Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VESTAS WIND SYSTEMS A S. We currently have 8 research reports from 1 professional analysts.
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VESTAS WIND SYSTEMS A S
VESTAS WIND SYSTEMS A S
Gear up for changes in US energy policy
12 Dec 16
The recent developments in the USA might have a negative impact on the renewable energy industry, e.g. solar and wind. Donald Trump has nominated Scott Pruitt to head up the environmental agency. Pruitt was against President Obama’s environmental policy. He opposed the law that would have forced coal-fired power plants to reduce CO2 emissions. President Obama planned to reduce CO2 emission from coal-fired power plants by 30% up to 2030 (starting in 2005). In the US, there are around 1,000 power plants installed, of which 38% are coal-fired plants. We expect a dramatic change in the environmental policy of the new President, who is also hoping Exxon’s CEO, Rex Tillerson, will lead the State Department. The new energy policy will definitely support coal-and-gas fired power plants, nuclear power plants (keeping ageing power plants alive) and the oil industry in general. Furthermore, according to Bloomberg, the Trump team is planning a big shake-up of US energy policy. Advisors are seeking to identify staff involved in climate policy. The main objective is to reshape the Energy Department programmes.
Record performance in Q3 16
10 Nov 16
Revenues increased 36.9% to €2.9bn and the operating result jumped 86.6% to €433m. The EBIT margin increased from 10.9% to 14.9%. Turbine revenues grew 40.8% to €2.59bn and service revenues 11.4% to €312m. EBIT of the turbine business jumped 81.7% to €438m and the service business 51.7% to €44m. The order intake rose 17.9% to 1,769MW. The average selling price of the order intake per MW remained very stable at around €0.88m compared to €0.89m in the second quarter 2016. The total order backlog reached €19.1bn, of which €7.2bn or 8,268MW were attributable to wind turbines and €9.9bn to the service business.
Strong performance – guidance increased!
19 Aug 16
In Q2 16, revenues jumped 46.2% to €2.56bn. Order intake dropped 40.7% from 3,018MW to 1,790MW. Order backlog of wind turbines declined by 6.8% to €8.2bn. The service order backlog, however, jumped 22.2% to €9.9bn. The company produced and shipped 2,902MW (+45.8%) and delivered 2,491MW (+55.6%). EBIT skyrocketed 175.2% to €399m and the EBIT margin increased from 8.3% to 15.6%. Net profit rose 122.4% to €278m. In the first half year, revenues increase 23% to €4.02bn and EBIT jumped 116.1% to €484m. The EBIT margin increased from 6.9% in the first half year 2015 to 12%. Order intake declined 12.1% to 4,193MW. Combined (products and services) the order backlog reached €18.1bn compared to €16.9bn.
Order intake and service business are key performance indicators
29 Apr 16
The company reported Q1 16 results. Revenues declined 3.6% to €1.46bn primarily due to lower MW deliveries for the project division. Service revenues increased disproportionately by 17.3% to €299m, whereas product revenues declined 7.8% to €1.17bn. Order intake jumped 37.3% to 2,403MW and 25% from €1.6bn to €2bn. Order intake per MW declined by 9%. Total order backlog increased by 20% or €3bn to €18bn, mainly driven by the service business. The order backlog of the service business increased 25.3% to €9.4bn. The gross margin improved from 14.9% to 16.9%. EBIT improved 7.6% to €85m and the EBIT margin increased from 5.2% to 5.8%.
09 Feb 16
The company reported Q4 15 and final 2015 results ending in December 2015. In Q4 15, order intake increased 18%, or by 414MW to 2,668MW. Revenues increased by 23% to €3.04bn due to higher volumes and a strong service business. Service revenues increased 19.6% to €311m and product revenues went up 23.1% to €2.7bn. The gross margin increased from 16.8% to 18.9%. EBIT jumped 66.1% to €450m and the EBIT margin improved from 11% to 14.8% in Q4 15. The EBIT margin of the product business increased from 10% to 18.5%. The EBIT margin of the service business also improved considerably from 19.2% to 22.2%. The order backlog of wind turbines declined by €300m to €7.9bn in the financial year 2015. The order backlog of the service business increased by €700m to €8.9bn. The ttal order backlog reached €16.8bn. Revenues increased 21.9% to €8.4bn. Product revenues jumped 22.5% to €7.3bn and the EBIT margin improved from 7.3% to 11.4%. Service revenues increased 18% to €1.14bn. The EBIT margin however declined from 18.2% to 15.6%. EBIT after special items (reversal of impairments) increased 49% to €906m. The EBIT margin of the group improved from 8.8% to 10.8%. Net income jumped by 75% to €685m compared to €392m in 2014.
Rounding off the product offering
21 Jan 16
Vestas has acquired the German-based company Availon for a total of €88m debt and cash free. Availon is an independent service provider for the wind energy industry. The core market is Germany but the company also provides some service activities in Austria, Italy, Portugal, Spain, Poland and the USA. Availon employs around 400 people and generated total revenues of around €59.8m in financial year 2015. Total capacity under Services reached 2.6 GW. Adjusted EBITDA reached €5.2m with an EBITDA margin 8.7% and total assets of €33.3m.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
19 Jan 17
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