Vestas Reported Solid 4Q Results as Pricing Pressure Continues; Shares Undervalued
Europe's largest wind turbine manufacturer, Vestas, reported fourth-quarter 2017 results in line with our expectations as strong revenue growth in service (sales up 16% with EBIT margin of 20.1%) was more than offset by decreased wind turbine volumes and continued pricing pressure in power solutions. As Vestas faced tough comparables and currency headwinds in the quarter, we think a reported revenue decline of 6% is a decent result. We foresee continued price declines (the average selling price ...
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