Tillkännagivande • 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. Tillkännagivande • 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 Tillkännagivande • 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. Board Change • Dec 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Julian Waldron 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. Tillkännagivande • 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. Tillkännagivande • Nov 12
Ørsted A/S, Annual General Meeting, Apr 09, 2026 Ørsted A/S, Annual General Meeting, Apr 09, 2026. Tillkännagivande • 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 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €24.34, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Renewable Energy industry in Europe. Total loss to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €45.09 per share. Board Change • Aug 18
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. Tillkännagivande • 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 Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Board Change • Dec 30
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. Tillkännagivande • 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. Tillkännagivande • 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 4.3% growth forecast for the Renewable Energy industry in Germany. 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. Tillkännagivande • 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. Tillkännagivande • 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 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 (up 3.1% from 2Q 2023). Net loss: kr.1.72b (loss widened 188% from 2Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Tillkännagivande • 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 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. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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 9.2% 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 36% to €50.62. The fair value is estimated to be €63.56, 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. Tillkännagivande • Dec 24
Ørsted A/S, Annual General Meeting, Mar 05, 2024 Ørsted A/S, Annual General Meeting, Mar 05, 2024. Tillkännagivande • 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. Tillkännagivande • 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. New Risk • Nov 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x 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 (2.4x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Paying a dividend despite being loss-making. Buying Opportunity • Nov 01
Now 39% undervalued after recent price drop Over the last 90 days, the stock is down 55%. The fair value is estimated to be €55.68, 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 12% 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 49%. The fair value is estimated to be €54.03, 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 • Sep 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €50.00, 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 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €54.74 per share. Tillkännagivande • 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 4.9% p.a. on average during the next 3 years, compared to a 4.0% 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 15% per year, which means it is significantly lagging earnings. Tillkännagivande • 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 13
Member of Executive Board recently bought €200k worth of stock On the 8th of June, Daniel Lerup bought around 2k shares on-market at roughly €85.19 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 German dividend payers (4.7%). 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 5% per year, which means it is significantly lagging earnings. Tillkännagivande • 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 Germany. 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 6% 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 Germany. 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 16% 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 German dividend payers (3.8%). Lower than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 15% share price gain to €104, 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 68% 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 Germany. 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 14% 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 33% 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. Tillkännagivande • Jun 15
Ørsted Plans Carbon Capture At Avedøre Power Station as Part of the Green Fuels for Denmark Project Ørsted has identified the 100 MW straw-fired unit at the Avedøre Power Station in Copenhagen as the best point source of sustainable CO2 for the next phases of the Green Fuels for Denmark Power-to-X facility in the Greater Copenhagen area which over time is planned to reach a total capacity of 1.3 GW and have a carbon emission abatement potential of 850,000 tonnes yearly. If the project at Avedøre Power Station is realised, it could become Ørsted’s first carbon capture facility. A future final investment decision for the carbon capture project is subject to the realisation of the parts of Green Fuels for Denmark that will produce e-methanol and e-kerosene. Ørsted owns and operates Avedøre Power Station. The combined heat and power plant consists of two wood pellet-fired units and a straw-fired unit that supply power to the Danish power grid and district heating to the Greater Copenhagen area. Ørsted and HOFOR recently announced an agreement that Ørsted will offtake the power production from HOFOR’s planned 250 MW Aflandshage offshore wind farm for parts of the Green Fuels for Denmark project. With the agreement to source renewable electricity in place, Ørsted has now identified the straw-fired unit at Avedøre Power Station as the best point source of sustainable carbon, and will now investigate the possibilities of advancing parts of the project’s first phases in order to deliver substantial amounts of sustainable fuels well before the previously planned 2027 operation date of the second phase. Recently, Green Fuels for Denmark took an important step closer to realisation as the project