Daily Brief Utilities: Orsted AS, Rubis SCA and more

• Ørsted launches a large, DKK 60bn, fully underwritten rights issue, backed by the Danish State, to repair funding after U.S. disruptions and restore balance-sheet flexibility. Dilution is ~68%.
• Scale is akin to an IPO placing by market volume, with substantial dilution for non-participants. Fully underwritten and state-backed, likely strong institutional take-up; expect volatility into allocation and listing.
• Post-Announcement, shares reset lower yet still trade well above theoretical value, leaving mispricing pockets. Expect active flow, volatility through subscription, and potential listing-day pressure.

Rubis’s interim results demonstrated the resilience of its business model amid challenging commodity market conditions and currency headwinds. Despite healthy growth in sales volumes, H125 revenue was down 2% y-o-y on lower realised pricing and a stronger euro. However, tight cost control supported profitability, with EBITDA improving 3%. The company maintained its FY25 guidance, noting positive operating momentum in its key markets. We have slightly tweaked our estimates post results, with our DCF-based valuation remaining broadly unchanged at €37.0/share.