reports
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Douglas Lindahl
Vestas Wind Systems (Buy, TP: DKK242.00) - Limited changes post result...
With the Q1 results below our estimates and consensus, we have reduced our 2024 adj. EBIT by c5%, but raised 2025–2026e by c1% on average. Overall, Q1 had a minor impact on our view of the investment case, and we reiterate our BUY and DKK242 target price. Vestas remains our top-sector pick on the structurally growing wind-energy space.
- Baptiste Lebacq
Vestas : Still plenty of unanswered questions
>Underperform rating (target price DKK 160) - Based on this release and the conference call, we maintain our expectations for 2024-2026 and our Underperform rating (despite a performance of -16% YTD), with an unchanged target price of DKK 160. While it is true that the situation is normalising, we see several risks, particularly with regard to the medium-term EBIT target (expected at 10%), given: The problems encountered by all players in the industry with new (o...
- Baptiste Lebacq
Vestas : Toujours beaucoup de questions en suspens
>Opinion Sous-performance (OC 160 DKK) - Post publication et conférence call, nous maintenons nos attentes sur 2024/26 et réitérons notre recommandation sous-performance (malgré une performance YtD de -16%) avec un OC inchangé à 160 DKK. Même si la situation est en voie de normalisation, nous identifions plusieurs risques notamment sur l’objectif d’EBIT à MT (attendue à 10%) à savoir : Les problèmes rencontrés par l’ensemble des acteurs de l’industrie sur les nou...
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Douglas Lindahl
Vestas Wind Systems (Buy, TP: DKK242.00) - Tailwinds picking up
We expect Q1 sales of EUR2,967m, with adj. EBIT of EUR44m (consensus: EUR40m), and an unchanged 2024 outlook. Q1 is likely to be by far the smallest quarter this year in terms of revenue, earnings and cash flow. We believe underlying fundamentals continued to improve, likely leading to a positive margin trend. We have made minor estimate changes ahead of the results, which are due on 2 May, and reiterate our HOLD and DKK242 target price.
- Douglas Lindahl
Vestas Wind Systems (Buy, TP: DKK242.00) - Margin expansion in the off...
The Q4 report overall somewhat beat expectations on strong results (adj. EBIT c33% above consensus) and in-line 2024 guidance. We have made minor positive estimate changes and turned more optimistic on cash-flow generation. In our view, Vestas offers multi-decade-long structural growth and the wind turbine OEM industry is showing clear signs of improvements. We reiterate our BUY and have raised our target price to DKK242 (232).
- Emmanuel Matot
FP TOTAL SE
PUB PUBLICIS GROUPE SA
IPN IPSEN SA
EQNR EQUINOR ASA
DG VINCI SA
MT ARCELORMITTAL SA
SSAB A SSAB AB CLASS A
FORTUM FORTUM OYJ
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
AMUN AMUNDI SA
ISP INTESA SANPAOLO S.P.A.
ORSTED ORSTED
GN GN STORE NORD A/S
SOI SOITEC SA
NEM NEMETSCHEK SE
UCG UNICREDIT S.P.A.
ASSA B ASSA ABLOY AB CLASS B
AZN ASTRAZENECA PLC
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
VWS VESTAS WIND SYSTEMS
ARM ARM HOLDINGS PLC
- Emmanuel Matot
FP TOTAL SE
PUB PUBLICIS GROUPE SA
IPN IPSEN SA
EQNR EQUINOR ASA
DG VINCI SA
MT ARCELORMITTAL SA
SSAB A SSAB AB CLASS A
FORTUM FORTUM OYJ
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
AMUN AMUNDI SA
ISP INTESA SANPAOLO S.P.A.
ORSTED ORSTED
GN GN STORE NORD A/S
SOI SOITEC SA
NEM NEMETSCHEK SE
UCG UNICREDIT S.P.A.
