We Have an Optimistic Stance on Wind Energy and Vestas; Shares Offer Moderate Upside
After taking a fresh look at Danish wind turbine manufacturer Vestas Wind Systems, we are maintaining our no-moat and stable trend ratings while increasing our fair value estimate to DKK 642 from DKK 570 and to EUR 86 from EUR 76. The valuation upgrade results from our view that systematic risk for the wind industry has declined. The shares are currently trading moderately below our fair value estimate, which implies 2019 adjusted price/earnings and EBITDA multiples of 25 times and 11 times, res...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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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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