Buy Or Sell Opportunity • May 27
Now 22% undervalued Over the last 90 days, the stock has risen 6.0% to kr.163. The fair value is estimated to be kr.210, 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. Announcement • May 25
Ørsted Reportedly Mulls Sale of EUR 1 Billion Worth of Onshore Assets in US Ørsted A/S (CPH:ORSTED) is considering disposing of its onshore renewable energy assets in the US and has tapped advisers to help it in the process, Bloomberg reported, citing sources. The targeted portfolio includes onshore wind, solar and battery energy storage systems (BESS) and a potential sale could result in more than USD 1 billion (EUR 859 million) in proceeds, according to one of the insiders quoted by the media. The contemplated sale is said to be aimed at allowing the Nordic firm to focus on its core offshore wind activities in Europe. In February, Ørsted agreed to sell some of its European onshore business to Copenhagen Infrastructure Partners (CIP) for EUR 1.44 billion. The report comes after the Danish energy company acquired the 150-MW Salzburg BESS project in the state of Michigan earlier this year. Live News • May 12
Ørsted Begins Offshore Installation for Baltica 2 Wind Farm in Poland Ørsted and Poland’s PGE have started offshore construction on the Baltica 2 wind farm in the Polish section of the Baltic Sea.
The project has moved into a key phase with Van Oord beginning installation of the first monopile foundations, out of a total of 111 planned for turbines and offshore substations.
Baltica 2 is planned to be commissioned by the end of 2027 and is backed by a 25-year contract for difference with the Polish Government.
This construction milestone shifts Baltica 2 from planning and contracting into physical delivery. This phase shift tends to reduce some project execution uncertainty as major works progress.
The 25-year contract for difference provides long-term revenue visibility for this asset. Investors still need to watch for construction risk, timelines and any potential cost pressures as installation ramps up. Reported Earnings • May 07
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 43%. 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. Buy Or Sell Opportunity • May 07
Now 22% undervalued Over the last 90 days, the stock has risen 12% to kr.162. The fair value is estimated to be kr.208, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Buy Or Sell Opportunity • Mar 22
Now 21% undervalued Over the last 90 days, the stock has risen 18% to kr.138. The fair value is estimated to be kr.175, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Announcement • 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. Announcement • 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 08
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: kr.1.95 (up from kr.1.22 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 exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates by 68%. Revenue is forecast to grow 7.4% 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. Announcement • 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. New Risk • Jan 30
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 Danish stocks, typically moving 6.4% 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 (16% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (214% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Announcement • 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. Announcement • 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: EPS and revenues miss analyst expectations 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 missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates significantly. 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. Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from kr.7.39 to kr.6.29 per share. Revenue forecast steady at kr.70.6b. Net income forecast to grow 39% next year vs 40% growth forecast for Renewable Energy industry in Denmark. Consensus price target down from kr.139 to kr.131. Share price fell 4.6% to kr.114 over the past week. Major Estimate Revision • Nov 04
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from kr.7.39 to kr.6.55 per share. Revenue forecast steady at kr.70.9b. Net income forecast to grow 40% next year vs 40% growth forecast for Renewable Energy industry in Denmark. Consensus price target of kr.130 unchanged from last update. Share price fell 5.7% to kr.113 over the past week. Price Target Changed • Nov 04
Price target decreased by 9.3% to kr.130 Down from kr.143, the current price target is an average from 20 analysts. New target price is 15% above last closing price of kr.113. Stock is down 73% over the past year. The company is forecast to post earnings per share of kr.6.55 next year compared to a net loss per share of kr.2.20 last year. Price Target Changed • Oct 21
Price target decreased by 8.1% to kr.139 Down from kr.152, the current price target is an average from 21 analysts. New target price is 17% above last closing price of kr.120. Stock is down 72% over the past year. The company is forecast to post earnings per share of kr.7.39 next year compared to a net loss per share of kr.2.20 last year. 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). Price Target Changed • Oct 09
Price target decreased by 12% to kr.143 Down from kr.163, the current price target is an average from 19 analysts. New target price is 20% above last closing price of kr.119. Stock is down 73% over the past year. The company is forecast to post earnings per share of kr.8.00 next year compared to a net loss per share of kr.2.20 last year. Major Estimate Revision • Oct 07
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from kr.9.79 to kr.8.61 per share. Revenue forecast steady at kr.72.0b. Net income forecast to grow 52% next year vs 33% growth forecast for Renewable Energy industry in Denmark. Consensus price target down from kr.163 to kr.155. Share price rose 6.8% to kr.121 over the past week. Major Estimate Revision • Oct 02
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from kr.8.75 to kr.7.76 per share. Revenue forecast steady at kr.72.4b. Net income forecast to grow 51% next year vs 25% growth forecast for Renewable Energy industry in Denmark. Consensus price target down from kr.163 to kr.157. Share price was steady at kr.117 over the past week. Major Estimate Revision • Sep 22
