Vestas Wind Systems (Hold, TP: DKK680.00) - 2020 guidance in focus
Our Q4e EBIT of EUR404m is in line with consensus ahead of the results. We expect Vestas to guide for 2020 revenues of EUR13bn–14.5bn and an EBIT margin of 8–10%, in line with consensus. Due to the weaker announced order intake at end-2019 than we had expected, we have lowered our 2020e EBIT by 3%, but remain 4% above consensus. We retain our HOLD, but have cut our target price to DKK680 (700).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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