ENR has become a high-profile casualty of a broad industrial selloff, dropping 6.4% on the week and 16.8% over the past month to close at €148.30 — a move that now puts the stock roughly 24% below the analyst consensus price target of €195.
The selloff is not an isolated story. Close peers GEV fell 5.1% on the week and ABBN dropped 6.5%, while SU shed 8.3% and LR declined 7.2%. The industrial and heavy electrical equipment complex has moved broadly lower, and ENR is tracking in the middle of the pack rather than leading the decline. That context matters: this is sector rotation or macro pressure, not company-specific damage — at least for now.
The lending market tells a story of almost complete disinterest from short sellers. Borrow availability is extraordinarily loose, with roughly 91 times the current short position still available to lend — well above the 52-week floor of around 6.5 times, and near the ceiling of the range. Cost to borrow has edged up slightly to 0.67%, up from 0.60% a month ago, but remains firmly at the lower end of the lending cost spectrum. With utilisation barely above 1% of available shares, there is no short-squeeze pressure and no evidence that professional bears are using this dip to add conviction. The ORTEX short score has drifted up marginally to 34.1 over the past two weeks — the direction is worth watching, but the level is not alarming.
What is more interesting is the valuation re-rating the selloff has forced. The price-to-earnings multiple has compressed by nearly 9 turns over the past month to 29.2x, and EV/EBITDA has fallen more than 2 full turns to 16.2x. That compression is mechanical — earnings estimates have not collapsed, the price has. Factor scores reflect the tension: EPS momentum ranks in the 84th percentile on a 30-day basis and the 81st percentile over 90 days, meaning analysts are still revising estimates higher even as the stock falls. The 12-month forward EPS growth score is a weak 10th percentile, however, suggesting the near-term earnings upgrade cycle may be running out of road. The analyst consensus remains at a mean target of €195 with the stock at €148, implying roughly 31% upside on the Street's central case — but there have been no recent target changes to test whether that conviction holds after the latest leg lower.
Institutional ownership gives no obvious catalyst signal in either direction. BlackRock added around 3.2 million shares through to end-May, bringing its stake to nearly 8%. FMR (Fidelity) added 1.7 million shares in the same period. Parent Siemens AG trimmed heavily — reducing its position by 40 million shares — though that move appears to reflect a planned divestiture programme rather than a fundamental view. Insider activity has been modest and skewed toward selling at higher prices: the most material recent transaction was an Executive Board sale of around €1.6m in February at €162, well above where the stock trades today.
The next scheduled earnings event falls on 5 August. The most recent print in May produced a muted reaction — down 0.7% on the day — though the five-day window saw a 6% decline, suggesting the market found reasons for caution after digesting the detail. With the stock already down sharply ahead of August, the setup heading into that release — whether the earnings upgrade cycle holds, and whether the Street's €195 target survives contact with revised guidance — will be the key thing to watch.
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