After the guidance upgrade, we raise our adjusted EBITDA estimates by 22%, 9% and 11% for 2022-24. Enersense has strong momentum in its core business, and its wind power project portfolio seems to be proceeding faster than anticipated. We see the shares trading at a significant discount to their fair value, which we determine to be EUR 8-12 (7-11) per share. Enersense publishes its Q4 results on 27 February.

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