Vestas Wind Systems (Buy, TP: DKK215.00) - Service, service and service
The Q2 profit warning noted underlying weaknesses in the Service business, and the Q3 report showed continued profitability issues for Service. Thus, we have become even more conservative on the Service business and have cut our group adj. EBIT by c9% on average in 2024–2026e, reduced our target price to DKK215 (235) in line with these cuts, and reiterate our BUY.
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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