Orsted A/S

ORSTED: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 295.00	Gws	Yfbwtywt

Orsted: Mounting Issues for U.S. Offshore Wind Projects Drive More Impairments; Fair Value Cut 4%

Tancrede Fulop

Aug 30, 2023

Narrow-moat Orsted announced potential massive impairments due to mounting woes for its U.S. offshore wind projects. This contradicts the message it has sent so far and therefore raises a confidence issue with management. We now assume most of the U.S. projects will be value-destructive, driving a DKK 30 reduction in our fair value estimate to DKK 670. Shares appear materially undervalued, but could remain dead money until U.S. projects are sanctioned.

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