Report published August 10, 2026
Enersense Research Report: Power Segment Strength & Valuation Analysis by Nordea
Nordea · August 10, 2026
Nordea maintains its EUR 4.2-5.3 fair value range for Enersense ahead of Q2 2026 results, forecasting Q2 net sales of EUR 76m and adjusted EBITDA of EUR 3.9m. While strong Power order intake has not yet translated into near-term revenue, medium-term data centre opportunities and low valuation multiples (7.3x 2026E EV/EBIT vs. 12.9x peer median) offer upside.
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Finvaulta summarizes Nordea's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Enersense's fair value range is reiterated at EUR 4.2-5.3 per share, underpinned by DCF and peer group multiples comparison.
- 2.Order intake has been robust in the Power segment (+56% y/y in Q1 backlog), though flow-through to revenue will take time, keeping Q2 2026 top-line growth modest.
- 3.Nordea forecasts Q2 2026 net sales of EUR 76m and adjusted EBITDA of EUR 3.9m, landing near the lower end of the full-year 2026 clean EBITDA guidance range of EUR 19-23m.
Table of Contents
- Power has been strong
- Our adjusted EBITDA forecast for Q2 is EUR 3.9m
- Data centres could offer notable growth in the medium term
- Room for positive surprises
- Quarterly estimates by segment
- Annual estimates by segment
- Peer group financials and valuation
- Reported numbers and forecasts
Report data
KEY DATA
| Metric | Estimate | Context |
|---|---|---|
| Fair Value Range | 4.2-5.3 EUR | Nordea valuation based on DCF and peer group comparison |
| Closing Share Price | 3.77 EUR | Market close share price at date of publication |
| Market Capitalisation | 62.2 EURm | Market capitalisation of Enersense |
| Q2 2026E Group Net Sales | 76.0 EURm | Nordea forecast vs consensus of EUR 74m |
| Q2 2026E Adjusted EBITDA | 3.9 EURm | Nordea forecast vs consensus of EUR 3.0m |
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