Orsted A/S

ORSTED: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 478.00	Mqdx	Wrhkzyl

Orsted: Downgrading Our Moat Rating From Narrow to None, FVE Cut to DKK 600, Shares Attractive

Tancrede Fulop

Oct 6, 2023

We downgrade Orsted's moat rating from narrow to none and cut our fair value estimate to DKK 600 from DKK 670. Our new fair value estimate offers 77% upside to the current depressed share price. The latter implies an EV/EBIDTA of 8.2 for 2024 and 3.7 for 2027.

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