Nordex is a holding company. Co. is a supplier of multimegawatt onshore wind turbines for locations characterised by strong, medium and light wind conditions. Co. focuses on developing and producing the entire system including the control software as well as the main core components and on providing related services. This mainly refers to the sale of wind power systems and, in selected markets, the upstream wind farm project development and sale of turnkey solutions. In addition, Co. assembles wind turbines and provides the necessary after-sales service. Co.'s finance department also supports customers to raise project finance via national and international commercial banks.
  • TickerNDX1
  • ISINDE000A0D6554
  • SectorAlternative Energy
  • CountryGermany
Anis Zgaya

NORDEX SE : Uncertainty about impact of COVID-19. Buy reiterated and target price lowered to € 11.0

>Impact of COVID-19 still uncertain - Nordex is currently experiencing disruption to its production. The site in Mexico is currently closed, other regions are not running at full capacity and there are certain issues in the supply chain. The group is also having to contend with the closure of its clients’ construction sites, which is preventing it from carrying out deliveries and installations as planned. It is currently working closely with its clients to limit the ...

Anis Zgaya

NORDEX SE : Incertitude sur l’impact du COVID-19. Achat réitéré et OC abaissé à 11.0 €

>L’impact du COVID-19 reste incertain - Nordex connait actuellement des perturbations de production, ie. site de Mexico actuellement fermé et d’autres géographies qui ne tournent pas à plein régime, et certains problèmes de supply-chain. Le groupe fait face également aux fermetures des sites de construction de ses clients ce qui ne lui permet pas de réaliser ses livraisons et installations, comme prévu. Il travaille en étroite collaboration avec ses clients pour limi...

Anis Zgaya

NORDEX SE : Les résultats T1 2020 définitifs de Nordex : un non-event

>Résultats définitifs qui confirment les résultats préliminaires - Nordex a publié ce matin ses résultats définitifs qui confirment ceux préliminaires publiés la semaine dernière. Le CA au T1 est ressorti à 965 M€ (vs 399 M€ au T1 2019) et l’EBITDA à 13.1 M€ (vs 3.3 M€). L'augmentation du chiffre d'affaires est principalement due à la forte hausse du nombre d'installations dans le segment des projets alors que la marge d’EBITDA de 1.4% est impactée par la forte propo...

Anis Zgaya

NORDEX SE : Nordex’s definitive Q1 2020 results - a non-event

>Definitive results confirming the preliminary ones - This morning, Nordex published its definitive results, confirming the preliminary ones published last week. Q1 sales came in at € 965m (vs € 399m in Q1 2019) and EBITDA at € 13.1m (vs € 3.3m). The increase in sales was primarily due to the sharp increase in the number of installations in the project segment while the EBITDA margin of 1.4% was impacted by the high proportion of old projects in the Q1 installations....

Anis Zgaya

NORDEX SE : Q1 2020 contained no surprises but 2020 guidance withdrawn

>2020 guidance withdrawn - In a press release issued mid-afternoon yesterday, Nordex announced preliminary Q1 2020 results that were up sharply and better than expected. However, due to the uncertainties related to COVID19, the group has decided to abandon its 2020 guidance. The group considers that the continuing uncertainty regarding the duration and severity of the disruption and its potential impact on the supply chain, production and project execution cannot be r...

Markus Schmitt

NORDEX SE : Capital structure overhaul could be seen in coming months

Revenue rose by 9.6% to € 1,943m in 9M 19 (9M 18: € 1,773m). The turbine business revenue improved by 9.3% to € 1,658m in 9M 19 (9M 18: € 1,517m) and the service segment rose by 11.1% to € 287.1m in 9M 19 (9M 18: € 258.4m). But Nordex is still far behind the guidance. A very sharp rise in installation activity – which is down by 8.9% yoy in 9M 19 – is expected in Q4 19. On the other side, turbine order intake rose by a splendid 54% to 4,742 MW in 9M 19 (9M 18: 3,070 MW). The new ...

Markus Schmitt

NORDEX SE : Capital structure overhaul could be seen in coming months

Revenue rose by 9.6% to € 1,943m in 9M 19 (9M 18: € 1,773m). The turbine business revenue improved by 9.3% to € 1,658m in 9M 19 (9M 18: € 1,517m) and the service segment rose by 11.1% to € 287.1m in 9M 19 (9M 18: € 258.4m). But Nordex is still far behind the guidance. A very sharp rise in installation activity – which is down by 8.9% yoy in 9M 19 – is expected in Q4 19. On the other side, turbine order intake rose by a splendid 54% to 4,742 MW in 9M 19 (9M 18: 3,070 MW). The new ...

Markus Schmitt

NORDEX SE : Short-term wind industry fundamentals are set to improve, but Nordex is not a Buy yet

>Strengths / Opportunities - Assumingly strong wind installations in 2019 and 2020 could boost revenues. Nordex could take advantage of the environment to refinance the € 275m senior unsecured notes (optional redemption at 103.250% by Feb 2020).Growing, recurring and long-contract service segment (c.15% of revenues in 9M 18) that represents the juicy (razor blade) part of the business (current renewal rate: c.80%).Management's intention to preserve strong on...

Markus Schmitt

NORDEX SE : Short-term wind industry fundamentals are set to improve, but Nordex is not a Buy yet

>Strengths / Opportunities - Assumingly strong wind installations in 2019 and 2020 could boost revenues. Nordex could take advantage of the environment to refinance the € 275m senior unsecured notes (optional redemption at 103.250% by Feb 2020).Growing, recurring and long-contract service segment (c.15% of revenues in 9M 18) that represents the juicy (razor blade) part of the business (current renewal rate: c.80%).Management's intention to preserve strong on...

Nordex SE: Covenant Quality Post-Sale Snapshot: EUR275m 6.5% Senior Notes due 2023

Nordex SE’s covenant package provides lower-tier good protection (2.45).

Anis Zgaya ...
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ODDO BHF Small & MIDCAP MORNING NEWS - 05/12/2020

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ODDO BHF Small & MIDCAP MORNING NEWS - 12/05/2020

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ODDO BHF Small & MIDCAP MORNING NEWS - 05/11/2020

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ODDO BHF Small & MIDCAP MORNING NEWS - 11/05/2020

Tel le phénix qui renait de ses cendres, l’industrie du schiste américain avait survécu à la crise 2014 et même continué à gagner des parts de marché. 5 années plus tard, le secteur doit faire face à un véritable crash des cours du WTI et cette fois-ci, il y aura « un problème du côté de Houston ». La production du schiste devrait baisser et les équipementiers de forage n’en sortiront pas complètement indemnes, avec notamment un risque de dépréciations d’actifs. Une nouvelle fois, la ...

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ODDO BHF Small & MIDCAP MORNING NEWS - 05/06/2020

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An unfavourable environment weighs on NORDEX SA, which sees a downgrade to Negative

The independent financial analyst theScreener just requalified the general evaluation of NORDEX SA (DE), active in the Renewable Energy Equipment industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Negative. As of the analysis date April 28, 2020, the closing price was EUR 7.41 and its target price was estimated at EUR 5.99.

Ford Equity International Rating and Forecast Report

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