Focus has reverted to project and service operations. Enersense could therefore divest its three growth engines, which are EV chargers, offshore platforms and onshore development portfolio. The company ran out of resources at the same time that the market halted, owing to the high interest rate environment, making it hard to continue pursuing its old growth strategy. A clear change in strategy will bring Enersense back to its roots and should offer a lower risk profile. We do not yet include divestments in our estimates because of the uncertainty related to timing and divestment prices. Due to the high uncertainty regarding order intake, we lower our estimates and derive a trimmed fair value range for Enersense of EUR 4.5-5.6 (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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