reports
Eivind Sars Veddeng
- Eivind Sars Veddeng
Margins set to recover
Vestas’ Q2 disappointed due to timing, and we expect the lower intake ASP to not materially hurt margins as turbine costs should also drop. In our view, the shares already reflect pressure on margins, but not the strong order intake supported by structural growth in turbines and the promising service business. We retain our BUY recommendation and DKK680 target price.
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