Industry

Utilities

Sector

Independent Power and Renewable Electricity Providers

Country

Denmark

Company description

Oested A/S (Formerly Dong Energy) is the largest listed energy company in Denmark and adopted its current name on 6 November 2017. The company owns power production facilities in Denmark, Germany, Sweden, the Netherlands and the United Kingdom and has approximately 5.800 employees. Oersted is currently the largest wind farm company in the world with an estimated market share of 16%. The number of off shore wind turbines owned by the company surpassed 1,000 in 2016. The company is listed at the Copenhagen Stock Exchange and the Danish government holds the majority of the shareholding (50.1%).

Market cap.

DKKm 183,014

Share price

DKK 436

Earnings per share (EPS)

DKK 42

Dividend per share (DPS)

DKK 10

Price / earnings

10.3x

Price / sales

2.4x

Price / book value

2.7x

Enterprise value / EBITDA

7.0x

CEO

Henrik Poulsen

Chairman of the Board of Directors

Thomas Thune Andersen

CFO

Marianna Wiinholt

Investor relations

Henrik Brunniche Lund

Ticker symbol

ORSTED

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0060094928220

Phone

0045 99 55 11 11

Website

orsted.com

Address

Kraftvaerksvej 53, 7000 Fredericia

Income statements

DKKm 20112012201320142015201620172018
Sales 58,43765,92472,19971,82974,38757,39359,70975,520
Other income 00000000
Total income 58,43765,92472,19971,82974,38757,39359,70975,520
Total expenses -42,842-58,765-58,000-51,496-54,858-37,326-37,135-45,823
EBITDA 15,5957,15914,19920,33319,52920,06722,57429,697
Depreciation tangible assets -6,395-8,810-7,665-8,968-7,114-7,114-5,453-5,820
Write-downs tangible assets -468-2,791-5,008-8,108-15,876-953-545-603
EBITA 8,732-4,4421,5263,257-3,46112,00016,57623,274
Amortisation intangible assets -807-512-290-490-351-293-286-158
Income from associated companies 00000000
Earnings before interest and taxes (EBIT) 7,925-4,9541,2362,767-3,81211,70716,29023,116
Financial income 5,8113,6923,2735,2619,2758,4894,2533,179
Financial expenses -6,093-5,045-7,073-6,971-11,400-9,256-5,295-4,457
Income from associated companies 2612,1221,98876981,242-1491
Earnings before taxes (EBT) 7,904-4,185-5761,826-5,92912,18215,09921,966
Taxes -3,654-941-1,015-4,136-3,524-1,715-1,778-3,700
Profit from continuing operations 4,250-5,126-1,591-2,310-9,45310,46713,32118,266
Discontinued operations 00000-2,5326,1040
Minorities 185-44029-78-31-10-10-450
Net profit or loss 4,435-5,566-1,562-2,388-9,4847,92519,41517,816

Cash flow statements

DKKm 20112012201320142015201620172018
EBITDA 15,5957,15914,19920,33319,52920,06722,57429,697
Net interest paid -829-845-2,872-1,065-659-86136-700
Taxes paid -1,647-2,643-2,856-3,835-5,091-3,182-2,660-3,367
Investments in working capital 918335-2,0874,1281,318-1,512-7,904-918
Other operating cash items -1,4133,6953,345-4,603-1,526-3,240-11,023-14,369
Cash flow from operations (CFFO) 12,6247,7019,72914,95813,57111,2721,02310,343
Capital expenditures (capex) -19,298-22,493-15,667-17,671-13,375-3,075-10,5874,213
Acquisitions -85-4330-4290-16-83-5,602
Disposals 452,9229,1843,1335762,031616363
Other investing cash items 00000000
Cash flow from investing activities -19,338-20,004-6,483-14,967-12,799-1,060-10,054-1,026
Free cash flow to equity holders (FCFE) -6,714-12,3033,246-977210,212-9,0319,317
Dividends paid -2,203-1,4570000-2,521-3,781
Share buy-backs 00000-530-48
New share issues 00013,0070000
Increase/(decrease) in debt 3,17611,980-3,711-9,572-1,3165,067-11,097-6,429
Other financing cash flows 3,024-427-86-525-17,26023,921253
Cash flow from financing activities (CFFF) 97313,547-4,1383,349-1,841-12,24610,303-10,005
Discontinued activities and other 0000000
Net cash flow / Change in cash position 1,244-8923,340-1,069-2,0341,272-688

