Orsted (Copenhagen:ORSTED) continued marching forward in the first quarter of 2020 – cash profits (Ebitda) from offshore and onshore wind farms surged 25 per cent year-on-year to DKr5.2bn (£610m). This came amid the ramp-up of power generation from newer projects, including Hornsea 1, and high wind speeds in Europe.
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In the face of Covid-19, the asset base remains fully operational and forward hedging protects it from recent power price volatility. Full year guidance of DKr16-17bn of cash profits (excluding new partnerships) is being maintained. While supplier disruption increases the risk of component and service delays, Orsted sees a limited impact on its construction projects.