奥斯特（ORSTED）：来自Equinor帝国的好消息，令人宽慰

Restricted - External First LookORSTED.CO/ORSTED DCEuropean UtilitiesPrice TargetPrice (19-May-25)Potential Upside/DownsideSource: Bloomberg, Barclays ResearchEuropean UtilitiesDominic Nash+44 (0)20 3134 2364dominic.nash@barclays.comBarclays, UKPeter Crampton+44 (0)20 3555 0125peter.crampton2@barclays.comBarclays, UKLaura Marconi+44 (0)20 3555 0762laura.marconi@barclays.comBarclays, UKJose Ruiz+44 (0)20 3134 3140jose.ruizfernandez@barclays.comBarclays, UKTemitope Sulaiman, CFA+44 (0)20 3134 3439temitope.sulaiman@barclays.comBarclays, UK UNDERWEIGHTPOSITIVEDKK 225.44DKK 245.90-8.3% 'In the Doldrums', composed of a DKK207 asset value and a pipeline of just DKK18. Theinvestment narrative is predicated on three main areas: i) potentially deteriorating USoffshorewind news flow and tradetariffs,ii) renewables saturation in European , iii) UK zonal pricing,and iv) project pipeline disposals.What can be done to turn Orsted around, in our view?•Clarity on US IRA and tradetariffs.••UK opinion on Zonal Power, expected by the summer.••Results from the UK's renewable auctions AR7 and AR8••Evidence of investor appetite for secondary sales of assets (at attractive pricing) to allow•capital recycling.•Stabilisation of commodity prices and bond yields. Orsted is still sensitive to rates.••Clarity over Orsted pipeline.•2 Analyst(s) Certification(s):We, Peter Crampton, Dominic Nash, Jose Ruiz, Temitope Sulaiman, CFA and Laura Marconi, hereby certify (1) that the views expressed in this researchreport accurately reflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of ourcompensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Orsted(ORSTED.CO, 19-May-2025, DKK 245.90), Underweight/Positive, CD/E/J/K/L/M/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/o