olivLaw · European equity research
Enersense International Oyj ESENSE.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Enersense International Oyj is a Finnish provider of engineering, construction and maintenance services for energy and telecommunications networks, with revenue of 306.9 million euros in fiscal 2025. The company is in a phase of strategic focus, and its guidance for 2026 targets adjusted EBITDA of 19 to 23 million euros.
At the close of 05 Nov 2026, Enersense International Oyj (ESENSE.HE) stock was 4.48 EUR (−11.81% on the day), with market capitalisation 74.9 m EUR, P/E 74.7 on diluted EPS of 0.06 EUR over the last 12 months, beta 0.43, 52-week range 3.10–6.42 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.9
- weak (30–45)
- Bollinger (20, 2)
- 4.17 – 6.39
- in the lower half of the band · %B 0.14 · band width 42.1%
- SMA 50 / 200
- 4.98 / 4.02
- mixed trend
- MACD (12, 26, 9)
- -0.14 / -0.04
- MACD below 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 | −27.3% | +0.4% | −27.7 pp | — |
| 3 months | +22.1% | −3.3% | +25.3 pp | — |
| 6 months | +26.2% | +4.0% | +22.2 pp | — |
| Year to date | +12.0% | +8.1% | +3.9 pp | — |
| 1 year | +0.2% | +10.7% | −10.5 pp | −2.6% |
| 3 years | +4.2% | +50.1% | −45.9 pp | +4.1% |
| 5 years | −38.0% | +43.6% | −81.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 66.7, median 66.7, max 66.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 363.3 m | 424.7 m | 306.9 m |
| Revenue YoY | unavailable | +16.9% | −27.7% |
| Net income | -8.9 m | -30.2 m | 1.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.54 | -1.83 | 0.06 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.5% | -7.1% | 0.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 23.4 m EUR
- Financial debt
- 16.1 m EUR
- Net debt
- -7.3 m EUR
- Equity
- 52.4 m EUR
- Total assets
- 182.3 m EUR
- Debt / equity
- 0.31x
- Current ratio
- unavailable
- ROE
- 3.1%
- ROA
- 0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 363.3 m | 424.7 m | 306.9 m | esef· 10 Mar 2026verified |
| Operating income | 5.3 m | -14.1 m | 16.4 m | esef· 10 Mar 2026verified |
| Interest expense | 13.9 m | 15.0 m | 17.3 m | esef· 10 Mar 2026verified |
| Pre-tax income | -8.5 m | -28.4 m | 2.4 m | esef· 10 Mar 2026verified |
| Income tax | 600.0 k | 491.0 k | 1.2 m | esef· 10 Mar 2026verified |
| Net income | -8.9 m | -30.2 m | 1.2 m | esef· 10 Mar 2026verified |
| Diluted EPS | -0.54 | -1.83 | 0.06 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.2 m | 19.8 m | 23.4 m | esef· 10 Mar 2026verified |
| Inventories | 18.1 m | 15.8 m | 19.8 m | esef· 10 Mar 2026verified |
| Current assets | 105.0 m | 98.3 m | — | esef· 24 Sept 2025verified |
| Goodwill | 27.8 m | 26.1 m | 26.1 m | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 40.2 m | 11.1 m | 6.7 m | esef· 10 Mar 2026verified |
| Total assets | 213.7 m | 194.5 m | 182.3 m | esef· 10 Mar 2026verified |
| Accounts payable | 26.0 m | 24.2 m | 25.7 m | esef· 10 Mar 2026verified |
| Short-term debt | 4.2 m | 7.6 m | 1.1 m | esef· 10 Mar 2026verified |
| Long-term debt | 28.3 m | 26.2 m | 15.1 m | esef· 10 Mar 2026verified |
| Current liabilities | 117.3 m | 129.7 m | — | esef· 24 Sept 2025verified |
| Total liabilities | 161.6 m | 167.2 m | — | esef· 24 Sept 2025verified |
| Equity | 52.1 m | 22.5 m | 52.4 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 16.5 m | 16.5 m | 16.7 m | esef· 10 Mar 2026derived |
Cash flow · EUR
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: 4 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 74.9 m EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.50 – 1.10 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.50 – 1.10 (Mid 0.68)24 companies used · median multiple 11.4x · quartiles 8.3x – 18.4xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 33.8% | 100 (vs peers) | 31% |
| Net margin · Quality | 0.4% | 28 (vs peers) | 19% |
| 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 | 0.9x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 74.7x | 4 (vs peers) | 31% |
| 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· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial4/100 · 1/3 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
Enersense International Oyj (ESENSE.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 306.9 m EUR in 2025; YoY growth -27.7%; net margin 0.4%; ROE 3.1%.
The estimated value range is 0.50–1.10 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.68 EUR, the price of 4.48 EUR leaves a potential of -84.8% (value / price − 1) and a margin of safety of -557.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 33.8%
What contradicts it
- Net margin: 0.4%
- Interest coverage: 0.9x
- P/E (TTM): 74.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for ESENSE.HE 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.79 Total return -38% · Per year -38% | 4.97 Total return 11% · Per year 11% | 7.51 Total return 68% · Per year 68% |
| 3 years | 2.22 Total return -50% · Per year -21% | 4.48 Total return 0% · Per year 0% | 7.51 Total return 68% · Per year 19% |
| 5 years | 1.76 Total return -61% · Per year -17% | 4.04 Total return -10% · Per year -2% | 7.51 Total return 68% · Per year 11% |
- Exit P/E± 1.12
- Net margin± 0.78
- Annual revenue growth± 0.71
- Annual dilution± 0.07
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
Enersense International Oyj is a Finnish provider of engineering, construction and maintenance services for energy and telecommunications networks, with revenue of 306.9 million euros in fiscal 2025 1. The company is in a phase of strategic focus, and its guidance for 2026 targets adjusted EBITDA of 19 to 23 million euros 1.
