Ørsted : Changement de régime. Surperformance vs Neutre
Nous relevons notre recommandation à Surperformance et notre objectif de cours à 170 DKK vs 130 DKK afin de refléter un changement de régime structurel dans le profil économique, financier et stratégique du groupe. Après plusieurs années marquées par une croissance de capacité extensive, une forte consommation de trésorerie et une dégradation de la perception du risque, Ørsted entre désormais dans une phase de normalisation du free cash et de discipline renforcée dans l’allocation du capital.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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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