Vestas Wind Systems (Buy, TP: DKK242.00) - Limited changes post results
With the Q1 results below our estimates and consensus, we have reduced our 2024 adj. EBIT by c5%, but raised 2025–2026e by c1% on average. Overall, Q1 had a minor impact on our view of the investment case, and we reiterate our BUY and DKK242 target price. Vestas remains our top-sector pick on the structurally growing wind-energy space.
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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