Buy Or Sell Opportunity • May 20
Now 20% undervalued Over the last 90 days, the stock has risen 8.7% to kr.165. The fair value is estimated to be kr.206, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.4% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: kr.1.60 (vs kr.10.57 in 1Q 2025) First quarter 2026 results: EPS: kr.1.60 (down from kr.10.57 in 1Q 2025). Revenue: kr.27.6b (up 33% from 1Q 2025). Net income: kr.2.32b (down 48% from 1Q 2025). Profit margin: 8.4% (down from 22% in 1Q 2025). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Annonce • Mar 19
Ørsted A/S Announces Directors Not Seeking Re-Election Ørsted A/S announced that at the annual general meeting of Ørsted A/S to be held on 9 April 2026, Judith Hartmann and Annica Bresky are not seeking re-election for board of directors. Annonce • Feb 24
Ørsted A/S to Report Q4, 2025 Results on Feb 26, 2026 Ørsted A/S announced that they will report Q4, 2025 results Pre-Market on Feb 26, 2026 Reported Earnings • Feb 07
Full year 2025 earnings released: EPS: kr.2.00 (vs kr.2.20 loss in FY 2024) Full year 2025 results: EPS: kr.2.00 (up from kr.2.20 loss in FY 2024). Revenue: kr.73.2b (up 3.1% from FY 2024). Net income: kr.1.73b (up kr.2.65b from FY 2024). Profit margin: 2.4% (up from net loss in FY 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Annonce • Feb 03
Ørsted A/S Announces Board Changes Ørsted A/S announced that Leticia Mandiola, one of the employee-elected members of the board of directors has stepped down as board member. The first alternate, Arul Gynasegaran(Senior Project Lead, Engineering) has replaced Leticia Mandiola employee-elected board member. Annonce • Nov 24
Ørsted A/S Announces Board Changes Ørsted A/S announced that Ian McCalder, one of the employee-elected members of the Board of Directors of Ørsted A/S, has stepped down as board member. The first alternate, Pawel Matysiak (Solution Manager, IT), has replaced Ian McCalder as employee-elected board member of Ørsted A/S. Annonce • Nov 12
Ørsted A/S, Annual General Meeting, Apr 09, 2026 Ørsted A/S, Annual General Meeting, Apr 09, 2026. Reported Earnings • Nov 06
Third quarter 2025 earnings released: kr.4.20 loss per share (vs kr.12.03 profit in 3Q 2024) Third quarter 2025 results: kr.4.20 loss per share (down from kr.12.03 profit in 3Q 2024). Revenue: kr.12.3b (down 22% from 3Q 2024). Net loss: kr.1.79b (down 135% from profit in 3Q 2024). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. New Risk • Oct 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 214% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (29% accrual ratio). Shareholders have been substantially diluted in the past year (214% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorates as stock falls 44% After last week's 44% share price decline to kr.110, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Renewable Energy industry in Europe. Total loss to shareholders of 69% over the past three years. New Risk • Sep 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (29% accrual ratio). Annonce • Sep 17
Ørsted A/S has filed a Follow-on Equity Offering in the amount of DKK 59.994386 billion. Ørsted A/S has filed a Follow-on Equity Offering in the amount of DKK 59.994386 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 900,816,600
Price\Range: DKK 66.6
Transaction Features: Regulation S; Rights Offering Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to kr.206, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Renewable Energy industry in Europe. Total loss to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.321 per share. Buy Or Sell Opportunity • Aug 12
Now 35% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to kr.214. The fair value is estimated to be kr.330, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Annonce • Aug 12
Ørsted A/S has filed a Follow-on Equity Offering in the amount of DKK 60 billion. Ørsted A/S has filed a Follow-on Equity Offering in the amount of DKK 60 billion.
