Raising Vestas' FVE on Higher Sales Growth Expectations; Shares Undervalued
After updating our sales and profit estimates for Vestas, adjusting for currency movements, and accounting for the time value of money, we are increasing our fair value estimate to DKK 620 per share (from DKK 540) for the Danish shares, and to EUR 83 (from EUR 76) for the European shares. We maintain our no-moat rating. We believe Vestas is taking full advantage of the current short-term tax-incentivised wind-generated growth opportunity. In our view, Vestas’ 2017 revenue will expand to EUR 11.3...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.
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