FY20 EBITDA was up by 4% to DKK18,124m, thanks to a strong Q4 (up by 8%, to DKK5,003m) and the promising growth of onshore wind (up by 44% over the year, to DKK1,131m). The FY21 EBITDA guidance of DKK15-16bn is disappointing, but there is the possibility of a positive surprise coming from partnership revenues. We confirm our negative recommendation, considering that the market does not integrate the growing competition.
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FY20: in line
FY20 EBITDA was up by 4% to DKK18,124m, thanks to a strong Q4 (up by 8%, to DKK5,003m) and the promising growth of onshore wind (up by 44% over the year, to DKK1,131m). The FY21 EBITDA guidance of DKK15-16bn is disappointing, but there is the possibility of a positive surprise coming from partnership revenues. We confirm our negative recommendation, considering that the market does not integrate the growing competition.