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VESTAS WIND SYSTEMS A S
VESTAS WIND SYSTEMS A S
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.
Excellent Q3 15 results; guidance revised upwards
06 Nov 15
The company reported strong Q3 15 results. Revenues grew 16.9% to €2.12bn and EBIT jumped 49.7% to €232m. Service revenues increased 19.1% to €280m. The operating performance of the service business dropped 25.6% to €29m. The service EBIT margin declined from 16.6% to 10.4%. The decline was attributable to impairments and write-offs of around €19m. Revenues of the wind turbine division grew 16.6% to €1.84bn. Due to the high capacity utilisation rate, EBIT jumped 75% to €203m. The EBIT margin increased from 7.4% to 11%. In Q3 15, the EBIT margin improved from 8.5% to 10.9%, reaching a new level in company history. Order intake jumped 50% to €1.5bn and 28.9% to 1,508MW. Total order backlog reached €16.4bn compared to €13.4bn in Q3 14. The wind turbine and the service business both contributed equally to the order backlog.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
GMP FirstEnergy ― UK Energy morning research package
30 Nov 16
Gran Tierra (GTE CN)1, 6; BUY, C$5.50: Equity financing and acquisition of two blocks from Ecopetrol | Northern Petroleum (NOP LN)1; SPECUATIVE BUY, £0.15: Farm out and equity issue | President Energy (PPC LN) (not covered): IFC Equity Subscription | Primeline Energy (PEH CN) (not covered): 2Q16 Results ended 30 September 2016 | Faroe Petroleum (FPM LN)6 ; BUY, £1.20: Oda update in Norway | Jersey Oil & Gas (JOG LN)1 ; Under Review: Placing | SacOil (SAC LN/SCL SJ)1 : SPECULATIVE BUY, £0.016, Trading Update
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Operating profits and net cash position – restored; market outlook – precarious
01 Dec 16
The turnaround was noticeable Lonmin’s full-year (September-ending) results were ahead of consensus and AV’s estimates. Sales came in at $1.1bn (-14% yoy) as the average realised (USD-denominated) PGM prices and sales volumes were down yoy 12% and 2%, respectively. However, platinum sales (736koz) were much ahead of earlier guidance (700koz) – thanks to certain smelting/processing efficiencies, which helped more than offset the impact of reorganisation-related disruptions. After two consecutive years (FY14-15) of hefty operating losses, Lonmin finally reported an adjusted operating profit (even though feeble) of $7m. This was facilitated by the record weakness in the South African rand (down from ZAR12/$ in FY15 to ZAR14.77/$ in FY16) and ZAR1.3bn of cost savings – 86% higher than the earlier target. Disappointingly, Lonmin recognised $335m of asset impairments (vs. $1.8bn in FY2015), which resulted in a full-year net loss of $400m. But the turnaround in reported OCFs – inflow of $58m vs. an outflow of $12m – was a much-needed improvement, which, along with conservative capex (-35% yoy) of $87m, resulted in a net cash position of $173m (with no short-term repayments) vs. a net debt position of $185m (at end-FY15). But the guidance spells caution For FY17, management targets conservative platinum sales of 650-680koz, while unit costs are expected to remain under pressure – ZAR10,800-11,300/oz vs. ZAR10,748/oz achieved in FY16. On the other hand, capex plans would be aggressive – ZAR1.8bn (which includes ZAR400m for the tailings project – already delayed by almost two years) vs. ZAR1.3bn spent in FY16.
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.