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Enersense International Q1: Problems with covenants and weak underlying EBITDA - SEB

EBITDA was EUR 3m above our estimate but the beat came from onshore development, which we see more as a matter of timing. Underlying EBITDA was some EUR 3m weaker than we expected. Guidance remains unchanged. Enersense is having challenges with equity ratio covenant, which will raise questions if additional (equity) funding is needed. Estimate changes likely to be slightly negative for FY2024.

EBITDA was EUR 3m above our estimate but the beat came from onshore development, which we see more as a matter of timing. Underlying EBITDA was some EUR 3m weaker than we expected. Guidance remains unchanged. Enersense is having challenges with equity ratio covenant, which will raise questions if additional (equity) funding is needed. Estimate changes likely to be slightly negative for FY2024.
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