Vestas Wind Systems (Buy, TP: DKK242.00) - Margin expansion in the offing
The Q4 report overall somewhat beat expectations on strong results (adj. EBIT c33% above consensus) and in-line 2024 guidance. We have made minor positive estimate changes and turned more optimistic on cash-flow generation. In our view, Vestas offers multi-decade-long structural growth and the wind turbine OEM industry is showing clear signs of improvements. We reiterate our BUY and have raised our target price to DKK242 (232).
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