Security Name: Shares
Security Type: Common Stock
Transaction Features: Rights Offering Board Change • Aug 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Judith Hartmann was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Jun 12
Ørsted Reportedly Seeks to Sell Large Onshore-Wind Portfolio Danish renewable energy giant Ørsted A/S (CPSE:ORSTED) is selling its large onshore-wind portfolio, which includes a clutch of assets in Ireland. The entire 800MW platform, which also includes windfarms in the UK, Germany and Spain, could fetch as much as EUR 2 billion. Orsted's European onshore headquarters are based in Cork city, where it employs about 100 people. The group has invested EUR 800 million in Ireland across a portfolio of wind and solar projects. Of the 27 operational onshore windfarms that are up for sale by Orsted, 21 are in Ireland. They include windfarms across the country, stretching from Donegal to Kerry. The company is currently building a 50MW windfarm in Co Tipperary and has six projects in development. The planned sale of Orsted's onshore wind assets was first reported by industry publication PeakLoad. Orsted declined to comment. PeakLoad noted that BNP Paribas is advising on the proposed sale of the assets, dubbed Project Grace. Non-binding offers are slated to be submitted next month. The entire portfolio includes more than 600MW of power from windfarms, with up to 371MW being generated by the operational Irish units. The sale will also include windfarm sites under development. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: kr.10.60 (vs kr.5.70 in 1Q 2024) First quarter 2025 results: EPS: kr.10.60 (up from kr.5.70 in 1Q 2024). Revenue: kr.20.7b (up 8.0% from 1Q 2024). Net income: kr.4.44b (up 86% from 1Q 2024). Profit margin: 22% (up from 13% in 1Q 2024). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. New Risk • May 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). High level of non-cash earnings (24% accrual ratio). Annonce • Apr 23
Ørsted A/S Appoints Amanda Dasch as Chief Development Officer and Godson Njoku as Chief Generation Officer, Effective from 1 May 2025 Effective from 1 May 2025, Orsted expands its Group Executive Team and appoints two new members, reporting to Group President and CEO, Rasmus Errboe. With today's appointments, the full offshore wind value chain, including development, construction, and generation, will be represented in Orsted's Group Executive Team. Amanda Dasch is appointed Chief Development Officer (CDO) and will head up Orsted Commercial, which covers commercial development activities across Orsted's three regions (Europe, Americas, and APAC)as well as Trading & Revenue, Group Strategy & Innovation, and Group Stakeholder Relations. Amanda Dasch is currently CEO of Region Americas at Orsted and has 20 years of leadership experience from the energy industry. She will relocate to Denmark and will continue as interim CEO of Region Americas until her successor has been found. Godson Njoku is appointed Chief Generation Officer(CGO)and will be leading Orsted Generation holding the overall responsibility for the performance of Orsted's European fleet of energy-generating assets. Godson Njoku will be based in the UK and joins Orsted after 20 years with Shell, where he held a number of senior executive roles, including serving as Executive Vice President with responsibility for Global Production Excellence in Shell's Upstream Business Leadership Team. With the changes to the Group Executive Team, Orsted will discontinue the Deputy CEO function. Board Change • Apr 08
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Annica Bresky was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annonce • Mar 13
Ørsted A/S Announces Dieter Wemmer and Peter Korsholm Not Seeking Re-Election to the Board of Directors Ørsted A/S announced that Dieter Wemmer and Peter Korsholm are not seeking re-election to the Board of Directors at the AGM to be held on April 3, 2025. Reported Earnings • Feb 07
Full year 2024 earnings released: kr.2.20 loss per share (vs kr.50.11 loss in FY 2023) Full year 2024 results: kr.2.20 loss per share (improved from kr.50.11 loss in FY 2023). Revenue: kr.71.0b (down 10% from FY 2023). Net loss: kr.923.0m (loss narrowed 96% from FY 2023). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Annonce • Feb 01
Ørsted A/S Announces CEO Changes Ørsted A/S announced that on January 31, 2025, the Board of Directors has appointed Rasmus Errboe, current Deputy CEO and Chief Commercial Officer, as new CEO of the company replacing Mads Nipper who will step down from his position as CEO. Mads Nipper joined Ørsted in January 2021. He will step down as CEO on 1 February 2025, at which time Rasmus Errboe will step into the role of CEO. As Deputy CEO and CCO, and former Regional Head of European market and former CFO for the global offshore business, he has a deep understanding of business and an extensive knowledge of the energy industry. I’m therefore convinced that Rasmus is the right person to lead the company through the challenges facing the industry and Ørsted. Annonce • Jan 31
