Orsted AS

ORSTED: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Orsted: Equinor Acquisition Reflects Undervaluation of the Shares, but Its Strategy Is Unclear

Tancrede Fulop

Oct 7, 2024

We confirm our DKK 540 fair value estimate for no-moat Ørsted after no-moat Norwegian integrated oil and gas company Equinor announced on Oct. 7 that it acquired a 9.8% stake with a current market value of $2.5 billion. In our opinion, this move highlights the undervaluation of Ørsted, which is one of the best-positioned utilities to benefit from a decline in interest rates. The next positive catalyst would be the farmdown of giant project Hornsea 3, which has been derisked after its successful resubmission to the latest UK renewables auctions.

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Orsted AS

Orsted: Equinor Acquisition Reflects Undervaluation of the Shares, but Its Strategy Is Unclear

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