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MarketScreener Homepage  >  Equities  >  Nasdaq Copenhagen  >  Orsted A/S    ORSTED   DK0060094928

ORSTED A/S

(ORSTED)
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Real-time Estimate Quote. Real-time Estimate Cboe Europe - 04/12 10:59:45 am
1046 DKK   -0.38%
04/09SAUDI ARABIAN OIL  : Norway wealth fund should invest in fewer companies, government says
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Orsted A/S : Norway's sovereign wealth fund pushes into renewables with $1.6 bln Orsted deal

04/07/2021 | 05:12am EDT

* Norway has world's largest sovereign wealth fund

* Fund takes its first direct stake in renewable project

* Buys 50% of Dutch offshore wind farm

* Has looked at 8 possible transactions in 2020

OSLO, April 7 (Reuters) - Norway's $1.3 trillion sovereign wealth fund has made its first direct investment in a renewable energy project, a new asset class for the world's largest state-owned investor, it said on Wednesday.

The fund bought a 50% stake in the Borssele 1 and 2 wind farm off the Netherlands for 1.375 billion euros ($1.63 billion) from Denmark's Orsted, which will continue to co-own and run the facility.

Such direct investments are new for the fund which, until last year, was only allowed by parliament to invest in stocks, bonds and property.

The Borssele is the world's second-largest offshore wind farm in operation, with an installed capacity of 752 megawatts, which can produce the equivalent of a year's annual electricity consumption for around one million Dutch households.

The agreement was signed on Wednesday, with completion expected in the second or third quarter of 2021.

The transaction will boost Orsted's 2021 profit before interest, tax, depreciation and amortisation (EBITDA) by an estimated 5 billion Danish crowns ($799.5 million), Orsted said.

Danske Bank said in a research note the deal will increase Orsted's financial resilience. "We also think that the implied valuation on Borssele 1&2 seems attractive compared to market expectations," it said.

NEW ASSET CLASS

Global competition for offshore wind power is so hot that licence auctions now resemble the oil and gas competitions of just a few years ago. Some of the names are familiar too, as global oil majors move aggressively into renewable energy.

Overall the Norwegian wealth fund is looking to invest some 100 billion Norwegian crowns ($12 billion) between 2020 and 2022 in unlisted renewable projects such as wind parks and solar farms, looking at North America and Europe only, as mandated by parliament.

"We want to focus on large transactions so we don't spend so much time on the smaller ones," Boerge Sivertsen, the fund's head of renewable infrastructure, told Reuters. "We don't want to have too many assets."

In October, Chief Executive Nicolai Tangen said the fund was having trouble finding suitable investments because of the paucity of projects and strong competition for stakes in them.

"We are getting approached every day," Mie Holstad, the fund's chief real assets officer, told Reuters. Last year, the fund closely examined eight possible transactions, she said.

The fund could partner again with Orsted, or others, on other such projects, she added. Joint ventures with a select few have been a preferred model for the fund its real estate investments.

(Reporting by Gwladys Fouche in Oslo and Nikolaj Skydsgaard in Copenhagen; Editing by Terje Solsvik, Larry King and Jan Harvey)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.21% 63.12 Delayed Quote.22.48%
ORSTED A/S -0.38% 1046 Delayed Quote.-15.56%
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Financials
Sales 2021 55 411 M 8 856 M 8 856 M
Net income 2021 12 778 M 2 042 M 2 042 M
Net Debt 2021 24 305 M 3 885 M 3 885 M
P/E ratio 2021 34,9x
Yield 2021 1,18%
Capitalization 441 B 70 484 M 70 493 M
EV / Sales 2021 8,40x
EV / Sales 2022 7,93x
Nbr of Employees 6 179
Free-Float 44,8%
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Technical analysis trends ORSTED A/S
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 26
Average target price 1 074,28 DKK
Last Close Price 1 050,00 DKK
Spread / Highest target 61,9%
Spread / Average Target 2,31%
Spread / Lowest Target -47,6%
EPS Revisions
Managers and Directors
NameTitle
Mads Nipper Group President & Chief Executive Officer
Marianne Wiinholt Chief Financial Officer
Thomas Thune Andersen Chairman
Lene Skole-Sørensen Deputy Chairman
Lynda Anne Armstrong Independent Director
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