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Enersense - Strong Q1 beat our expectations

Enersense’s Q1 net sales and profitability beat our expectations. Net sales amounted to EUR 52.4m (Evli EUR 44.5m) and adj. EBITDA was EUR 1.7m (Evli EUR 0.5m). Enersense also announced that it has concluded negotiations on a new financing package.
  • Net sales in Q1 amounted to EUR 52.4m, beating our estimates (Evli EUR 44.5m).
  • Adjusted EBITDA also exceeded our expectations and was EUR 1.7m (Evli EUR 0.5m).
  • Order backlog at the end of the first quarter amounted to EUR 319m, growing by 9% from EUR 292m at the end of 2020.
  • Guidance reiterated: Enersense expects net sales to be EUR 215-245 million in 2021. EBITDA excluding non-recurring costs related to integration is estimated to be EUR 12-15 million in 2021.
  • Enersense also announced that it has concluded negotiations on a new financing package. The company will replace the existing EUR 12.7 million short-term financing facilities with two senior loans, totaling EUR 12m. Each senior loan amounts to EUR 6m and will mature in 2026. Enersense also replaces a part of its previous bank guarantee facilities with the new bank guarantee facilities. Enersense has bank guarantee facilities totaling EUR 36.9m and invoice financing facilities totaling EUR 41.5m.
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