Enersense - Figures quite close to our estimates
Enersense’s Q4 figures were overall relatively close to our estimates. Revenue came in higher than we estimated, while adjusted EBITDA was higher and EBIT lower than we estimated. Enersense’s guidance midpoint suggests profitability is likely to increase at least a bit this year, however bottom line will still be weighed down by development projects.
- Enersense Q4 revenue increased 36.6% y/y to EUR 90.0m, compared to our EUR 86.5m estimate. Top line grew especially within Power and International Operations due to high volumes and project progress.
- Adjusted EBITDA was EUR 4.3m vs our EUR 3.9m estimate. EBIT landed at EUR 1.1m, compared to our EUR 1.7m estimate. Power’s profitability improved significantly, while Smart Industry and International Operations weakened considerably due to e.g. inflation. Investments in offshore wind power and the new ERP system had a negative impact of EUR 2.7m.
- Order backlog amounted to EUR 415m at the end of Q4, compared to EUR 291m a year ago. Onshore wind power project portfolio stood at approximately 8,000MW, compared to 3,000MW at the end of Q3’22.
- The BoD proposes EUR 0.10 per share return of capital to be distributed for the year, in line with our estimate.
- Enersense guides FY ’23 revenue to be in the range of EUR 280-310m and adjusted EBITDA in the range of EUR 12-18m. Investments in and the development of the new ERP system as well as offshore and onshore wind power will impact profitability. The projects should not burden profitability any more next year.