Orsted AS

ORSTED: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 996.00	Vmsg	Stwfpwcf

Orsted: Success at UK Renewables Auctions Derisks Equity Story; Shares Cheap

Tancrede Fulop

Sep 3, 2024

We confirm our DKK 540 fair value estimate for no-moat Orsted after the group's success in round 6 of the UK contract-for-difference auctions for a good chunk of its giant 2.9-gigawatt Hornsea 3 project sanctioned in December 2023. This success should facilitate the farm-down of the project, which is crucial for funding the group's future investments and avoiding a rights issue.

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