Ørsted A/S Announces Executive Changes, Effective 1 February 2025 Ørsted A/S announced that on January 31, 2025, the Board of Directors approved appointment of Rasmus Errboe, current Deputy CEO and Chief Commercial Officer, as new Group President replacing Mads Nipper who will step down from his position as Group President. As of 1 February 2025, Rasmus Errboe steps into the role of Group President. As Deputy CEO and CCO, and former Regional Head of European market and former CFO for the global offshore business, he has a deep understanding of business and an extensive knowledge of the energy industry. I’m therefore convinced that Rasmus is the right person to lead the company through the challenges facing the industry and Ørsted. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). High level of non-cash earnings (23% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr.257, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Renewable Energy industry in Europe. Total loss to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.163 per share. Annonce • Jan 01
Brookfield Infrastructure Fund V managed by Brookfield Corporation (TSX:BN), Brookfield Asset Management Ltd. (TSX:BAM) and its institutional partners and Brookfield Renewable Partners L.P. (TSX:BEP.UN) completed the acquisition of 12.45% stake in Four UK Offshore Wind Farms from Ørsted A/S (CPSE:ORSTED). Brookfield Infrastructure Fund V managed by Brookfield Corporation (TSX:BN), Brookfield Asset Management Ltd. (TSX:BAM) and its institutional partners and Brookfield Renewable Partners L.P. (TSX:BEP.UN) agreed to acquire 12.45% stake in Four UK Offshore Wind Farms from Ørsted A/S (CPSE:ORSTED) for transaction valued at £1.8 billion on October 30, 2024. Under the terms of agreement, buyers will acquire 12.45% minority stakes in four of Ørsted’s operational U.K. offshore wind farms: Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension, which have a combined total capacity of approximately 3.5 GW. The value of transaction is £1.745 billion. Brookfield is pursuing this transaction through Brookfield Infrastructure Fund V, the world’s largest infrastructure fund.
Ørsted will retain a 37.55% ownership interest in the four assets and will continue to exercise a similar level of control and governance as before the transaction. Ørsted will also continue to oversee the operations and maintenance of the wind farms, according to the current service agreements. All four assets are fully operational under long-term inflation-linked contracts for difference (CfD). The agreement includes a call option, providing Ørsted with the opportunity, but no obligation, to repurchase the assets from Brookfield between two and seven years from the closing of the transaction at a pre-agreed price. The transaction is expected to close by the end of 2024, subject to customary regulatory approvals.
Richard Ginks, Alistair Fraser, Rhian Parker and Anna Mitchell of Linklaters acted as legal advisor to Ørsted in the transaction. Morgan Stanley acted as the financial advisor to Ørsted A/S.
Brookfield Infrastructure Fund V managed by Brookfield Corporation (TSX:BN), Brookfield Asset Management Ltd. (TSX:BAM) and its institutional partners and Brookfield Renewable Partners L.P. (TSX:BEP.UN) completed the acquisition of 12.45% stake in Four UK Offshore Wind Farms from Ørsted A/S (CPSE:ORSTED) on December 31, 2024. Annonce • Dec 20
Energy Capital Partners, LLC agreed to acquire 50% stake in Eleven Mile Solar Center, Llc,Mockingbird Solar Center, LLC and Sparta Solar, LLC from Ørsted A/S (CPSE:ORSTED) in a transaction valued at $570 million. Energy Capital Partners, LLC agreed to acquire 50% stake in Eleven Mile Solar Center, Llc,Mockingbird Solar Center, LLC and Sparta Solar, LLC from Ørsted A/S (CPSE:ORSTED) in a transaction valued at $570 million on December 18, 2024. The financial closing of the transaction is across different project companies and that the total impact from the transaction will be recognized across the reporting periods Q4 2024 and Q1 2025, subject to certain conditions precedent. Annonce • Nov 21
Ørsted A/S, Annual General Meeting, Apr 03, 2025 Ørsted A/S, Annual General Meeting, Apr 03, 2025. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: kr.12.00 (vs kr.53.80 loss in 3Q 2023) Third quarter 2024 results: EPS: kr.12.00 (up from kr.53.80 loss in 3Q 2023). Revenue: kr.15.8b (down 17% from 3Q 2023). Net income: kr.5.11b (up kr.27.7b from 3Q 2023). Profit margin: 32% (up from net loss in 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. New Risk • Nov 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). High level of non-cash earnings (23% accrual ratio). Annonce • Nov 01
Brookfield Infrastructure Fund V managed by Brookfield Corporation (TSX:BN), Brookfield Asset Management Ltd. (TSX:BAM) and its institutional partners and Brookfield Renewable Partners L.P. (TSX:BEP.UN) agreed to acquire 12.45% stake in Four UK Offshore Wind Farms from Ørsted A/S (CPSE:ORSTED) for transaction valued at £1.8 billion. Brookfield Infrastructure Fund V managed by Brookfield Corporation (TSX:BN), Brookfield Asset Management Ltd. (TSX:BAM) and its institutional partners and Brookfield Renewable Partners L.P. (TSX:BEP.UN) agreed to acquire 12.45% stake in Four UK Offshore Wind Farms from Ørsted A/S (CPSE:ORSTED) for transaction valued at £1.8 billion on October 30, 2024. Under the terms of agreement, buyers will acquire 12.45% minority stakes in four of Ørsted’s operational U.K. offshore wind farms: Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension, which have a combined total capacity of approximately 3.5 GW. The value of transaction is £1.745 billion. Brookfield is pursuing this transaction through Brookfield Infrastructure Fund V, the world’s largest infrastructure fund.
