Orsted AS

ORSTED: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 754.00	Hpcp	Wgpjmlsg

Orsted Earnings: Good Results Obfuscated by Yet Another US Impairment; Shares Cheap

Tancrede Fulop

Aug 15, 2024

We confirm our DKK 540 fair value estimate after no-moat Orsted released second-quarter EBITDA well above company-compiled consensus while the bottom line came in below expectations because of impairments from the US Revolution Wind project. The firm confirmed its 2024 EBITDA guidance. Shares are materially undervalued.

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