Orsted's Rights Issue: Navigating Uncertainty and Potential StabilizationWe also note that we have not seen the terms of the rights issue, and the terms (based on the H1 investor presentation available on Orsted website) would be disclosed in the first half of September, thus implying 3-4 weeks of market uncertainty. On the other hand, we highlight that once completed, this would most likely represent a “clean up move” as we would expect the resulting B/S (post rights issue) to be solid. As a reference, consensus YE Net Debt currently stands at DKK 75 bn on Bloomberg, and we project 2025 EBITDA at DKK c.28 bn. A restored B/S strength would put less pressure on Orsted to divest assets (current plan implies DKK 40 bn pending disposals). Lastly, we also flag that, pre raise, Bloomberg consensus P/E for 2026 is a mere 12x; the stock would therefore not be on an overly high P/E even post rights. We remain Neutral rated.