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Orsted A/S (ORSTED) Fair Value & Analysis

Utilities · DK · Market cap 198B DKK (≈ $30.8B) · ISIN DK0060094928

What is Orsted A/S really worth?

OA Orsted A/S ORSTED · CO
Pricekr 137.10
Fair Valuekr 26.69
Upside−80.5%
Quality27/100

Below-average quality, and trading another 414% above our fair value of kr 26.69.

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Risks

!Weak Growth (revenue 5y +11.4 %/yr)
!Thin margins · 0.2% net margin
!Moderate debt · negative free cash flow
!Mixed vs. peers (7/13)
!Narrow moat 40/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 3 out of 100
!Weak on dividend: 6 out of 100
Evidence: Medium Range kr 20.02 – kr 33.36

Fair value as of: Aug 29, 2026

From 12 valuation models · updated 6 days ago

Share price −0.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (kr 33.36). The favourable scenario is already priced in.
  • Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts.

Price vs Fair Value (5 years)

kr 561.37 kr 99.54 Fair Value kr 26.69 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range kr 99.54 – kr 561.37 · fair‑value band kr 20.02 – kr 33.36 · the kr 137.10 price screens above the kr 26.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Orsted A/S (ORSTED) currently trades at kr 137.10, while our model-based Fair Value estimate is kr 26.69, implying the stock looks roughly 413.6% overvalued today. The Quality Score stands at 27/100 (below-average quality), in the Utilities sector. Bull case: the Asset-Based group reads highest at a median of kr 60.72 per share, and 0 of the 12 models we run sit above the kr 137.10 price. Bear case: the Dividend Discount group reads lowest at kr 7.48, and 12 of the 12 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Orsted A/S generated revenue of 80.2B DKK at a net margin of 0.2%. Revenue grew 33.4% year over year. It earns a return on equity of 0.7%. Net debt stands at 78.8B DKK. Fundamentals as of Aug 29, 2026

Our scenario range runs from kr 20.02 (bear case) to kr 33.36 (bull case); at kr 137.10, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high and 42% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −10% fair-value upside, at −81%, ORSTED screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (kr 7.48 to kr 60.72). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence kr 63.78 kr 60.49 kr 47.71 76
Growth-Adj P/E kr 20.04 kr 28.63 kr 37.23 67
Gordon GGM kr 4.77 kr 9.93 kr 15.75 66
All 12 models by family
Earnings-Based
Graham-Dodd kr 12.56 kr 34.35 kr 45.05 65
Lynch FV kr 6.80 kr 9.72 kr 12.63 61
PEG = 1.0 kr 6.80 kr 9.72 kr 12.63 57
Dividend Discount
Gordon GGM kr 4.77 kr 9.93 kr 15.75 66
DDM Multi-Stage kr 4.77 kr 7.48 kr 10.35 66
Multiples
P/E Multiple kr 24.93 kr 33.25 kr 41.56 63
P/S Multiple kr 23.55 kr 31.40 kr 39.25 58
P/B Multiple kr 23.55 kr 31.40 kr 39.25 55
EV/EBITDA kr 26.13 kr 42.18 kr 58.22 66
Asset-Based
NCAV (Graham) kr 45.31 kr 60.72 kr 90.62 54
Economic Profit
Residual Income best evidence kr 63.78 kr 60.49 kr 47.71 76
Growth Earnings
Growth-Adj P/E kr 20.04 kr 28.63 kr 37.23 67

Widest divergence: Asset-Based (kr 60.72) versus Dividend Discount (kr 7.48). Highest evidence: Residual Income (76).

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Key figures & financial health

P/S ratio 2.47 TTM
EPS (TTM) kr −2.40
Dividend yield 0.3%
Net margin 3.8% FY2025
Return on equity 0.7% TTM
Return on assets (EBIT) 0.5% avg 5y
More key figures
Profitability
Operating margin 25.3% TTM
Growth
Revenue (TTM) 80.2B DKK TTM
Revenue growth (YoY) +33.4% 3y avg −20.4%
EPS growth (YoY) −84.9%
Balance sheet & cash flow
Free cash flow −31.7B DKK FY2025
Net debt 78.8B DKK FY2025

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 27/100

Of which business quality 30 · Market factors (momentum, volatility) 53

Profitability 14
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 41
Balance sheet, leverage, solvency risk
Investment 42
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Ørsted A/S, together with its subsidiaries, owns, develops, constructs, and operates offshore and onshore wind farms, solar farms, and energy storage and combined heat and power (CHP) plants. It operates through Offshore, Onshore, and Bioenergy & Other segments.

