Vestas fair value estimate raised due to contract win Offshore Wind Generation in Dutch North Sea.
As Vestas' fourth-quarter deliveries (up 18% year on year), revenue (up 9%) and operational EBIT margin (15.2%, up 190 basis points year on year) were roughly in line with our expectations, we maintain our fair value estimate of DKK 522 per share for the Danish shares and EUR 70 for the European shares. Vestas' strong and increasing installed base of turbines supports our positive view for the firm's high-margin service business and helps to offset revenue and margin swings in the company's equi...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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