects order intake to improve in the near future. Our long-term estimates are unchanged and we reiterate our fair value range for Enersense of EUR 5.8-7.4 per share. Our valuation approach is based on a DCF model, backed by a peer group comparison. Marketing material commissioned by Enersense.

Full-year revenue and EBIDA guidance from the company remains intact but we lower our 2024 EBITDA forecast due to weak profitability in the offshore business. Q1 was better than we expected due to wind power milestone payments that we expected later in 2024. Revenue growth was 31% in Q1 y/y and we expect over 10% revenue growth for the full year. The order backlog declined by 3% q/q and 15% y/y but the company expects order intake to improve in the near future. Our long-term estimates are unchanged and we reiterate our fair value range for Enersense of EUR 5.8-7.4 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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