Vestas Wind Systems (Buy, TP: DKK235.00) - Service business dented
While Q2 was overall in line with the pre-released figures, we expect the reduced 2024 outlook to dampen investors’ perception of the Service business. We have lowered our estimates for the segment, having taken a more conservative stance in our SOTP, but increased our Power Solutions forecasts. We believe the valuation below historical levels still offers a compelling entry point ahead of a likely strong H2, and reiterate our BUY, but have reduced our target price to DKK235 (242).
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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