Company Overview
Enersense International Oyj is a Finnish multinational company specializing in energy infrastructure and services. With over 1700 employees, Enersense operates in the Nordic region, providing critical infrastructure for power transmission, distribution, and renewable energy. The company's primary mission is to deliver essential services that support the transition to a sustainable future.
Enersense's core values are built around its commitment to innovation, customer satisfaction, and environmental responsibility. The company strives to be a trusted partner in the energy sector, providing reliable and efficient solutions for its customers.
Key Products/Services
Enersense offers a range of products and services that cater to the growing demand for renewable energy and sustainable infrastructure. Some of its key offerings include:
- Zero-emission transport solutions
- Power lines and telecommunications networks
- Power stations and power plants
These products and services benefit from Enersense's expertise in energy infrastructure development, maintenance, and operation. By leveraging its extensive experience and network, the company is able to provide customers with reliable, efficient, and sustainable solutions that support their business operations.
Strategic Focus and Goals
Enersense has set ambitious goals for itself, focusing on delivering a strong financial performance while maintaining its commitment to sustainability and environmental responsibility. The company aims to achieve a growth rate of 4-5% per annum, with a target of increasing its EBIT margin to over 5%. Additionally, Enersense is focused on reducing its net debt-to-equity ratio to below 100%.
The company's strategic focus is centered around its value uplift program, which aims to enhance its operational efficiency and reduce costs. By implementing this program, Enersense expects to achieve a significant increase in its EBIT margin, driven by improved productivity and reduced waste.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 16.5 | 16.5 | 16.5 | 16.3 | 16.3 | 16.3 | 16.3 |
| Target Valuation (MEur) | 86.1 | 70.8 | 44.4 | 46.5 | 57.9 | 48.2 | 48.2 |
| Targer Price | 5.22 | 4.29 | 2.69 | 2.85 | 3.55 | 2.96 | 2.96 |
| Potential, % | -8.2 | -1.3 | 1.6 | -28.7 | -7.2 | -22.8 | -22.8 |
| Recommendation | Hold | Hold | Hold | Sell | Hold | Sell | Sell |
| MCAP (MEur) | 93.8 | 71.7 | 43.7 | 65.2 | 62.4 | 62.4 | 62.4 |
| Price | 5.69 | 4.35 | 2.65 | 4.0 | 3.83 | 3.83 | 3.83 |
| EV | 106.0 | 108.0 | 81.0 | 69.0 | 78.0 | 110.0 | 133.0 |
| P/S | 0.34 | 0.2 | 0.1 | 0.21 | 0.22 | 0.25 | 0.25 |
| EV/S | 0.38 | 0.3 | 0.19 | 0.22 | 0.28 | 0.45 | 0.54 |
| EV/EBIT | 30.39 | 20.59 | -5.74 | -11.1 | -13.93 | -11.1 | -11.57 |
| P/E | -12.79 | -7.84 | -1.51 | -3.05 | -7.18 | -7.87 | -6.8 |
| P/B | 1.51 | 1.38 | 1.95 | 2.83 | 4.52 | 10.63 | -18.88 |
| P/OCF | 49.08 | -4.72 | 1.81 | -11.62 | -4.96 | -2.07 | -3.03 |
| EV/OCF | 55.3 | -7.13 | 3.35 | -12.23 | -6.18 | -3.65 | -6.44 |
| P/FCF | -14.46 | -3.93 | 1.68 | 7.81 | -5.13 | -1.94 | -2.76 |
| EV/FCF | -16.29 | -5.93 | 3.12 | 8.22 | -6.4 | -3.42 | -5.86 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 275.6 | 363.3 | 424.7 | 306.9 | 281.4 | 246.0 | 246.8 |
| Rev. Growth, % | 15.3 | 31.8 | 16.9 | -27.7 | -8.3 | -12.6 | 0.3 |
| Ebit | 3.5 | 5.3 | -14.1 | -6.2 | -5.6 | -9.9 | -11.5 |
| Ebit Growth, % | -48.5 | 51.4 | -366.0 | 56.0 | 9.7 | -76.8 | -16.2 |
| Ebit, % | 1.3 | 1.5 | -3.3 | -2.0 | -2.0 | -4.0 | -4.7 |
| Profit | -7.3 | -9.1 | -28.9 | -21.4 | -8.7 | -7.9 | -9.2 |
| EPS | -0.44 | -0.55 | -1.75 | -1.31 | -0.53 | -0.48 | -0.56 |
| Profit Growth, % | -282.5 | -24.7 | -217.6 | 26.0 | 59.3 | 9.2 | -16.5 |
| Profit, % | -2.6 | -2.5 | -6.8 | -7.0 | -3.1 | -3.2 | -3.7 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 13.1 | 18.1 | 15.8 | 19.8 | 19.2 | 19.7 | 19.5 |
| Acc. Receivable | 33.7 | 40.3 | 28.4 | 21.7 | 15.4 | 12.6 | 11.1 |
| Cash | 38.7 | 11.2 | 19.8 | 23.4 | 12.7 | -19.5 | -42.2 |
| Equity | 62.2 | 51.9 | 22.5 | 23.0 | 13.8 | 5.9 | -3.3 |
| ROE, % | -11.7 | -17.5 | -128.4 | -93.0 | -63.0 | -133.9 | 278.8 |
| ROCE, % | 3.1 | 5.3 | -17.7 | -12.4 | -13.3 | -29.1 | -46.2 |
| Net Debt | 11.9 | 36.6 | 37.2 | 3.4 | 15.4 | 47.7 | 70.4 |
| Gearing, % | 19.1 | 70.4 | 165.8 | 14.8 | 111.8 | 811.5 | -2127.4 |
| Equity ratio, % | 27.0 | 24.3 | 11.5 | 12.6 | 9.1 | 4.0 | -2.5 |
| Acc. Payable | 36.3 | 26.0 | 24.2 | 25.7 | 31.7 | 27.5 | 27.8 |
| Total Assets | 230.2 | 213.7 | 194.5 | 182.3 | 151.9 | 146.1 | 133.8 |
| ROA, % | -3.2 | -4.3 | -14.9 | -11.7 | -5.7 | -5.4 | -6.9 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1.9 | -15.2 | 24.1 | -5.6 | -12.6 | -30.2 | -20.6 |
| Investment Cash Flow | -8.4 | -3.1 | 1.8 | 14.0 | 0.4 | -2.1 | -2.1 |
| Free Cash Flow | -6.5 | -18.3 | 26.0 | 8.4 | -12.2 | -32.2 | -22.7 |
| OCF/CAPEX | 0.23 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Financial Cash Flow | 16.0 | -9.2 | -15.1 | -4.8 | 1.5 | 0.0 | 0.0 |
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