Orsted is Fit to Beat its Medium-Term Wind Capacity Growth Targets
We reiterate our fair value estimate of DKK 450 per share along with our narrow-moat, stable trend ratings after Orsted released first-quarter results slightly above expectations. Shares look overvalued.ÂEBITDA decreased by 7% to DKK 5.1 billion, 4% above consensus expectations. The decrease was driven by customer solutions whose EBITDA was more than halved on a positive one-off in the first quarter of 2018 and negative reevaluation of gas inventories due to gas price declines. Offshore wind's...
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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