Vestas Wind Systems (Hold, TP: DKK600.00) - Downside risk to 2019 guidance
We are in line with consensus on Q2e EBIT at EUR151m, but expect focus to be on the 2019 guidance and execution, where we see risk to the downside on supply-chain pressure. We have lowered our 2019e EBIT by 6% due to a shifting of volumes to next year, and in turn raised our 2020e EBIT by a similar amount. We reiterate our HOLD but have lowered our target price to DKK600 (610).Vestas Wind Systems is an industrial machinery and equipment manufacturing company based in Denmark. Co. is engaged in the production of wind turbines. Co.'s main activities comprise development, manufacture, sale, marketing and maintenance of installations that use wind energy to generate electricity. Co. supplies products, from individual turbines to the delivery of turnkey wind power installations globally. Co. supplies guidance services to its customers in connection with the development, financing and ownership of wind turbine projects. Co.'s main customers are utilities and energy companies.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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