Vestas Wind Systems (Buy, TP: DKK242.00) - Profitability improvement on track
Overall Q1 results were above expectations, driven by stronger than expected profitability for the important Power Solutions business, while the 2023 outlook was unchanged. We have raised our estimates and our target price marginally to DKK242 (240) and reiterate our BUY. While not part of our base case, there is some possibility that Vestas might beat its 2023 EBIT outlook.
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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