NORDEX SE : Favourable momentum. Buy reiterated – target price up to € 16.0 vs € 15.0
>2018 results in line with preliminary figures - Yesterday Nordex published definitive 2018 results which were in line with the preliminary figures published on 21 February (sales of € 2,460m and EBITDA of € 102m). The new elements concerned EBIT, net profit and FCF. EBIT adjusted for PPA was € 8.4m, in line with our estimates and revealing an EBIT margin 0.3%. The group reported a net loss of -€ 84m vs -€ 55m forecast. Adjusted for PPA the net loss would have been -...Nordex is a holding company. Co. is a supplier of multimegawatt onshore wind turbines for locations characterised by strong, medium and light wind conditions. Co. focuses on developing and producing the entire system including the control software as well as the main core components and on providing related services. This mainly refers to the sale of wind power systems and, in selected markets, the upstream wind farm project development and sale of turnkey solutions. In addition, Co. assembles wind turbines and provides the necessary after-sales service. Co.'s finance department also supports customers to raise project finance via national and international commercial banks.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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