Enersense

Country:
Sector:
Market cap (m):
Finland
Business Services
EUR 64.49
Bloomberg:
Reuters:
Website:
ESENSE FH
ESENSE.HE
Share price (close):
EUR 3.91

Latest Reports

21 FEB 2024
Commissioned Research: Orderbook is growing
The short-term outlook for Enersense looks reasonably good. The orderbook is growing and we estimate adjusted EBITDA of EUR 21m for 2024 (2023E: EUR 17m). EPS is negative for 2022-23E, but we forecast a positive figure for 2024. The long-term growth story is based on investments to power grids and renewable energy. Risks are related to funding of the 600MW renewable energy pipeline. We calculate a fair value range for Enersense of EUR 6.4-7.8 (EUR 7.1-8.6) per share. Our valuation approach is based on a DCF model, backed by a peer group comparison. Marketing material commissioned by Enersense.

5 FEB 2024
Commissioned Research: Flash Comment: The company has won a EUR 20m project to build three grid substations
Enersense will build three 110kV power grid substations in Finland. The company has won Fingrid’s public bidding process which will increase group level order book by EUR 20m (3.9%) in Q1 2024. The project is relatively big for Enersense and will continue until the summer of 2027, increasing Power segment’s annual net sales by ~7%. The company is already a leading power line constructor and maintenance operator in Finland. Enersense has been building the Aurora Line (EUR 16m) for Fingrid and this project is expected to be ready in 2024. Enersense has also been accelerating its wind power business. The company's own energy production capacity target by 2027 is 600-700MW, of which 600MW in wind power and 100MW in solar power capacity. However, one risk factor is high interest rates combined with a low power price which could cause the final investment decisions of wind power projects to be postponed in Finland.

11 DEC 2023
Commissioned Research: Green energy services make sense
We initiate coverage of Enersense, a company operating within renewable energy, a sector with significant and long-term growth potential. In addition to the construction and maintenance services it currently offers, Enersense has expanded its strategy to encompass own wind power production, EV chargers and offshore wind power foundations. Its core strength is its efficient management and execution of development projects. We also believe that it will be able to restore its EBIT margin close to 3% in 2024 after two tough years. We calculate a fair value range for Enersense of EUR 7.1-8.6 per share. Our valuation approach is based on a DCF model, backed by a peer group comparison. Marketing material commissioned by Enersense.

Equity analysts

Key persons

CEO: Jussi Holopainen

CFO: Mikko Jaskari

Chairman: Jaakko Eskola

Numbers
Export to Excel
Nordea
EURm
2019
2020
2021
2022
2023E
2024E
2025E
Total revenues
58.1
147.5
239.1
282.0
351.1
380.9
400.4
Ebitda (adj.)
0.05
9.78
19.23
13.65
16.47
21.27
23.88
Ebitda - margin
0.1%
6.6%
8.0%
4.8%
4.7%
5.6%
6.0%
EBIT (adj.)
-1.0
4.8
9.4
4.9
7.1
11.2
13.4
EBIT (adj.) margin
-1.7%
3.2%
3.9%
1.7%
2.0%
2.9%
3.3%
PTP (adj.)
-1.4
2.9
6.2
-5.1
-2.0
2.4
4.2
Net profit from cont oper (adj)
-1.35
2.43
6.61
-7.92
-2.90
1.95
3.37
Shareholders´ Equity
7.4
15.9
48.6
62.2
57.7
59.6
63.0
Net interest bearing debt
4.6
9.2
1.3
11.9
38.8
35.7
31.5
Net gearing
64.8%
52.3%
2.5%
19.0%
66.9%
59.5%
49.6%
Net debt/EBITDA
87.8
0.9
0.1
1.0
2.4
1.7
1.3
Free cash flow to equity
-2.2
13.9
-4.1
-4.0
-17.3
11.4
12.7
Diluted number of shares in issue, year-end (m)
5.9
7.4
13.4
16.5
16.5
16.5
16.5
Nordea Markets estimates published on Feb 21, 2024
Source: Company data, Nordea estimates
Per share data and multiples
Export to Excel
Nordea
EUR and %
2019
2020
2021
2022
2023E
2024E
2025E
EPS (adj.)
-0.23
0.33
0.49
-0.48
-0.18
0.12
0.20
EPS (adj.) growth
23.5%
243.5%
50.9%
-197.3%
63.4%
167.3%
72.7%
DPS
0.00
0.00
0.10
0.10
0.00
0.00
0.00
BVPS
1.2
2.1
3.6
3.8
3.5
3.6
3.8
P/E (adj.)
n.a.
25.4
13.9
n.a.
n.a.
33.1
19.1
EV/Sales
0.26
0.49
0.39
0.38
0.30
0.26
0.24
EV/EBITDA (adj.)
285.36
7.44
4.89
7.77
6.30
4.73
4.03
EV/EBIT (adj.)
n.a.
15.21
9.97
21.56
14.52
8.98
7.18
P/BV
1.44
3.89
1.89
1.51
1.12
1.08
1.02
Dividend yield
0.0%
0.0%
1.5%
1.8%
0.0%
0.0%
0.0%
FCF Yield bef A&D, lease adj
-20.3%
16.1%
-13.2%
-12.8%
-39.2%
5.3%
7.3%
RoE
-16.5%
20.9%
12.5%
-16.9%
-4.8%
3.3%
5.5%
ROIC
-6.0%
18.5%
18.4%
6.1%
6.5%
9.2%
11.1%
Nordea Markets estimates published on Feb 21, 2024
Source: Company data, Nordea estimates

Source: LSEG Data & Analytics