NORDEX SE : Short-term wind industry fundamentals are set to improve, but Nordex is not a Buy yet
>Strengths / Opportunities - Assumingly strong wind installations in 2019 and 2020 could boost revenues. Nordex could take advantage of the environment to refinance the € 275m senior unsecured notes (optional redemption at 103.250% by Feb 2020).Growing, recurring and long-contract service segment (c.15% of revenues in 9M 18) that represents the juicy (razor blade) part of the business (current renewal rate: c.80%).Management's intention to preserve strong on...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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