Ørsted will retain a 37.55% ownership interest in the four assets and will continue to exercise a similar level of control and governance as before the transaction. Ørsted will also continue to oversee the operations and maintenance of the wind farms, according to the current service agreements. All four assets are fully operational under long-term inflation-linked contracts for difference (CfD). The agreement includes a call option, providing Ørsted with the opportunity, but no obligation, to repurchase the assets from Brookfield between two and seven years from the closing of the transaction at a pre-agreed price. The transaction is expected to close by the end of 2024, subject to customary regulatory approvals.
Richard Ginks, Alistair Fraser, Rhian Parker and Anna Mitchell of Linklaters acted as legal advisor to Ørsted in the transaction. Board Change • Oct 23
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Julia King was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Oct 04
Ørsted A/S Announces Board Changes Ørsted A/S announced that Lara Jewinat, one of the employee-elected members of the Board of Directors, has stepped down as board member. The first alternate, Leticia Torres Mandiola (Lead Strategy Consultant, Commercial), has replaced Lara Jewinat as employee-elected board member. New Risk • Aug 16
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 16
Second quarter 2024 earnings released: kr.4.10 loss per share (vs kr.1.40 loss in 2Q 2023) Second quarter 2024 results: kr.4.10 loss per share (further deteriorated from kr.1.40 loss in 2Q 2023). Revenue: kr.15.0b (down 8.8% from 2Q 2023). Net loss: kr.1.72b (loss widened 188% from 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Annonce • Jun 18
Norges Bank Investment Management agreed to acquire 37.50% stake in 573 MW Race Bank Offshore Wind Farm from Ørsted A/S (CPSE:ORSTED), Macquarie European Infrastructure Fund 5 LP, fund managed by Macquarie Infrastructure and Real Assets (Europe) Limited and Spring Infrastructure 1 Investment Limited Partnership a fund management by Spring Infrastructure Capital Co., Ltd for approximately £330 million. Norges Bank Investment Management agreed to acquire 37.50% stake in 573 MW Race Bank Offshore Wind Farm from Ørsted A/S (CPSE:ORSTED), Macquarie European Infrastructure Fund 5 LP, fund managed by Macquarie Infrastructure and Real Assets (Europe) Limited and Spring Infrastructure 1 Investment Limited Partnership a fund management by Spring Infrastructure Capital Co., Ltd for approximately £330 million on April 9, 2024. The wind farm includes a debt facility with an outstanding balance of approximately £644 million at Norges Bank Investment Management’s ownership share.Macquarie Asset Management, via Macquarie European Infrastructure Fund 5 (25.0%), and Spring Infrastructure 1 Investment Limited Partnership, a fund managed by Spring Infrastructure Capital Co., Ltd. (12.5%). Arjun Infrastructure Partners will remain co-investor for 12.5% of the wind farm, and Ørsted will remain as a 50% owner and operator of the wind farm. Following this transaction, funds managed by Macquarie Asset Management will continue to manage stakes in the Gwynt y Môr, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats and East Anglia One offshore wind farms. Macquarie Group and its partners are also supporting the development of the next generation of projects, including the 2 GW West of Orkney, 1.5 GW Outer Dowsing, 1.2 GW Rampion 2, and 353 MW Five Estuaries offshore wind farms. The terms of the transaction imply an equity value of approximately £880 million on a 100 per cent basis. The transaction has now reached financial close.
