Enersense: Data Centres Could Support the Equity Story

Nordea maintains a EUR 4.2-5.3 fair value for Enersense, emphasizing long-term growth potential from Finnish data center infrastructure projects despite near-term Q1 headwinds.

Key Takeaways

• 1.Data center investments in Finland could provide significant valuation support as Enersense enhances its infrastructure offering.
• 2.Nordea maintains a fair value range of EUR 4.2-5.3 per share based on DCF and peer group comparison.
• 3.Q1 2026 revenue growth is expected to be modest or negative, with earnings tilting toward the second half of the year.

Table of Contents

• Data centres could support the equity story
• Our adjusted EBITDA forecast for Q1 is EUR 2.0m
• Enersense has enhanced its offering for data centres
• Quarterly estimates by segment
• Annual estimates by segment
• Peer group financials and valuation
• Reported numbers and forecasts
• Disclaimer and legal disclosures
• Fair value and sensitivity
• Marketing material
• Analyst Shareholding
• Market-making obligations and other significant financial interest
• Investment banking transactions and/or services
• Equity risk rating
• Issuer Review

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