From a market point of view, Orsted’s CMD was disappointing. By accelerating towards more onshore wind and solar PV, the Danish group is expanding its asset base (capacity x3 by 2027) while reducing its gross return by GW (EBITDA x2.2 by 2027), one of its main competitive advantages. However, we consider Orsted’s strategy to be correct. The market wrongfully expected unrealistic growth prospects, and is now realizing that the premium applied to the stock is not sustainable. Cautious view confi ....