The share price has come up by 82% since June 2025. The macroeconomic environment is not very strong, and the company even gave a negative profit warning in August, but there have been several positive drivers in the past few months. Risks related to the Marine and Offshore unit disappeared with the divestment of the operations. The Power segment has also won several new projects and the company's share buyback programme was completed on 24 October 2025. Moreover, we forecast EUR 12.7m in adj. EBITDA in H2 compared to EUR 5.0m in H1 2025. Cash flow from operations could also be positive in H2 2025. But the share price drove Enersense's 2025 EV/EBIT up to 12.0x compared to the peer group median of 12.6x. Our conclusion is that a similar development in the share price is unlikely in the near term. Our fair value range remains at EUR 3.9-4.9, based on our DCF analysis and backed by a peer group comparison.
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