Enersense International: The risk profile has improved - Nordea

The last of the non-core assets was divested in July. Focus is now on efficiency improvements and profitable growth. Its strategic target is revenue growth of 4-5% with an EBIT margin above 5%. The economic environment is not ideal at the moment, which is why we believe organic growth could remain modest for H1 2025 y/y. After the divestment of its marine and offshore operations, risks and volatility related to the future cash flows are respectively smaller. Our new fair value range is EUR 3.9-4.9 ( 3.6-4.6), based on our DCF analysis and backed by a peer group comparison. Based on our current estimates, Enersense's 2025 EV/EBIT is 7.3x (peer group median: 11.5x).

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