- On Ørsted, we feel vindicated from our first coverage, where we stated, despite being slung platitudes about their 'development expertise', that they would not create value.
- The price is substantially down with no value created for shareholders.
- While things were overdone back then, we think that now Ørsted represents a substantially more compelling opportunity.
- While there's no free lunches, there is good value add in what Ørsted is doing with its offshore wind projects, and returns are becoming somewhat proven.
- Reinvestment returns for the business are pretty good, and we think the multiple might be quite low relative to prospects.
For further details see:
Ørsted's Changhua Gains Prick Up Our Ears