Vestas’ Q3 results beat expectations in all metrics. The order intake momentum remained extremely strong by growing 45% to 4.7GW, taking the order backlog to an all-time high, which, combined with a stable ASP, gives good visibility for both next year and 2021. Management confirmed its full-year targets. With this impressive execution, Vestas confirmed its leadership position amongst its peers. We confirm our positive opinion on the stock.