Ørsted takes biggest market valuation hit since 2020
Ørsted went through the stock market wringer last Friday after disclosing preliminary figures for 2022 and for the first time presenting the group’s 2023 financial guidance.
The Danish utility’s share price took an 8.7% tumble to DKK 608.50 (EUR 81.72), the second-largest decline to date after a 9% drop in March 2020.
The total value of Ørsted’s equity dropped by all of DKK 24.4bn to DKK 255.8bn.
Investors have paid special heed to the full-year forecast and projections of earnings before interest, taxes, depreciations and amortizations, excluding new partnerships, in the DKK 20-23bn range.
According to a consensus estimate on Ørsted’s website compiled after the release of the third quarter financial results, analysts estimated an operating result in 2023 of DKK 24.6bn excluding new partnerships.
This means that the middle of Ørsted’s EBITDA forecast is approx. 11% below analysts’ expectations, and multiple financial institutions project that the consensus estimate will be downgraded following the release of the disappointing outlook.
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