Vestas Wind Systems (Buy, TP: DKK240.00) - Set for better margins and cash flow
The Q2 results were in line with expectations, and we have made relatively minor estimate changes. We believe the story is progressing largely in line with our base case and expect further turbine margin improvement and stronger cash flow near-term. We reiterate our BUY but have trimmed our target price to DKK240 (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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.