Dividing in modbus sensor reading

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The modbus sensor does not have a value_template option to perform any calculations. So you will have to create template sensors from your modbus sensors. e.g.

template:
  - sensor:
      - name: My Modbus Sensor Divided by 100
        state_class: measurement
        device_class: temperature
        unit_of_measurement: "°C"
        state: "{{ states('sensor.my_modbus_sensor')|float(0) / 100 }}"
        availability: "{{ has_value('sensor.my_modbus_sensor') }}"