Report published August 14, 2026
Enersense (ESENSE): Expectations Tilted to H2 2026 – Nordea Research
Source and citation context
- Issuer
- Nordea
- Report date
- August 14, 2026
- Analysis as of
- Not stated in source
Authors / editors: Pasi Väisänen, CEFA (Analyst), Svante Krokfors (Analyst)
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.
Nordea reiterates its EUR 4.2-5.3 fair value range for Enersense following Q2 results where adjusted EBITDA reached EUR 3.1m on net sales of EUR 73.1m. Delivering on full-year 2026 guidance of EUR 19-23m adjusted EBITDA relies heavily on successful project ramp-ups in H2.
Key Takeaways
- 1.Q2 net sales reached EUR 73.1m and adjusted EBITDA was EUR 3.1m, slightly below expectations, leaving full-year 2026 guidance (EUR 19-23m adj. EBITDA) heavily reliant on strong H2 execution.
- 2.Nordea maintains its fair value range of EUR 4.2-5.3 based on DCF analysis and peer group comparisons, forecasting full-year 2026 adjusted EBITDA of EUR 19m.
- 3.Working capital management has supported cash flow, and covenant tests were fulfilled for Q2 with an equity ratio of 31%.
Table of Contents
- Expectations tilted to H2 2026
- Comparable net sales growth was 1% in Q2 y/y
- Successful execution is needed for a positive H2 2026 surprise
- Quarterly estimates by segment
- Annual estimates by segment
- Peer group financials and valuation
- Reported numbers and forecasts
- Balance sheet
- Cash flow statement
- Disclaimer and legal disclosures
- Fair value and sensitivity
- Marketing material
Report data
SUMMARY TABLE - KEY FIGURES
| Metric | Estimate | Context |
|---|---|---|
| Share price close | 3.66 EUR | Enersense share price at time of report publication |
| Fair value range | 4.2-5.3 EUR | Nordea fair value range based on DCF and peer group comparison |
| Q2 Net Sales | 73.1 EURm | Group revenue reported in Q2 2026 |
| Q2 Adjusted EBITDA | 3.1 EURm | Core operations adjusted EBITDA vs consensus EUR 3.0m |
| 2026E Adjusted EBITDA Guidance | 19-23 EURm | Reiterated full-year adjusted EBITDA guidance for core operations |
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Authors / Editors
Reported Data Context
- Share price close: 3.66 EUR (2026-08-14)
- Fair value range: 4.2-5.3 EUR (2026) · Source: Nordea
- Q2 Net Sales: 73.1 EURm (Q2 2026) · Source: Company data
- Q2 Adjusted EBITDA: 3.1 EURm (Q2 2026) · Source: Company data
- 2026E Adjusted EBITDA Guidance: 19-23 EURm (2026E) · Source: Company guidance
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