Consensus EPS estimates fall by 52% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr.75.0b to kr.72.4b. EPS estimate also fell from kr.17.64 per share to kr.8.55 per share. Net income forecast to grow 52% next year vs 26% growth forecast for Renewable Energy industry in Denmark. Consensus price target down from kr.248 to kr.162. Share price fell 44% to kr.111 over the past week. 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.111, 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. Major Estimate Revision • Sep 17
Consensus EPS estimates increase by 12%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from kr.75.0b to kr.72.5b. EPS estimate rose from kr.18.52 to kr.20.81. Net income forecast to grow 58% next year vs 34% growth forecast for Renewable Energy industry in Denmark. Consensus price target down from kr.236 to kr.200. Share price fell 48% to kr.107 over the past week. Announcement • 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 32% After last week's 32% share price decline to kr.209, 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.344 per share. Price Target Changed • Aug 13
Price target decreased by 7.1% to kr.294 Down from kr.316, the current price target is an average from 22 analysts. New target price is 41% above last closing price of kr.208. Stock is down 51% over the past year. The company is forecast to post earnings per share of kr.17.83 next year compared to a net loss per share of kr.2.20 last year. Reported Earnings • Aug 12
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: kr.7.30 (up from kr.4.08 loss in 2Q 2024). Revenue: kr.17.1b (up 14% from 2Q 2024). Net income: kr.3.10b (up kr.4.81b from 2Q 2024). Profit margin: 18% (up from net loss in 2Q 2024). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Announcement • 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 Major Estimate Revision • Aug 11
Consensus EPS estimates fall by 37% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from kr.22.43 to kr.14.14 per share. Revenue forecast steady at kr.74.0b. Net income forecast to grow 555% next year vs 18% growth forecast for Renewable Energy industry in Denmark. Consensus price target of kr.307 unchanged from last update. Share price fell 30% to kr.217 over the past week. 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. Announcement • 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: EPS exceeds analyst expectations while revenues lag behind 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 missed analyst estimates by 7.5%. Earnings per share (EPS) exceeded analyst estimates by 84%. 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 36 percentage points per year, which is a significant difference in performance. Announcement • 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. Announcement • 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. Major Estimate Revision • Feb 07
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr.87.6b to kr.73.9b. EPS estimate fell from kr.24.69 to kr.23.35 per share. Net income forecast to grow 95% next year vs 14% growth forecast for Renewable Energy industry in Denmark. Consensus price target broadly unchanged at kr.398. Share price rose 8.1% to kr.300 over the past week. Announcement • 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. Announcement • 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. Price Target Changed • Jan 23
Price target decreased by 8.1% to kr.401 Down from kr.436, the current price target is an average from 24 analysts. New target price is 56% above last closing price of kr.257. Stock is down 32% over the past year. The company is forecast to post earnings per share of kr.19.62 next year compared to a net loss per share of kr.50.11 last year. Major Estimate Revision • Jan 23
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr.86.1b to kr.85.2b. EPS estimate also fell from kr.21.92 per share to kr.19.62 per share. Net income forecast to grow 102% next year vs 14% growth forecast for Renewable Energy industry in Denmark. Consensus price target down from kr.436 to kr.406. Share price fell 15% to kr.257 over the past week. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr.262, 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 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.164 per share. New Risk • Jan 22
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 Danish stocks, typically moving 6.8% 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 (6.8% average weekly change). Announcement • 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. Announcement • 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. Announcement • Nov 21
Ørsted A/S, Annual General Meeting, Apr 03, 2025 Ørsted A/S, Annual General Meeting, Apr 03, 2025. Major Estimate Revision • Nov 14
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from kr.78.2b to kr.86.7b. EPS estimate increased from kr.16.55 to kr.18.81 per share. Net income forecast to grow 111% next year vs 17% growth forecast for Renewable Energy industry in Denmark. Consensus price target broadly unchanged at kr.467. Share price was steady at kr.371 over the past week. New Risk • Nov 06
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 Danish stocks, typically moving 6.0% 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 Interest payments are not well covered by earnings (2.3x net interest cover). High level of non-cash earnings (23% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 8.2%. Earnings per share (EPS) also surpassed analyst estimates. 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. Announcement • 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. Announcement • 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. Reported Earnings • Aug 16
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: kr.4.10 loss per share (further deteriorated from kr.1.40 loss in 2Q 2023). Revenue: kr.15.0b (up 3.1% from 2Q 2023). Net loss: kr.1.72b (loss widened 188% from 2Q 2023). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 10% 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. Announcement • 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 03
First quarter 2024 earnings: EPS in line with expectations, revenues disappoint 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 missed analyst estimates by 31%. Earnings per share (EPS) were mostly in line with analyst estimates. 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. Announcement • 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. Announcement • 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. Announcement • 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 18
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.