Balance sheets

DKKm 20112012201320142015201620172018
Goodwill 373490000000
Other intangible assets 2,3561,9352,1671,3691,134955689777
Total intangible assets 2,7292,4252,1671,3691,134955689777
Fixed tangible assets 94,51096,30791,52285,90680,22970,18275,84584,055
Shares and associated companies 3,2263,0552,0131,3151,4211,060339457
Other financial assets 418382261242191158130211
Deferred tax assets 181294130632274882,8654,588
Other non-current assets 3,3143,7771,2111,5311,5831,1412,0032,730
Total fixed assets 104,378106,24097,30490,99584,83273,58481,87192,818
Inventories 4,2443,7943,5602,9383,5673,4513,85313,943
Trade receivables 16,43213,9068,8758,3467,7397,2869,17010,741
Other current assets 26,67732,06833,23941,60146,35449,23747,42453,558
Cash and cash equivalents 2,3423,5862,6946,0344,9652,9314,2033,515
Total current assets 49,69553,35448,36858,91962,62562,90564,65081,757
Total assets 154,073159,594145,672149,914147,457136,489146,521174,575
Equity 49,78842,95931,59941,73632,09039,10654,79168,488
Non-controlling interests (minorities) 7,9527,05719,94419,79719,64618,39417,04616,627
Shareholders equity 57,74050,01651,54361,53351,73657,50071,83785,115
Pension liabilities 1513000000
Deferred tax liabilities 9,3366,9755,4964,2811,6462,1852,1284,025
Long-term provisions 11,93612,49612,89115,39717,7548,33710,84012,774
Convertible debt 003,9584,5995,9136,6225,7140
Long-term debt 34,71548,563000025,71525,095
Other long-term liabilities 2,3293,33736,76735,84931,77522,16407,779
Total long-term liabilities 58,33171,38459,11260,12657,08839,30844,39749,673
Short-term debt 5,5125,3629,3892084,6262,0193,9212,201
Trade payables 9,3779,5817,3299,03110,67310,02411,49913,082
Other current liabilities 23,11323,25118,29919,01623,33427,63814,86724,504
Total current liabilities 38,00238,19435,01728,25538,63339,68130,28739,787
Total equity and liabilities 154,073159,594145,672149,914147,457136,489146,521174,575

Growth rates

[%] 20112012201320142015201620172018
Sales growth 0.0%13.0%10.0%-1.0%4.0%-23.0%4.0%26.0%
EBITDA growth 0.0%-54.0%98.0%43.0%-4.0%3.0%12.0%32.0%
EBITA growth 0.0%-151.0%-134.0%113.0%-206.0%-447.0%38.0%40.0%
EBIT growth 0.0%-163.0%-125.0%124.0%-238.0%-407.0%39.0%42.0%
EBT growth 0.0%-153.0%-86.0%-417.0%-425.0%-305.0%24.0%45.0%
Earnings growth 0.0%-226.0%-72.0%53.0%297.0%-184.0%145.0%-8.0%

Margins

[%] 20112012201320142015201620172018
EBITDA-margin 27.0%11.0%20.0%28.0%26.0%35.0%38.0%39.0%
EBITA-margin 15.0%-7.0%2.0%5.0%-5.0%21.0%28.0%31.0%
EBIT-margin 14.0%-8.0%2.0%4.0%-5.0%20.0%27.0%31.0%
EBT-margin 14.0%-6.0%-1.0%3.0%-8.0%21.0%25.0%29.0%
Earnings-margin 8.0%-8.0%-2.0%-3.0%-13.0%14.0%33.0%24.0%

Other key figures

DKKm 20112012201320142015201620172018
Tax rate 46.0%-22.0%-176.0%227.0%-59.0%14.0%12.0%17.0%
Net working capital balance (NWC) 14,86316,93620,04624,83823,65322,31234,08140,656
Net interest bearing debt (NIBD) 37,90050,35210,653-1,2275,5745,71031,14723,781
Invested capital (including goodwill) 95,640100,36862,19660,30657,31063,210102,984108,896
Invested capital (excluding goodwill) 95,26799,87862,19660,30657,31063,210102,984108,896
Enterprise value (EV) 37,90050,35210,653-1,2275,574118,144173,447206,795

Share data

20112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 294294294418418420420420
Market capitalisation (DKKm) 00000112,434142,300183,014
Market capitalisation (DKKm) 00000112,434142,300183,014
Share price (DKK) 0.00.00.00.00.0267.6338.7435.7
Earnings per share (EPS), (DKK) 12.9-17.8-5.9-14.9-30.730.646.442.4
Dividend per share (DPS), (DKK) 7.55.00.00.00.06.09.09.8

Price multiples

20112012201320142015201620172018
Price/Earnings (P/E) 0.0x0.0x0.0x0.0x0.0x14.2x7.3x10.3x
Price/Sales (P/S) 0.0x0.0x0.0x0.0x0.0x2.0x2.4x2.4x
Price/Book value (P/B) 0.0x0.0x0.0x0.0x0.0x2.5x2.4x2.7x

Enterprise value (EV) multiples

20112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 0.7x0.8x0.2x0.0x0.1x2.1x2.9x2.7x
Enterprise value/EBITDA (EV/EBITDA) 2.4x7.0x0.8x-0.1x0.3x5.9x7.7x7.0x
Enterprise value/EBITA (EV/EBITA) 4.3x-11.3x7.0x-0.4x-1.6x9.9x10.5x8.9x
Enterprise value/EBIT (EV/EBIT) 4.8x-10.2x8.6x-0.4x-1.5x10.1x10.7x9.0x