With its updated core business strategy, Enersense is extending its focus from construction to maintenance and modernisation. Development and digitalisation of its project and service delivery model could also support profitability and offer a core competitive edge compared to its competitors. The updated strategy includes a revenue growth target of 4-5% on average in 2025-28. The new EBIT margin target of 5%-plus looks a little challenging but is in line with our expectations for the strategy update. Growth of higher-margin businesses could improve EBIT margin beyond 3% we believe. Our fair value range remains EUR 3.6-4.6, based on our DCF analysis and backed by a peer group comparison. Marketing material commissioned by Enersense.
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