ASSA B ASSA ABLOY AB CLASS B
AZN ASTRAZENECA PLC
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
VWS VESTAS WIND SYSTEMS
ARM ARM HOLDINGS PLC
- Baptiste Lebacq
Vestas : 2023 results ahead of expectations
>Outperform recommendation, target price of DKK 160 (vs DKK 140) - Following the FY 2023 results publication and conference call, we have lowered our expectations for 2024 (margin recovery slower than we expected) and raised those for 2025 (stronger volume acceleration mainly/tighter cost control). Our new target price stands at DKK 160. Even if the situation is in the process of normalising, we identify several risks, particularly with regard to the medium-term EBIT...
- Baptiste Lebacq
Vestas : Résultats 2023 au-dessus des attentes
>Opinion Sous-performance, OC 160 DKK (vs 140 DKK) - Post publication et conférence call, nous avons abaissé nos attentes sur 2024 (remontée des marges plus lente que nous l’attendions) et relevé celles sur 2025 (plus forte accélération des volumes principalement / meilleure maîtrise des coûts). Notre nouvel OC ressort à 160 DKK. Même si la situation est en voie de normalisation, nous identifions plusieurs risques notamment sur l’objectif d’EBIT à MT (attendue à 10%)...
- Julian Dobrovolschi
AKE ARKEMA
CON CONTINENTAL AKTIENGESELLSCHAFT
LHN LAFARGEHOLCIM LTD.
LR LEGRAND SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
NOVN NOVARTIS AG
FGR EIFFAGE SA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
MRK MERCK KGAA
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
AIR AIRBUS SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
NEXI NEXI S.P.A.
VWS VESTAS WIND SYSTEMS
AZE AZELIS GROUP NV
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
- Emira Sagaama
- Julian Dobrovolschi
AKE ARKEMA
CON CONTINENTAL AKTIENGESELLSCHAFT
LHN LAFARGEHOLCIM LTD.
LR LEGRAND SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
PROX PROXIMUS SA DE DROIT PUBLIC
MT ARCELORMITTAL SA
KPN ROYAL KPN NV
ORA ORANGE SA
CBK COMMERZBANK AG
NOVN NOVARTIS AG
FGR EIFFAGE SA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
MRK MERCK KGAA
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
AIR AIRBUS SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
TIT TELECOM ITALIA S.P.A.
BNR BRENNTAG SE
COLO B COLOPLAST A/S CLASS B
AUTO AUTO TRADER GROUP PLC
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
HLAG HAPAG-LLOYD AG
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
NEXI NEXI S.P.A.
VWS VESTAS WIND SYSTEMS
AZE AZELIS GROUP NV
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
- Baptiste Lebacq
Vestas : Q3 > expectations but 2025 targets may appear ambitious
>Underperform recommendation and target price of DKK 140 maintained - Following the publication and conference call, we are maintaining our EPS forecasts for 2023-2025. Although the situation is in the process of normalising, we see a number of risks to the EBIT target for 2025 (expected to be 10%): 1/ the supply chain (situation not yet normalised); 2/ problems encountered by all players in the industry with new (or even old) technologies; 3/ a risk of pressure on th...
- Baptiste Lebacq
Vestas : T3 > attentes mais des objectifs 2025 qui peuvent sembler amb...
>Opinion Sous-performance et OC 140 DKK maintenus - Post publication et conférence call, nous maintenons notre séquence de BPA inchangée sur 2023/25. Même si la situation est en voie de normalisation, nous identifions plusieurs risques notamment sur l’objectif d’EBIT à horizon 2025 (attendue à 10%) à savoir : 1/ la chaîne d’approvisionnement (situation pas encore normalisée); 2/ les problèmes rencontrés par l’ensemble des acteurs de l’industrie sur les nouvelles (voir...
- Douglas Lindahl
Vestas Wind Systems (Buy, TP: DKK232.00) - Margins on the right track
Q3 was strong overall, with Power Solutions’ profitability (and ASP) moving in the right direction. The 2023 EBIT margin guidance was increased despite a somewhat lowered Service margin, implying a stronger Power Solutions margin. We have raised our 2023–2024e adj. EBIT by c5% on average, while we have reduced our 2025e by c5%, as we have become more cautious on offshore wind (not related to Q3 specifically). We still believe the worst is behind Vestas, as the price/cost dynamic has improved, wh...
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