Financials Orsted LIQUIDNET SYSTEMS

Equities

DK0060094928

Electric Utilities

Real-time Estimate Cboe Europe Other stock markets 11:00:00 2024-05-08 am EDT			5-day change	1st Jan Change
431.1 ^DKK	0.00%		0.00%	0.00%

May. 06	EU Wachdog Green-lights Ørsted, Stonepeak's Purchase of Oona Energy	MT
May. 03	ORSTED : Q1 24: Consistent results, no bad news this time

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	289,370	522,352	350,930	265,253	157,272	181,960	-	-
Enterprise Value (EV) ¹	324,394	534,695	375,210	295,824	204,651	253,351	250,444	254,498
P/E ratio	54.3 x	32 x	34.4 x	18.2 x	-7.47 x	20.8 x	16.4 x	16 x
Yield	1.52%	0.92%	1.5%	2.14%	-	0.49%	0.99%	2.93%
Capitalization / Revenue	4.27 x	9.93 x	4.52 x	2.01 x	1.98 x	2.09 x	1.9 x	1.89 x
EV / Revenue	4.78 x	10.2 x	4.83 x	2.24 x	2.58 x	2.9 x	2.62 x	2.64 x
EV / EBITDA	18.6 x	29.5 x	15.4 x	9.23 x	10.9 x	9.6 x	7.68 x	7.56 x
EV / FCF	-31.7 x	62.6 x	-16.7 x	-14 x	13.1 x	-7.69 x	-14.1 x	-23.9 x
FCF Yield	-3.15%	1.6%	-5.98%	-7.13%	7.62%	-13%	-7.1%	-4.19%
Price to Book	3.96 x	5.52 x	4.28 x	2.9 x	2.07 x	2.41 x	2.04 x	1.72 x
Nbr of stocks (in thousands)	419,985	420,066	420,175	420,170	420,175	420,230	-	-
Reference price ²	689.0	1,244	835.2	631.3	374.3	433.0	433.0	433.0
Announcement Date	1/30/20	2/3/21	2/2/22	2/1/23	2/7/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	67,842	52,601	77,673	132,277	79,255	87,228	95,604	96,434
EBITDA ¹	17,484	18,124	24,296	32,057	18,717	26,399	32,598	33,668
EBIT ¹	10,052	10,536	16,195	19,774	-17,853	15,764	19,515	19,982
Operating Margin	14.82%	20.03%	20.85%	14.95%	-22.53%	18.07%	20.41%	20.72%
Earnings before Tax (EBT) ¹	8,856	18,850	13,277	17,609	-19,026	11,765	15,644	15,635
Net income ¹	5,315	16,289	10,962	14,549	-21,059	8,750	11,702	10,920
Net margin	7.83%	30.97%	14.11%	11%	-26.57%	10.03%	12.24%	11.32%
EPS ²	12.70	38.80	24.30	34.60	-50.10	20.78	26.37	27.10
Free Cash Flow ¹	-10,226	8,538	-22,421	-21,080	15,599	-32,932	-17,791	-10,663
FCF margin	-15.07%	16.23%	-28.87%	-15.94%	19.68%	-37.75%	-18.61%	-11.06%
FCF Conversion (EBITDA)	-	47.11%	-	-	83.34%	-	-	-
FCF Conversion (Net income)	-	52.42%	-	-	-	-	-	-
Dividend per Share ²	10.50	11.50	12.50	13.50	-	2.112	4.288	12.68
Announcement Date	1/30/20	2/3/21	2/2/22	2/1/23	2/7/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	27,001	32,497	30,666	-	26,295	-	36,541	35,679	29,369	16,477	-	19,023	21,530	19,168	14,700	13,991	24,996	-	-
EBITDA ¹	9,761	13,059	8,253	9,429	3,615	13,044	12,317	6,696	6,910	3,320	10,230	9,173	-686	7,488	4,119	5,074	8,265	-	-
EBIT ¹	6,180	9,170	5,980	7,301	1,311	8,612	9,787	1,375	4,472	866	-	6,636	-1,405	5,826	792.5	2,075	5,673	-	-
Operating Margin	22.89%	28.22%	19.5%	-	4.99%	-	26.78%	3.85%	15.23%	5.26%	-	34.88%	-6.53%	30.39%	5.39%	14.83%	22.7%	-	-
Earnings before Tax (EBT) ¹	4,383	8,245	4,361	6,561	893	7,454	9,695	460	3,135	-763	-	-21,955	557	4,434	1,048	724	3,603	-	-
Net income ¹	2,493	7,142	3,757	5,701	132	5,688	9,355	-329	3,202	-596	-	-22,562	-677	2,609	517	241	2,406	-	-
Net margin	9.23%	21.98%	12.25%	-	0.5%	-	25.6%	-0.92%	10.9%	-3.62%	-	-118.6%	-3.14%	13.61%	3.52%	1.72%	9.63%	-	-
EPS	5.200	-	-	13.20	0.3000	-	22.30	-1.200	4.600	-1.400	-	-53.80	-1.600	5.700	-	-	-	-	-
Dividend per Share ²	-	-	12.50	-	-	-	-	13.50	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/12/20	8/12/21	2/2/22	4/29/22	8/11/22	8/11/22	11/3/22	2/1/23	5/3/23	8/10/23	8/10/23	10/31/23	2/7/24	5/2/24	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	35,024	12,343	24,280	30,571	47,379	71,392	68,485	72,538
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.003 x	0.681 x	0.9993 x	0.9536 x	2.531 x	2.704 x	2.101 x	2.155 x
Free Cash Flow ¹	-10,226	8,538	-22,421	-21,080	15,599	-32,932	-17,791	-10,663
ROE (net income / shareholders' equity)	6.09%	18%	12.4%	16.8%	-25.2%	12.8%	13.7%	12.3%
ROA (Net income/ Total Assets)	2.89%	8.37%	4.69%	4.98%	-7.08%	3.67%	2.63%	2.32%
Assets ¹	183,719	194,658	233,552	292,266	297,641	238,197	445,257	470,208
Book Value Per Share ²	174.0	225.0	195.0	218.0	180.0	180.0	212.0	252.0
Cash Flow per Share ²	31.10	39.20	28.90	28.40	67.90	26.60	50.10	56.60
Capex ¹	22,445	26,957	34,569	33,004	38,203	43,488	43,393	40,806
Capex / Sales	33.08%	51.25%	44.51%	24.95%	48.2%	49.86%	45.39%	42.31%
Announcement Date	1/30/20	2/3/21	2/2/22	2/1/23	2/7/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Orsted

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

433 DKK

Average target price

448.5 DKK

Spread / Average Target

+3.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
NEXTERA ENERGY	+19.39%	148B
SOUTHERN COMPANY	+10.41%	84.14B
IBERDROLA, S.A.	+0.84%	80.67B
DUKE ENERGY CORPORATION	+5.00%	78.89B
ENEL S.P.A.	-4.22%	69.89B
CONSTELLATION ENERGY CORPORATION	+76.93%	63.2B
AMERICAN ELECTRIC POWER COMPANY, INC.	+11.23%	47.37B
GE VERNOVA INC.	0.00%	45.87B
DOMINION ENERGY, INC.	+10.51%	43.69B

Other Electric Utilities