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Ørsted has been trending down since early 2021 but bounced recently amidst the Russia-Ukraine war and renewed energy security talk in the West.
The main bearish forces against Ørsted are commodity inflation, rising interest rate expectations and economic protectionism.
The Russia-Ukraine events’ geopolitical consequences will exacerbate these headwinds.
Despite its ESG credentials, Ørsted is part of the utilities sector and will ultimately generate utility-like returns; further multiple compression is possible.