Enersense holds CMD on 4 June 2025 - Nordea

Enersense will release new financial targets on 4 June 2025 at its CMD event. The company finalised negotiations on a one-year financing package already at the end of March 2025, contrary to our comment on 17 April where we believed negotiations were still ongoing. Covenant for equity ratio is 16.5% end of June and 18% end of September. Interest bearing net debt per EBITDA covenant is 2.25x in 2025. As a change to the previous practice, convertible bonds are treated as debt in the equity ratio calculation. Company-specific risks have kept the valuation discount compared to the peer group relatively wide. But valuation difference to peers could tighten when earnings volatility will decline and risks related to financing are decreasing. The share has upside potential if the restructuring programme and strategic execution continue as planned.

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