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Orsted Curve Steady Ahead As Company Outlines Measures To Protect BS

UTILITIES


  • Orsted’s FY23 results included measures to protect the BS in the wake of November’s scrapping of two US projects in November and a DKK ~17bn increase in interest-bearing debt.
  • Measures between 2024-2026 include a 20% reduction in CapEx, an accelerated divestment schedule bring DKK 15bn in additional proceeds, DKK 1bn in cost cutting with 600-800 job losses and a three-year dividend holiday.
  • From FY EBITDA excl. new partnerships of DKK 24bn (slightly ahead of the DKK 20-23bn target) is expected in the range of DKK 23-26bn for FY24 with the company now targeting a lower DKK 39-43bn by 2030. FFO/Net Debt seen rising to ~30% in FY25 to protect their IG rating.
  • Orsted’s curve is stable despite the notable changes outlined while equity is -1.6%. A CMD update at 12pm London Time will likely provide more colour.
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