Orsted Releases 2018 Results and 2019 Guidance in Line With Our Expectations; Shares Fairly Valued
We maintain our fair value estimate of DKK 450 per share along with our narrow moat and stable trend ratings after Orsted released full-year estimates and set 2019 guidance in line with our expectations, albeit below the consensus. The shares appear fairly valued.2018 EBITDA increased by one third to DKK 30 billion, slightly above our DKK 29 billion and consensus' DKK 28.5 billion. As expected, the key growth driver was new partnerships owing to the farm-down of Hornsea 1 in the fourth quarter,...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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