Norges Bank Investment Management agreed to acquire 37.50% stake in 573 MW Race Bank Offshore Wind Farm from Ørsted A/S (CPSE:ORSTED), Macquarie European Infrastructure Fund 5 LP, fund managed by Macquarie Infrastructure and Real Assets (Europe) Limited and Spring Infrastructure 1 Investment Limited Partnership a fund management by Spring Infrastructure Capital Co., Ltd on June 14, 2024. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: kr.5.70 (vs kr.4.60 in 1Q 2023) First quarter 2024 results: EPS: kr.5.70. Revenue: kr.19.2b (down 35% from 1Q 2023). Net income: kr.2.39b (down 15% from 1Q 2023). Profit margin: 13% (up from 9.6% in 1Q 2023). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Annonce • Mar 28
U.S. Department of Energy Selects Ørsted to Receive Industrial Decarbonization Funding Ørsted announced it has been selected by the Department of Energy (DOE) Office of Clean Energy Demonstrations to begin award negotiations for up to $100 million in federal funding to construct a Power-to-X facility, called Star e-Methanol, along the Texas Gulf Coast. The U.S. industrial and transportation sectors accounts for 65% of U.S. greenhouse gas emissions. Ørsted is leveraging its renewable power portfolio to produce green hydrogen and e-methanol to reduce emissions from these sectors. Star e-Methanol is estimated to produce up to 300,000 metric tons of e-methanol annually which can be used directly as a marine shipping fuel, or as an input in sustainable aviation fuel or in chemical production, which all currently rely on energy-intensive fossil-derived fuels. The Star e-Methanol project consists of multiple components to reach a net-neutral carbon solution. This includes building new onshore wind and solar projects in Texas to power the electrolysis of green hydrogen, capturing biogenic carbon from an industrial facility, and synthesizing the captured biogenic carbon with green hydrogen to create e-methanol. The resulting e-methanol will reduce CO2 emissions by more than 90% compared to conventional marine fuel. The project is estimated to create 300 construction jobs and 50 permanent jobs for operations and maintenance. Many employees supporting the project will be based in Houston, where Ørsted opened a new office in early 2024. Ørsted has also committed to working with the University of Houston to create a meaningful community benefits plan that incorporates workforce development training, furthering STEM at educational institutions, and supporting environmental justice initiatives. Annonce • Mar 22
Ørsted A/S Appoints Rasmus Errboe as Deputy CEO and Chief Commercial Officer Ørsted A/S announced that as part of the new management structure, Ørsted establishes a new Commercial organisation under Rasmus Errboe, who is appointed Deputy CEO and Chief Commercial Officer (CCO). Due to his new role, Rasmus Errboe will be part of the registered management of Ørsted A/S. Rasmus Errboe is currently interim CFO and was previously CEO of Region Europe at Ørsted. Ørsted’s Group Executive Team, effective as of 1 April 2024: Mads Nipper, Group President and Chief Executive Officer (CEO). Rasmus Errboe, Deputy CEO and Chief Commercial Officer (CCO). Trond Westlie, Executive Vice President and Chief Financial Officer (CFO). Patrick Harnett, Executive Vice President and Chief Operating Officer (COO). Henriette Fenger Ellekrog, Executive Vice President and Chief HR Officer (CHRO). Board Change • Mar 07
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Julia King was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Feb 19
Ørsted A/S Announces Board Resignations Ørsted A/S announced On 7 February 2024, Ørsted announced that Thomas Thune Andersen, Chair of the Board of Directors of Ørsted A/S, decided not to seek re-election at the annual general meeting on 5 March 2024. Thomas Thune Andersen has served as Chair of Ørsted A/S for ten years, and in anticipation of a forthcoming chair succession, the Nomination & Remuneration Committee of Ørsted A/S has been evaluating the best chair succession scenarios for Ørsted, including evaluating internal and external candidates for the position. Based on this process, and when Thomas Thune Andersen informed the Board of Directors on 7 February 2024 of his decision to step down at the upcoming annual general meeting, the Board of Directors concluded that the best candidates for the positions as new Chair and Deputy Chair would be Lene Skole and Andrew Brown, respectively. Jorgen Kildahl is not seeking re-election as deputy chair. Recent Insider Transactions • Feb 17
Independent Director recently bought kr.1.5m worth of stock On the 15th of February, Peter Korsholm bought around 4k shares on-market at roughly kr.409 per share. This transaction amounted to 82% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr.5.9m more in shares than they have sold in the last 12 months. Annonce • Feb 08
