Financials Vestas Wind Systems A/S Deutsche Boerse AG

Equities

VWSB

DK0061539921

Renewable Energy Equipment & Services

Real-time Estimate Tradegate Other stock markets 17:25:09 26/06/2024 BST			5-day change	1st Jan Change
23.51 ^EUR	+0.94%		-0.75%	-17.31%

07:51am	Vestas Books Turbines Order from Mercury Energy for Wind Farm in New Zealand	MT
06-25	Vestas Secures 155 MW Order in New Zealand	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,585	38,825	26,978	27,282	28,982	23,743	-	-
Enterprise Value (EV) ¹	15,344	36,905	25,778	27,331	29,051	23,333	22,299	21,416
P/E ratio	25.4 x	49.7 x	158 x	-17.4 x	359 x	41.1 x	19.5 x	15.4 x
Yield	1.18%	0.59%	0.19%	-	-	0.69%	1.38%	1.87%
Capitalization / Revenue	1.45 x	2.62 x	1.73 x	1.88 x	1.88 x	1.39 x	1.17 x	1.05 x
EV / Revenue	1.26 x	2.49 x	1.65 x	1.89 x	1.89 x	1.36 x	1.1 x	0.94 x
EV / EBITDA	9.9 x	26.5 x	18.7 x	-434 x	28.3 x	13.4 x	8.42 x	6.77 x
EV / FCF	41.2 x	101 x	452 x	-31.3 x	119 x	46.3 x	20.8 x	16.9 x
FCF Yield	2.42%	0.99%	0.22%	-3.2%	0.84%	2.16%	4.81%	5.93%
Price to Book	5.34 x	8.34 x	5.71 x	9.05 x	9.57 x	6.69 x	5.22 x	4.31 x
Nbr of stocks (in thousands)	976,713	1,004,375	1,004,401	1,005,144	1,009,189	1,009,189	-	-
Reference price ²	18.00	38.66	26.86	27.14	28.72	23.53	23.53	23.53
Announcement Date	05/02/20	10/02/21	10/02/22	08/02/23	07/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,147	14,819	15,587	14,486	15,382	17,125	20,268	22,665
EBITDA ¹	1,550	1,391	1,382	-63	1,028	1,742	2,648	3,163
EBIT ¹	1,004	750	461	-1,152	231	899.1	1,786	2,185
Operating Margin	8.27%	5.06%	2.96%	-7.95%	1.5%	5.25%	8.81%	9.64%
Earnings before Tax (EBT) ¹	909	934	257	-1,696	102	769.2	1,668	2,184
Net income ¹	704	765	167	-1,572	77	589.2	1,236	1,584
Net margin	5.8%	5.16%	1.07%	-10.85%	0.5%	3.44%	6.1%	6.99%
EPS ²	0.7100	0.7780	0.1700	-1.560	0.0800	0.5727	1.208	1.525
Free Cash Flow ¹	372	364	57	-874	245	504.2	1,073	1,270
FCF margin	3.06%	2.46%	0.37%	-6.03%	1.59%	2.94%	5.29%	5.61%
FCF Conversion (EBITDA)	24%	26.17%	4.12%	-	23.83%	28.94%	40.51%	40.17%
FCF Conversion (Net income)	52.84%	47.58%	34.13%	-	318.18%	85.56%	86.78%	80.22%
Dividend per Share ²	0.2120	0.2280	0.0500	-	-	0.1622	0.3241	0.4405
Announcement Date	05/02/20	10/02/21	10/02/22	08/02/23	07/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,296	5,776	5,498	4,551	2,485	3,305	5,790	3,913	4,783	2,829	3,429	6,258	4,353	4,771	2,681	3,799	4,738	5,724	3,564	4,586
EBITDA ¹	-	-	-	358	-20	41	-	101	-185	236	132	-	264	396	131	335.9	518.4	701.9	407.5	554.2
EBIT ¹	-	-	30	106	-329	-182	-511	-127	-514	40	-70	-30	70	191	-68	129.7	294.5	458	198.9	341.5
Operating Margin	-	-	0.55%	2.33%	-13.24%	-5.51%	-8.83%	-3.25%	-10.75%	1.41%	-2.04%	-0.48%	1.61%	4%	-2.54%	3.41%	6.22%	8%	5.58%	7.45%
Earnings before Tax (EBT) ¹	-	-	-	42	-889	-139	-1,028	-171	-480	31	-130	-99	28	173	-105	115.6	263.2	391.2	175.9	326.6
Net income ¹	-	-82	28	17	-765	-119	-884	-147	-541	15	-115	-99	29	148	-75	87.01	199.6	301.7	132.8	244
Net margin	-	-1.42%	0.51%	0.37%	-30.78%	-3.6%	-15.27%	-3.76%	-11.31%	0.53%	-3.35%	-1.58%	0.67%	3.1%	-2.8%	2.29%	4.21%	5.27%	3.72%	5.32%
EPS ²	-	-0.0840	0.0300	0.0200	-0.7600	-0.1200	-0.8800	-0.1500	-0.5300	0.0100	-0.1200	-0.1000	0.0300	0.1466	-0.0700	0.0774	0.1971	0.2980	0.1301	0.2408
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.2008
Announcement Date	05/02/20	11/08/20	11/08/21	10/02/22	01/05/22	10/08/22	10/08/22	02/11/22	08/02/23	10/05/23	09/08/23	09/08/23	08/11/23	07/02/24	02/05/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	49	69	-	-	-
Net Cash position ¹	2,241	1,920	1,200	-	-	410	1,444	2,327
Leverage (Debt/EBITDA)	-	-	-	-0.7778 x	0.0671 x	-	-	-
Free Cash Flow ¹	372	364	57	-874	245	504	1,073	1,270
ROE (net income / shareholders' equity)	22.1%	21.4%	3.6%	-43.9%	2.6%	16.3%	27.5%	29.4%
ROA (Net income/ Total Assets)	6.28%	4.71%	0.88%	-7.91%	0.36%	2.55%	4.56%	5.2%
Assets ¹	11,219	16,245	18,936	19,869	21,300	23,131	27,099	30,441
Book Value Per Share ²	3.370	4.630	4.700	3.000	3.000	3.520	4.510	5.470
Cash Flow per Share ²	0.8300	0.7600	0.9900	-0.1900	1.020	1.410	1.910	2.460
Capex ¹	776	688	876	819	892	1,177	1,115	1,206
Capex / Sales	6.39%	4.64%	5.62%	5.65%	5.8%	6.87%	5.5%	5.32%
Announcement Date	05/02/20	10/02/21	10/02/22	08/02/23	07/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vestas Wind Systems A/S

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

23.53 EUR

Average target price

29.61 EUR

Spread / Average Target

+25.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wind Systems & Equipment

	1st Jan change	Capi.
SUZLON ENERGY LIMITED	+38.12%	8.76B
SANY RENEWABLE ENERGY CO.,LTD.	-12.26%	4.1B
GOLDWIND SCIENCE AND TECHNOLOGY CO., LTD.	-14.50%	3.55B
INOX WIND LIMITED	+14.21%	2.23B
TITAN WIND ENERGY (SUZHOU) CO.,LTD	-21.72%	2.22B
DAJIN HEAVY INDUSTRY CO.,LTD.	-11.72%	2.02B
CENTURY WIND POWER CO., LTD.	+70.89%	1.85B
CS WIND CORPORATION	-35.97%	1.33B
PNE AG	+1.01%	1.15B

Wind Systems & Equipment