Vestas' Q3 Deliveries Above Our Expectations and Profit Surges; Shares Fairly Valued
As Vestas’ third-quarter deliveries (up 44% year on year) were ahead of our expectations, we have marginally raised our sales and profit estimates for the firm, resulting in an increase in our fair value estimate to DKK 522 per share (from DKK 498) for local shares, and to EUR 70 (from EUR 67) for the euro-denominated shares. Vestas’ strong increasing installed base of turbines supports our view that the high-margin service business from the installed base will help to offset revenue and margin ...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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