02 June 2016 at 10:27 GMT
Peter Garnry, head of equity strategy at Saxo Bank, analyses the arguments on whether to invest or not in windfarm operator Dong Energy, which has launched an IPO.
Denmark's largest utility and power generation company failed to go public between 2006 to 2008, but has now moved its strategy away from oil & gas and power distribution towards offshore wind power.
The offer price per share is set to DKK 200-255 with a mid price at DKK 227.50 translating into a market value of around DKK 95.6 billion or $14.4 billion/€12.9 billion.
Garnry says that the company has enjoyed steady growth, but much of the market’s revenues are government subsidies which may fade when state subsidy commitment is due to end in 2020.
You can read more of Garnry’s analysis here