Vestas' Sluggish Start to Year Should Not Worry Investors; Shares Slightly Undervalued
No-moat Vestas published first-quarter results a day after its main rival, Siemens Gamesa. Vestas seems to be lagging SG, given its reported 2% revenue growth and 490-basis-point EBIT margin decline from the first quarter of 2018. However, there is more in these quarterly results than meets the eye. We expect the main negative factor, pricing, to be redressed in the next quarters. We maintain our full-year forecast and DKK 640 fair value estimate.The culprit of the sluggish results was the powe...
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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