Enersense International: We expect improving clean EBITDA y/y for 2026 - Nordea
This is a third party research report and does not necessarily reflect our views or values
We expect relatively healthy Q4 results despite the weak macroeconomic situation in Finland. Our net sales forecast is 2% below market (LSEG) consensus, but our clean EBITDA estimate is above consensus for the quarter. The focus has been on profitability, which we believe could support the EBITDA margin. Moreover, execution of the renewed strategy has been good, and the company could return to profitable growth as early as this year. However, profitability in the Energy Transition segment has been rather weak. Our fair value range remains at EUR 4.2-5.3, based on our DCF analysis and backed by a peer group comparison. Based on our current estimates, Enersense's 2026E EV/EBIT is 7.5x (peer group median: 12x) including the EUR 30m hybrid debt.