SWOT
Strengths
- The company has a portfolio of services across the whole asset lifecycle and a major operation and maintenance contract renewed with a large energy customer.
- The capital structure clearly improved compared with the previous year, giving more financial stability.
- The company has a climate plan validated by the SBTi initiative, which can support relationships with sustainability-minded customers.
Weaknesses
- Revenue fell significantly and the core business remained under pressure in 2025.
- The result for the year depends heavily on non-core items, which makes profitability harder to predict.
- The company depends on a few major customers, and losing one could quickly affect results.
Opportunities
- Investment in data centres and electricity networks could create new demand for the company's services.
- Long-term operation and maintenance contracts can provide steadier revenue if they are renewed.
- Strategic focus could improve margins if the core business recovers its efficiency.
Threats
- Geopolitical tensions could slow clean energy projects and customer investment.
- Competition and new entrants could put pressure on prices and margins.
- Breach of financial covenants could allow the lender to demand early repayment of loans.
Risks
- Dependence on a few customershigh
Losing a major customer or a significant change in its behaviour could seriously affect revenue, and replacing volumes could take time.
- Financing covenantshigh
Breach of financial covenants could lead to early repayment of loans and cancellation of undrawn financing lines.
- Fixed-price projectsmedium
Margins on fixed-price projects depend on accurate estimates and project management; errors could reduce profitability.
- Subcontractorsmedium
Delays or poor quality from subcontractors could lead to disputes and penalties with customers.
- Skilled labour shortagemedium
Difficulty recruiting qualified staff could limit the company's ability to execute its strategy.
Investment thesis
What would need to be true (bull case)
- If data centre and network investments materialise, the company could benefit from higher demand, and the renewed Helen contract could support long-term revenue.
- If strategic focus restores core business margins, results could become more predictable and more attractive to investors.
- A stronger capital structure could provide flexibility for growth during periods of economic uncertainty.
What would break the thesis
- If core business revenue keeps declining, results could remain dependent on non-core items that are hard to forecast.
- If geopolitical tensions slow energy projects, demand for the company's services could weaken.
- If competition and new entrants cut prices, margins could be squeezed further.
What to watch
- Delivery against the 2026 adjusted EBITDA guidance range2026
- Revenue and order backlog development after the Helen contract is bookedQ1 2026
- Compliance with financing covenant conditions2026
- Progress toward the SBTi-approved emissions reduction targets2035
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
Enersense serves customers in energy production and transmission, owners of industrial projects, developers, main contractors and suppliers, covering design, construction, operation, maintenance and modernisation across the asset lifecycle 1. Many projects are contracted project by project, and the company also works under long-term framework agreements 1. Alongside these contracts, part of the business relies on long-term network and service agreements where operational efficiency determines profitability 1.
In fiscal 2025 reported EBITDA was 25.3 million euros, but contributions from non-core operations were strong, while adjusted EBITDA of the core business fell to 18.8 million euros 1. From 2026 the company will no longer report core business figures separately, once its strategic focus is complete 1.
The company strengthened its capital structure, with an equity ratio of 32.1 percent at the end of 2025 1. No dividend was proposed, and the result for the year was transferred to retained earnings 1.
Segments
Energy Transition
The Energy Transition unit manages energy-related activity, including the operation and maintenance contract with Helen, extended for 2027–2028 with a value of more than 30 million euros 1. The contract will be booked into the order backlog of the first quarter of 2026 1.
Non-core activities
Non-core activities produced a significant operating result in 2025, with EBITDA very high relative to a small revenue base, showing that the year was influenced by items outside the core business 1.
Maintenance and modernisation services
Long-term operation, maintenance and modernisation services are treated in the source as a key category, since their efficiency affects contract margins 1.
Market context
Management expects the market to remain good in the company's strategic segments in 2026, with investment in the capacity and reliability of electricity and telecommunications networks, where data centres add demand 1. Investment in clean energy transition is seen as moderately positive, and large projects can influence market development 1.
Trends
- Data centre investmenttailwind
Demand for electricity and telecommunications capacity is rising with data centre investment, which could support the company's orders if projects materialise 1.
- Energy transitionmixed
Clean energy investment is viewed as cautiously positive, but delays in some projects could slow the pace 1.
- Geopolitical tensionsheadwind
Geopolitical uncertainty can change the market environment and delay clean energy projects, affecting demand 1.
- Pricing pressureheadwind
Competition and new entrants can put pressure on selling prices and margins, making the efficiency of offers essential 1.
Competitive position
The source does not give a detailed list of competitors, but notes that the competitive situation in the company's business areas and new entrants can affect prices and profitability 1. The company depends on the competitiveness of its bids in tenders, especially for shorter-term projects 1.
Competitive advantage depends on winning long-term service contracts, operational efficiency and relationships with key customers, given that part of revenue comes from a few important clients 1.
- Competitors not named in the source
The source mentions pressure from competitors and new entrants but does not name specific rival companies.
- Engineering and maintenance providers for networks
General category of competitors in energy and telecommunications, with no names given in the source.
- Energy construction service providers
Competition in construction project tenders is not detailed in the source.
- New entrants to the market
The source flags the risk of new competitors that could put pressure on prices.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Enersense International Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.