olivLaw · European equity research
Ørsted A/S ORSTED.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060094928 · Vertical: Listed companies from Denmark
Ørsted is a Danish energy group focused on offshore wind, onshore wind and solar, and battery storage. The company is in a period of intense offshore construction, and its results depend on weather and wind speeds, which makes its development relevant for the energy transition and for investors. The 2026 guidance remains in place, with EBITDA above DKK 28 billion.
At the close of 05 Nov 2026, Ørsted A/S (ORSTED.CO) stock was 147.00 DKK (+3.52% on the day), with beta 0.66, 52-week range 115.40–170.35 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 69.6
- strong (55–70)
- Bollinger (20, 2)
- 121.20 – 142.55
- above the upper band · %B 1.21 · band width 16.2%
- SMA 50 / 200
- 134.27 / 146.95
- mixed trend
- MACD (12, 26, 9)
- 1.74 / -0.21
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.0% | +0.4% | +9.7 pp | — |
| 3 months | +5.9% | −3.3% | +9.2 pp | — |
| 6 months | −9.1% | +4.0% | −13.0 pp | — |
| Year to date | +20.1% | +8.1% | +12.0 pp | — |
| 1 year | +30.0% | +10.7% | +19.3 pp | −6.5% |
| 3 years | −47.5% | +50.1% | −97.6 pp | +1.4% |
| 5 years | −83.2% | +43.6% | −126.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Balance sheet & financial health
Financial statements (source on every figure)
Balance sheet · DKK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.1 bn | 53.4 bn | 20.5 bn | esef· 02 Sept 2026verified |
| Inventories | — | 9.9 bn | 11.7 bn | esef· 02 Sept 2026verified |
| Current assets | — | 126.9 bn | 115.2 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | — | 210.9 bn | 225.6 bn | esef· 02 Sept 2026verified |
| Total assets | — | 367.9 bn | 360.0 bn | esef· 02 Sept 2026verified |
| Short-term debt | — | 11.7 bn | 6.7 bn | esef· 02 Sept 2026verified |
| Long-term debt | — | 87.2 bn | 84.4 bn | esef· 02 Sept 2026verified |
| Current liabilities | — | 65.3 bn | 54.6 bn | esef· 02 Sept 2026verified |
| Total liabilities | — | 217.1 bn | 207.7 bn | esef· 02 Sept 2026verified |
| Equity | 93.5 bn | 148.9 bn | 152.3 bn | esef· 02 Sept 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ØRSTED A/S (ORSTED.CO). Latest full fiscal year: 2026; data up to 2026-06-30.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for ORSTED.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ørsted is a Danish energy group focused on offshore wind, onshore wind and solar, and battery storage. The company is in a period of intense offshore construction, and its results depend on weather and wind speeds, which makes its development relevant for the energy transition and for investors 1. The 2026 guidance remains in place, with EBITDA above DKK 28 billion 1.
SWOT
Strengths
- Large offshore portfolio under construction, with a near-complete renewable share of generation.
- Solid operating experience, with high availability of offshore and onshore assets.
- Ability to attract partners and sell stakes to finance projects.
Weaknesses
- Results depend heavily on wind conditions, which are hard to control.
- Significant impairment in the first half, linked to US interest rates.
- The Bioenergy & Other segment was revised downward due to ancillary services and a provision for gas storage.
Opportunities
- Commissioning of offshore projects in progress could significantly increase the contribution to results.
- Expansion into battery storage could open new revenue sources in the US.
- Demand for renewable energy could support new projects and long-term contracts.
Threats
- US tariffs and regulatory changes could affect project costs and timelines.
- Higher long-dated interest rates can reduce asset values and raise financing costs.
- Construction delays or technical problems could postpone commissioning of projects.
Risks
- US tariffs and regulationhigh
New tariffs and regulatory changes in the US can affect US projects and asset values, according to the company's report.
- Long-dated interest rateshigh
Higher long-dated US interest rates led to impairments and could again influence asset values.
- Weather conditionsmedium
Results depend on wind speeds, and the guidance assumes normal wind for the rest of the year.
- Offshore construction executionmedium
The timelines for projects in Taiwan, the US and Poland depend on installing turbines and foundations, which can suffer delays.
- Workplace safetylow
Recordable injuries among own employees increased in the first half of 2026, which could draw attention from regulators.
Investment thesis
What would need to be true (bull case)
- If offshore projects under construction enter operation on schedule, their contribution to generation and EBITDA could rise visibly in the coming quarters.
- The 2026 guidance has been maintained, suggesting management sees results on track.
- Expansion into battery storage could add a new revenue line in the US.
What would break the thesis
- If US tariffs and regulation worsen, US projects could face further impairments.
- Results depend on wind, and a year with weak winds could significantly reduce EBITDA.
- Net debt has increased, and large investments could keep pressure on cash flow.
What to watch
- Commissioning of Greater Changhua 2b and 4 in TaiwanQ3 2026
- Commissioning of Revolution Wind in the USsecond half 2026
- Evolution of EBITDA guidance and gross investmentsQ3 2026
- Effects of US tariffs and regulation on projectsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ørsted produces energy from renewable sources and also operates combined heat and power (CHP) plants and a gas business. In the first half of 2026, its offshore and onshore assets delivered 19.8 TWh of renewable energy, and the renewable share of generation stayed at 99 % 1. The company operates through the Offshore, Onshore and Bioenergy & Other segments.
The capital structure is supported by farm-downs and partnerships for project construction. Net interest-bearing debt rose to DKK 22.0 billion at the end of the first half of 2026, from DKK 19.0 billion at the end of 2025, mainly due to new investments and lease obligations 1.
Segments
Market context
The company operates in offshore and onshore wind markets in Europe, East Asia and the United States, where demand for renewable energy remains high. The guidance assumes normal wind speeds for the rest of the year, which shows how sensitive the market is to weather conditions 1. Power prices, ROC certificates and interest costs directly influence results.
Trends
- Expansion of offshore windtailwind
Offshore projects under construction, such as Greater Changhua 2b and 4, Revolution Wind and Baltica 2, could bring a much larger contribution in the coming quarters if commissioning follows the schedule 1.
- Battery storagetailwind
The commissioning of the Old 300 storage project in Texas shows the company extending beyond wind and solar, which could open new revenue sources 1.
- US tariffs and regulationheadwind
New tariffs imposed in the US and regulatory changes have already produced impairments, and their evolution remains a source of uncertainty for US projects 1.
- Financing costs and interest ratesmixed
Higher long-dated US interest rates have affected asset values and increased the financial burden, although net financial items improved compared with the prior period 1.
Competitive position
Ørsted competes with other large offshore wind producers and renewable energy operators, in markets where tenders and power purchase contracts decide winners. The sources supplied do not describe competitors in detail, so the analysis is limited to the general market context.
The company's advantage rests on the scale of its offshore portfolio under construction and its ability to attract partners to finance projects through farm-downs. Competition for new projects and for competitive construction costs could influence future margins.
- European offshore wind producers
Companies competing for offshore tenders and projects in Europe, referred to only in general terms without identification in the source.
- US renewable energy operators
Wind and solar project developers active in the same US markets, particularly in onshore and storage projects.
- Battery storage suppliers
Companies developing battery storage systems, relevant to the expansion of Ørsted's portfolio in Texas.
- CHP and gas operators
Competitors in the thermal energy and gas areas, where the company reports more modest results.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202612 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Ørsted A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.