Weak 2Q results for Vestas Due to Low Deliveries; Share Buyback of EUR 600 Million Announced
As Vestas' second-quarter deliveries (down 26% year on year), revenue (down 14%), and EBIT margin (12.6 of sales, down 300 basis points year on year) roughly met our expectations, we retain our fair value estimates of DKK 620 for the Danish shares and EUR 83 for the European shares, along with our no-moat rating.With tough comparisons (second-quarter 2016 revenue growth was an eye-popping 46%), we projected weaker revenue and profitability, but we think Vestas is taking full advantage of the cu...
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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