Weak 1Q Results for Vestas as Flourishing Service Business Only Partly Offsets Low Deliveries
After Vestas published first-quarter results below our expectations (deliveries down 23% year on year, revenue down 10%, EBIT margin down 380 basis points), we are updating our estimates, which could result in a modest (5%-10%) decline in our fair value estimate of DKK 620 per share for the Danish shares (EUR 83 for the European shares). We retain our no-moat rating.Strong rising profitability for the service segment (EBIT margins expanding 760 basis points year on year) and record high order c...
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.
We have operations in 27 countries.
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