Vestas Wind Systems (Buy, TP: DKK242.00) - Focusing on H2 given back end-loaded 2024e
We estimate Q2 sales of EUR3,548m and adj. EBIT of EUR127m, the latter c28% above company-compiled consensus. We have made modest estimate changes ahead of the results. We reiterate our BUY and DKK242 target price, believing the share price reflects only the value of the service business (which accounted for c40% of group earnings on average in 2015–2021).
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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