Ørsted A/S Announces Board Appointments Ørsted A/S announced that employees in Ørsted have selected their employee-elected members to the Board of Directors. The following employees were elected as employee-elected board members for the next two years: Benny Gøbel, Senior Mechanical Specialist, EPCO & IT (re-elected) Anne Cathrine Collet Yde, Global HR Business Partner, People & Development (re-elected) Ian McCalder, Radio Communication Project Specialist, EPCO & IT Lara Jewinat, Engineering Director, EPCO & IT The four employee-elected board members will join the Board of Directors after the annual general meeting on 5 March 2024. Reported Earnings • Feb 08
Full year 2023 earnings released: kr.50.10 loss per share (vs kr.34.62 profit in FY 2022) Full year 2023 results: kr.50.10 loss per share (down from kr.34.62 profit in FY 2022). Revenue: kr.79.3b (down 40% from FY 2022). Net loss: kr.20.5b (down 241% from profit in FY 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 08
Now 20% undervalued Over the last 90 days, the stock has risen 38% to kr.378. The fair value is estimated to be kr.474, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 6.3% in a year. Earnings are forecast to grow by 100% in the next year. Annonce • Dec 24
Ørsted A/S, Annual General Meeting, Mar 05, 2024 Ørsted A/S, Annual General Meeting, Mar 05, 2024. Annonce • Dec 03
Ørsted Secures 1.6 Gw Electricity Business License for Offshore Wind Project Off the Coast of Incheon, Korea Ørsted has been granted a 1.6 GW electricity business license (EBL) by the Ministry of Trade, Industry & Energy of Korea for an offshore wind project located 70 km off the coast of Incheon City. The license grants Ørsted exclusive development rights for its gigawatt-scale Incheon offshore wind project, which is set to become the largest in Korea on completion and will contribute to the country’s goal of being carbon-neutral by 2050. The Ørsted project has the potential to support Incheon City’s net-zero target with a capacity to provide renewable energy to over a million Korean households while reducing carbon emissions by approximately 4 million tonnes annually. Next steps: The next steps for Ørsted’s Incheon offshore wind project include environmental impact assessments, site investigations, and preparations for participating in Korea’s annual fixed-price wind auction. Subject to the successful outcome of these processes and Ørsted taking the final investment decision, the project is expected to be completed in the early 2030s. Annonce • Nov 16
Ørsted A/S Announces Change of CFO Ørsted A/S announced that Daniel Lerup has stepped down as Chief Financial Officer. Rasmus Errboe will serve as interim CFO and member of the Executive Board. Currently, Rasmus Errboe is CEO of Region Europe and Executive Vice President at Ørsted and has been with the company since 2012 in different management positions, including as CFO for Ørsted’s offshore wind business. Together with the Finance team and the Group Executive Team, Rasmus Errboe will lead the work on supporting Ørsted’s capital structure and long-term commitment to its credit rating. While Rasmus Errboe serves as interim CFO, Olivia Breese will act as CEO of Region Europe while continuing in her current role as Senior Vice President and Head of Power-to-X at Ørsted. Andrew Brown, member of Ørsted’s Board of Directors, has been appointed interim COO and member of the Group Executive Team, expectedly until 1 March 2024. Andrew Brown has extensive international executive experience from leading positions in large global organizations such as Shell and most recently as CEO of the Portuguese energy company Galp. Together with the EPC & Operations team, Andrew Brown will ensure a continued focus on managing the delivery of our EPC projects while also further advancing and implementing a strengthened project management and supply chain strategy to reflect anticipated industry developments. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to kr.252, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total loss to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.413 per share. Buying Opportunity • Nov 01
Now 39% undervalued after recent price drop Over the last 90 days, the stock is down 56%. The fair value is estimated to be kr.413, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 3.5%. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Buying Opportunity • Oct 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 48%. The fair value is estimated to be kr.408, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 3.5%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr.330, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.400 per share. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr.371, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.406 per share. Annonce • Aug 18
Greencoat Capital LLP completed the acquisition of 25% stake in London Array Offshore Wind Farm in UK from Ørsted A/S (CPSE : ORSTED). Greencoat Capital LLP agreed to acquire a 25% stake in London Array Offshore Wind Farm in UK from Ørsted A/S (CPSE : ORSTED) for approximately £720 million on July 24, 2023. Transaction is expected to close at the end of July.
