Nomura initiates coverage on Doosan Enerbility stock with Buy rating

Published 09/09/2025, 17:12
Nomura initiates coverage on Doosan Enerbility stock with Buy rating

Investing.com - Nomura/Instinet initiated coverage on Doosan Enerbility Co Ltd (KS:034020) with a Buy rating and a price target of KRW72,000.00, implying 18.2% upside potential.

The research firm expects Doosan Enerbility to deliver a 19.4% operating profit CAGR over 2024-27, driven by operating leverage from new order inflows in nuclear power plants and small modular reactors (SMRs).

Nomura forecasts a 15.2% nuclear power revenue CAGR for Doosan over the next eight years, with the company positioned to expand its global market share (excluding China and Russia) as part of Team Korea.

The firm cites three key drivers for secular growth in nuclear power plant demand: price competitiveness, abundant pipeline projects, and the introduction of SMRs.

According to Nomura’s analysis, the International Energy Agency projects 15.4GW of global SMR capacity by 2040, which could represent average annual SMR revenue potential of KRW696 billion for Doosan Enerbility based on the company’s guidance of KRW100 billion per module.

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