As Q2 numbers had already been pre-released, yesterday's report (12 August) did not contain any surprises for the markets. Revenue from the core operations were down 9.8% y/y in Q2. All segments reported weaker y/y adjusted EBITDA from core operations. The macroeconomic environment has not been favourable, creating some headwind for Enersense's operations. Moreover, some customers are delaying their investments. The order backlog increased q/q in Q2, however, and the weakest point could now be behind us. Cash flow from operations could be positive in H2 2025. The balance sheet is also stronger than a year ago. Our fair value range remains at EUR 3.9-4.9, based on our DCF analysis and backed by a peer group comparison. Enersense is to commence a share buyback programme of 200,000 shares with a maximum amount of EUR 0.7m.
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