Full company description

Ørsted A/S, together with its subsidiaries, owns, develops, constructs, and operates offshore and onshore wind farms, solar farms, and energy storage and combined heat and power (CHP) plants. It operates through Offshore, Onshore, and Bioenergy & Other segments. The Offshore segment owns, develops, constructs, and operates offshore wind farms in Europe, the United States, and the Asia-Pacific region. The Onshore segment owns, develops, constructs, and operates onshore wind and solar farms in the United States, including integrated storage. The Bioenergy & Other segment generates heat and power and offers ancillary services from CHP plants in Denmark; and optimizes its gas portfolio, as well as manages its Danish and Swedish B2B business. The company was formerly known as DONG Energy A/S and changed its name to Ørsted A/S in November 2017. Ørsted A/S was incorporated in 1972 and is based in Fredericia, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Orsted A/S reported revenue of 63.6B DKK in FY2025 versus 69.1B DKK in FY2021, a compound −2.1%/yr. Reported net income was 2.4B DKK in FY2025, compounding −31.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
63.6B DKK
Latest YoY
+8.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−20.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.4%
Avg. revenue growth/yr (24Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−40.8% (−41.1 + 0.3)
Revenue −2.1%/yr
FY21 69.1B DKK
FY22 126B DKK
FY23 69.1B DKK
FY24 58.8B DKK
FY25 63.6B DKK
Net income −31.3%/yr
FY21 11.0B DKK
FY22 15.1B DKK
FY23 −20.5B DKK
FY24 −923M DKK
FY25 2.4B DKK

ORSTED screens 414% overvalued. Compare with China Yangtze Power Co →

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Cite: Fair Value Calculator (2026). "Orsted A/S Fair Value". https://www.fairvalue-calculator.com/stock/ORSTED

Peer Group

Utilities - Renewable · 213 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 27 · Bottom 25%
Fair Value upside −81% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets 3% · Above median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 25% · Above median
Revenue growth 33% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.73× · Higher than median

Valuation Multiples vs Utilities - Renewable median · lower = cheaper

P/B 0.26× · Cheaper than 75% of peers
P/S (TTM) 0.38× · Cheaper than 75% of peers
EV/EBITDA 2.7× · Cheaper than 75% of peers
PEG 0.69× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 6
FUTURE100 · sector 0
PAST3 · sector 14
HEALTH64 · sector 68
DIVIDEND6 · sector 44

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
China Yangtze Power Co 600900 ¥27.96 ¥25.13 −10%
Huaneng Lancang River Hydropower Inc 600025 ¥9.79 ¥5.57 −43%
Adani Green Energy Limited ADANIGREEN ₹1,319 ₹169.61 −87%
AXIA Energia SA AXIAP $10.74 $9.49 −12%
VERBUND AG OEWA €57.00 €66.19 +16%
BEP BEP $31.27 $70.40 +125%
BEPUN BEPUN C$45.05 C$42.83 −5%
Fortum Oyj FORTUM €19.80 €13.55 −32%
China Longyuan Power Group 001289 ¥15.92 ¥7.55 −53%
SDIC Power Holdings 600886 ¥13.95 ¥16.63 +19%

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Frequently asked questions

Is Orsted A/S (ORSTED) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of kr 26.69 versus a price of kr 137.10, about −81% upside (overvalued).
What is the fair value of ORSTED?
Our model-based fair value for Orsted A/S is kr 26.69 (as of Aug 29, 2026), built from audited fundamentals. The current price: kr 137.10.
What is the quality score of ORSTED?
Orsted A/S has a Quality Score of 27/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Orsted A/S (ORSTED)?
Orsted A/S reported trailing-twelve-month revenue of about 80.2B DKK (latest available figure, as of Aug 29, 2026).
What is the net profit margin of ORSTED?
The net profit margin of Orsted A/S is about 0.2%, meaning it keeps roughly 0.2% of revenue as net income. Based on the latest reported figures.
Does Orsted A/S pay a dividend?
Orsted A/S currently shows a dividend yield of about 0.32% relative to its recent price (as of Aug 29, 2026).
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