Raising Vestas' fair value estimate on higher sales growth expectations; shares undervalued.
After publishing disappointing third-quarter results (deliveries down 14% year on year, revenue down 6%, EBIT margin down 200 basis points) and lowering 2017 EBIT guidance (midpoint of the range is now 12.5% versus 13% previously), Vestas management used the conference call mainly to emphasize two increasing risk factors: rising pricing pressure and uncertainty around the U.S. market. More than 40% of Vestas' deliveries in the third quarter were allocated to the United States, the firm's largest...Vestas Wind Systems is an industrial machinery and equipment manufacturing company based in Denmark. Co. is engaged in the production of wind turbines. Co.'s main activities comprise development, manufacture, sale, marketing and maintenance of installations that use wind energy to generate electricity. Co. supplies products, from individual turbines to the delivery of turnkey wind power installations globally. Co. supplies guidance services to its customers in connection with the development, financing and ownership of wind turbine projects. Co.'s main customers are utilities and energy companies.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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