Rankings Utilities & power Ørsted
Ørsted
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−7
- US politics−7
- Share issue and dilution−6
Strengths
- Debt reduction+3
- Execution+1
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 134.85 DKK
- Median analyst target
- 165.00 DKK
- Upside to median
- +22.4%
- Analysts
- 25
- Target range
- 130.00 – 220.00 DKK
- 52-week change
- +17%
- P/E (trailing)
- n/a
- Forward P/E
- 13.2
- PEG
- 0.36
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−17 of −30
- −7MarginNet loss of DKK 3.1bn (TTM, net margin −2.9%) despite a 29% EBITDA margin; impairments of DKK 2.5bn in H1 2026 (vs 0.25bn a year earlier), and ROCE fell to 3.1% from 7.5%.
- −2Quality of growthRevenue is DKK 83.7bn (TTM) vs 77.7bn in 2021 and 114bn in 2022; about 10bn is government subsidies and 15.6bn is construction revenue for partners, i.e. not recurring operating income.
- −3Future segmentCapacity grows from 10 to 18 GW over 12–18 months, but the project pipeline after the current builds is thin; Økonomisk Ugebrev points to a risk of growthless years and overcapitalisation in 2028–2030.
- −5Capital allocationRepeated bad investments: a DKK 21bn loss in 2023 after US write-downs, Hornsea 4 (2.4 GW) abandoned in 2025 because of rising costs, and new write-downs in 2025–2026.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −4FCF yieldFree cash flow −DKK 23.3bn (TTM), FCF yield −13%; investments of DKK 50–55bn in 2026 vs operating cash flow of about 25bn. No trailing P/E (loss-making).
- −2Earnings quality in forward P/EForward P/E 13.1 and EV/EBITDA 8.2 are at the bottom of its own history (forward P/E 16–32 in 2021–2025), but forward EPS rises 168% and rests on divestment and partnership gains; EBITDA guidance of over 28bn specifically excludes new partnerships.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−18 of −35
- −6Share issue and dilutionState-backed rights issue of DKK 60bn in 2025; the share count rose from 420m to 1,321m (+214%), and no dividend has been paid since 2022.
- −7US politicsThe Trump administration's stop-work orders hit Revolution Wind and Sunrise Wind; construction only resumed in February 2026 after a preliminary injunction that could be overturned. Sunrise Wind is only about halfway and expected in full operation in H2 2027.
- −4Credit ratingØrsted ended its relationship with S&P as of 3 July 2026 after a downgrade to BBB- (lowest investment grade); Moody's has Baa2 with a negative outlook.
- −1Major shareholder sellingAndel sold 22.8m shares (1.73%) for DKK 3.1bn at DKK 135.50 on 8 September 2026 and now owns 3.28%.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Debt reductionNet interest-bearing debt fell 67% to DKK 22.0bn, and FFO/adjusted net debt rose to 44.6% from 15.6%; divestments of DKK 9.5bn in H1.
- +1ExecutionOffshore wind generation rose 23% to 11.2 TWh in H1, EBITDA excl. partnerships +8% to DKK 15.0bn, and Hornsea 3 is being built on schedule and on budget.
Caveats
What the score does not capture, or where the data is weak.
TTM loss (−DKK 3.1bn) and negative FCF; forward EPS of 8.37 rests on a recovery from an impairment-hit 2025 and on disposal gains, so PEG (0.36) is artificially low. The share count has tripled after the DKK 60bn share issue in 2025.
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