became part of the process of being named an Important Project of Common European Interest (IPCEI) in the EU programme initiated to kick-off the hydrogen economy in the EU. Green Fuels for Denmark is envisaged to be built in phases, beginning with approximately 10 MW, scaling up corresponding to the supply of electricity to reach 1,300 MW of total electrolysis capacity when fully developed. While the first phase of Green Fuels for Denmark will exclusively produce hydrogen for heavy-duty road transport, the next phase is planned to combine the production of renewable hydrogen with carbon capture to produce sustainable methanol and e-kerosene for shipping and aviation, respectively. Provided that a framework is established to promote the development of sustainable fuels, the 100 MW straw-fired unit at Avedøre Power Station could provide the amount of CO2 necessary for producing sustainable fuels in the next phases of Green Fuels for Denmark. Ørsted will now start investigating the best way forward to deploy carbon capture technology at the straw-fired unit at Avedøre Power Station, including optimising the electrolysis capacity of the second phase of Green Fuels for Denmark with the supply of renewable electricity. The straw-fired unit is fuelled by locally sourced agricultural by-products converting approx. 130,000 tonnes of straw each year to heat and power. The combination of using straw as fuel and utilising the surplus heat from both the carbon capture process and the Power-to-X process would result in up to 260 MW district heating, which would lead to both green and price-competitive district heating for the Greater Copenhagen area. The production of renewable hydrogen and sustainable fuels has a significant potential to reduce carbon emissions from hard-to-abate sectors, such as heavy transport. Sustainable fuels are currently more expensive to produce than fossil-based fuels. To reduce the cost, the production of sustainable fuels must be built out at industrial scale – just as have seen with renewable energy technologies, such as offshore wind, onshore wind, and solar PV over the past decade. For this to be feasible, industry must join forces with governments to create the right framework that enables private investment in large-scale sustainable fuel production. Tillkännagivande • Jun 10
Ørsted A/S (CPSE:ORSTED) completed the acquisition of Onshore wind business of Brookfield Renewable in Ireland and UK from Brookfield Renewable Ireland Limited. Ørsted A/S (CPSE:ORSTED) entered into an agreement to acquire Onshore wind business of Brookfield Renewable in Ireland and UK from Brookfield Renewable Ireland Limited for an enterprise value of €571 million on April 16, 2021. The agreement is based on an enterprise valuation of BRI of €571 million as of December 31, 2020. The final price will be subject to customary adjustments. BRI’s existing management team will continue to run the business which will be integrated into Ørsted’s Onshore business unit over time. The transaction is expected to close by the second quarter of 2021. Valerie Lawlor of McCann FitzGerald acted as legal advisor for Brookfield Renewable.
Ørsted A/S (CPSE:ORSTED) completed the acquisition of Onshore wind business of Brookfield Renewable in Ireland and UK from Brookfield Renewable Ireland Limited on June 9, 2021. Onshore wind business of Brookfield Renewable will be headed by Kieran White, Vice President and Managing Director, Ireland and UK Onshore. Tillkännagivande • Jun 02
Government Pension Fund Global, managed by Norges Bank Investment Management completed the acquisition of 50% stake in 752 MW Borssele 1 & 2 Offshore Wind Farm from Ørsted A/S. Government Pension Fund Global, managed by Norges Bank Investment Management signed an agreement to acquire 50% stake in 752 MW Borssele 1 & 2 Offshore Wind Farm from Ørsted A/S for €1.4 billion on April 7, 2021. The consideration will be paid on closing. Ørsted A/S will remain co-owner and operator of the project. Ørsted A/S will continue to provide long-term operations and maintenance services from its base at the Port of Vlissingen in the Netherlands, and also provide NBIM with balancing services and a long-term route to market for the renewable electricity generated by the wind farm. The facility consists of 94 Siemens Gamesa 8MW offshore wind turbines. No external debt financing will be involved in the transaction. The deal is subject to regulatory approvals. The closing is expected in second or third quarter of 2021. As of April 8, 2020, closing is expected around summer 2021.De Brauw Blackstone Westbroek N.V. and Azadeh Nassiri, Richard Todd, Adrian Barrus, Gareth Miles and Lisa Wright of Slaughter and May acted as legal advisor to Ørsted.
Government Pension Fund Global, managed by Norges Bank Investment Management completed the acquisition of 50% stake in 752 MW Borssele 1 & 2 Offshore Wind Farm from Ørsted A/S on May 31, 2021. Tillkännagivande • May 05
Ørsted Completes Permian Energy Center Ørsted A/S announced The company's first utility-scale solar plus battery storage project of 460MWAC reaches commercial operation, making Ørsted the first developer to operate the full spectrum of new renewable technologies at utility scale in the US. Ørsted has completed its Permian Energy Center project, a 460 MWAC hybrid solar and battery storage facility located in Andrews County, Texas. Permian Energy Center brings Ørsted's onshore operating capacity to 2.1 GW. The project and its 420 MWAC of solar PV and 40 MWAC of battery storage will be located on a 3,600-acre site alongside existing oil and gas installations and will supply growing West Texas demand for electricity. Reported Earnings • May 03
First quarter 2021 earnings released: EPS kr.2.80 (vs kr.12.87 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: kr.18.9b (up 3.9% from 1Q 2020). Net income: kr.1.17b (down 78% from 1Q 2020). Profit margin: 6.2% (down from 30% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Tillkännagivande • Apr 29
Ørsted A/S Provides Earnings Guidance for the Full Year 2021 Ørsted A/S provided earnings guidance for the full year 2021. The company announced that its operations and financial performance continued to remain solid despite the COVID-19 pandemic, and the company maintain its full-year EBITDA guidance of DKK 15-16 billion. 