Greencoat Capital LLP completed the acquisition of 25% stake in London Array Offshore Wind Farm in UK from Ørsted A/S (CPSE : ORSTED) on August 17, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: kr.1.40 loss per share (vs kr.0.31 profit in 2Q 2022) Second quarter 2023 results: kr.1.40 loss per share (down from kr.0.31 profit in 2Q 2022). Revenue: kr.16.5b (down 37% from 2Q 2022). Net loss: kr.546.0m (down kr.678.0m from profit in 2Q 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.9% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Annonce • Jul 26
Greencoat UK Wind PLC (LSE:UKW), managed by Greencoat Capital LLP agreed to acquire a 25% stake in London Array Offshore Wind Farm in UK from Ørsted A/S (CPSE : ORSTED) for approximately £720 million. Greencoat Capital LLP agreed to acquire a 25% stake in London Array Offshore Wind Farm in UK from Ørsted A/S (CPSE : ORSTED) for approximately £720 million on July 24, 2023. Transaction is expected to close at the end of July. Recent Insider Transactions • Jun 12
Member of Executive Board recently bought kr.1.5m worth of stock On the 8th of June, Daniel Lerup bought around 2k shares on-market at roughly kr.634 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Daniel's only on-market trade for the last 12 months. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: kr.4.60 (vs kr.13.22 in 1Q 2022) First quarter 2023 results: EPS: kr.4.60 (down from kr.13.22 in 1Q 2022). Revenue: kr.29.4b (down 13% from 1Q 2022). Net income: kr.2.96b (down 47% from 1Q 2022). Profit margin: 10% (down from 17% in 1Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 01
Upcoming dividend of kr.13.50 per share at 2.2% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 10 March 2023. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (4.5%). Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: kr.34.60 (vs kr.24.33 in FY 2021) Full year 2022 results: EPS: kr.34.60 (up from kr.24.33 in FY 2021). Revenue: kr.132.3b (up 70% from FY 2021). Net income: kr.15.1b (up 48% from FY 2021). Profit margin: 11% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 13% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Annonce • Feb 02
Ørsted A/S Recommends Dividend for the Year 2022 Ørsted A/S recommends dividend of DKK 13.5 per share up 8.0 % and in line with dividend policy. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: kr.0.30 (vs kr.12.90 in 2Q 2021) Second quarter 2022 results: EPS: kr.0.30 (down from kr.12.90 in 2Q 2021). Revenue: kr.26.3b (up 94% from 2Q 2021). Net income: kr.280.0m (down 95% from 2Q 2021). Profit margin: 1.1% (down from 40% in 2Q 2021). Over the next year, revenue is expected to shrink by 27% compared to a 4.3% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: kr.13.20 (vs kr.2.80 in 1Q 2021) First quarter 2022 results: EPS: kr.13.20 (up from kr.2.80 in 1Q 2021). Revenue: kr.33.8b (up 78% from 1Q 2021). Net income: kr.5.70b (up 386% from 1Q 2021). Profit margin: 17% (up from 6.2% in 1Q 2021). Over the next year, revenue is expected to shrink by 25% compared to a 4.7% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 04
Upcoming dividend of kr.12.50 per share Eligible shareholders must have bought the stock before 11 April 2022. Payment date: 13 April 2022. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (4.7%). Lower than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improved over the past week After last week's 17% share price gain to kr.795, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Total returns to shareholders of 72% over the past three years. Reported Earnings • Feb 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr.24.30 (down from kr.36.00 in FY 2020). Revenue: kr.77.7b (up 55% from FY 2020). Net income: kr.10.2b (down 32% from FY 2020). Profit margin: 13% (down from 30% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 32%. Over the next year, revenue is expected to shrink by 26% compared to a 9.5% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS kr.1.10 (vs kr.26.86 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr.14.5b (up 66% from 3Q 2020). Net income: kr.490.0m (down 96% from 3Q 2020). Profit margin: 3.4% (down from 129% in 3Q 2020). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS kr.11.31 (vs kr.5.16 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr.13.6b (up 36% from 2Q 2020). Net income: kr.5.57b (up kr.7.76b from 2Q 2020). Profit margin: 41% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Executive Departure • Aug 12
Executive VP & CEO Onshore Declan Flanagan has left the company During their tenure, the company went from making losses to turning a profit. We don't have any record of a personal shareholding under Declan's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.58 years. 
