Enersense International: Clear steps in the right direction - Nordea

Efficiency improvements and additional service sales to the current customer base have improved profitability and the predictability of operations. The share of services of total sales grew in Q3 2025 compared to full-year 2024. The Power segment was strong in Q3 but some more work is still needed in the Energy Transition segment, we believe. Revenue from the core operations was still down in Q3 y/y but we expect a positive trend to return during H1 2026. Our new fair value range is EUR 4.2-5.3 (3.9-4.9), based on our DCF analysis and backed by a peer group comparison. Declining company-specific risks have led to a lower valuation discount to the peer group. Based on our current estimates, Enersense's 2026 EV/EBIT is 8.4x (peer group median: 10.6x).

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