Increasing Orsted's FVE to DKK 450 From DKK 430 and Stewardship Rating to Exemplary
We are raising our fair value estimate for Orsted to DKK 450 from DKK 430 per share, chiefly due to reassessing future projects' incremental value and anticipated premium from the sale of Danish distribution activities. We are also raising our stewardship rating from Standard to Exemplary on best-in-class capital allocation; Orsted is the only European utilities firm with an Exemplary rating. Our new fair value estimate implies a 12% total shareholder return, and with our low uncertainty rating,...Orsted is a renewable energy company based in Denmark. Co. is engaged in developing a renewables portfolio based on competences in offshore wind, bioenergy, and energy solutions. Co. is active in deploying offshore wind and converting existing coal- and gas-fired power stations to sustainable biomass, providing a heat and power supply which is both green and flexible. Co. divides its operations into four businesses: Wind Power, Bioenergy & Thermal Power, and Distribution & Customer Solutions. The Bioenergy & Thermal Power and Distribution & Customer Solutions businesses jointly constitute Co.'s Danish utility business. Co. maintains activities primarily in Northwestern Europe.
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