Orsted Pays a Decent Entrance Ticket to the Promising East Cost Offshore Wind Market
Orsted has agreed to buy Deepwater Wind, the leading U.S. offshore wind developer, for USD 510 million and an enterprise value of USD 700 million. We see a strong strategic rationale as the group gets a solid foothold in the promising East Coast offshore wind market where it has struggled so far. We have yet to factor in the farm-down of Hornsea 1, which would add DKK 15 to our fair value estimate. We reiterate our fair value estimate of DKK 430 per share, along with our narrow moat, stable tren...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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