Vestas Wind Systems - Initiation of coverage - Blowin’ in the wind
While turbine OEM consolidation has already occurred, we expect further long-term structural growth as global energy generation makes the green transition. Although H1 2023 is proving tough for wind-turbine OEMs, we see attractive long-term upside potential for the industry, with Vestas remaining a relative outperformer. We initiate coverage with a BUY and DKK240 target price.
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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