Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NORDEX SE. We currently have 12 research reports from 1 professional analysts.
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Profiting from the consolidation effect
17 Nov 16
In Q3 16, revenues increased 24% to €792.7m including Acciona Windpower. Excluding the latter company, which was consolidated from 1 April 2016 onwards, organic revenues dropped 3.8% to €615.1m. The order intake increased 106.8% to €1.26bn including Acciona Windpower (AW) and excluding AW the order intake remained stable at around €606m. The order backlog jumped 105.7% to €3.68bn and excluding AW the order backlog grew 16.7%. The core markets of AW are the USA, South Africa and Brazil. EBITDA increased 34.1% to €67.3m and the EBITDA margin improved from 7.3% to 7.9%. EBIT however declined by 6.3% to €33.8m. The EBIT margin dropped from 5.3% to 4%. Net income rose 57.6% to €13.4m, mainly related to higher tax charges in Q3 15. In the first nine months, revenues increased 31.3% to €2.16bn and Nordex reached an organic growth rate of 10.3%. Total order intake including the service business grew 32% to €2.59bn. The order intake of the projects division increased 10.4% to €2.17bn. Excluding AW, the order intake dropped 23% to €1.5bn compared to €1.96bn in the first three quarters of 2015. The decline, however, was mainly due to large orders from Uruguay, South Africa and Pakistan received in 2015. The total volume reached €480m. Excluding this additional volume, the order intake would have increased moderately by 2%. The EBIT margin declined from 5.5% to 5.4%.
Energy policy in Germany – lost in translation
11 Oct 16
According to the latest news, the German government is planning to reduce onshore windmill installations in the north of Germany and accelerate growth in the south. Around 2,500GW installations per year are projected via tender offers or a bidding processes. The new legislation, which will start in March 2017, is suggesting to install only 902MW of wind turbine capacity in the north of Germany. The remaining volume will be transferred to the south.
Wind energy industry's margins under pressure!
29 Aug 16
The ongoing auctions in Chile, one of the most interesting markets for photovoltaic and wind energy, leaves some doubts about who will profit from the razor-thin margins. On average, around 350MW per year are expected to be installed until 2025. A total of 12,430GWh a year of electricity has been auctioned for the generation period from 2022 to 2042. This volume will cover 30% of the electricity demand for Chile in 2021. Nordex confirmed negotiations as the preferred wind turbine supplier with Acciona Energia in Chile to provide 183MW for a wind farm.
The merger is driving the performance
01 Aug 16
Nordex reported strong second quarter results. Revenues increased 40.2% to €846.4m (excluding Acciona Windpower 10.6%) and EBITDA jumped 53.6% to €77m. The EBITDA margin increased from 8.3% to 9.1%. EBIT rose 26.7% to €46.6m and the EBIT margin declined from 6.1% to 5.5%. Order intake increased 11% to €789.2m including Acciona Windpower. Acciona Windpower contributed €434.4m (USA, South Africa and Brazil) to total order intake in Q2 16. Excluding Acciona Windpower, the order intake would have plummeted by 48.7% to €365.8m. The merged company was consolidated for the first time from 1 April. Total installations increased 91% (76% excluding Acciona Windpower) to 1,165MW and turbine assembly 28% (15% excluding Acciona Windpower) to 1,298MW.
Strong earnings momentum in Q1 16
23 May 16
The company reported final Q1 16 results. Revenues increased 28.3% to €637m and the order intake declined by 15.8% to €541m mainly due to a large order (Gibson Bay project in South Africa) received in Q1 15. Order intake adjusted increased 9%. The order backlog declined 1.1% to €1.64bn. EBITDA increased 56.6% to €59.1m and the EBITDA margin jumped from 7.6% to 9.3%. EBIT also increased 81.4% to €44.9m. The EBIT margin improved from 5% to 7.1%. Net income skyrocketed 71% to €25.5m and earnings per share from €0.18 to €0.31 based on the old number of shares. The acquisition Acciona Windpower will be consolidated from the second quarter onwards.
Strong start into 2016
10 May 16
The company reported preliminary Q1 16 results. Revenues increased 28.3% to €637m. The order backlog declined marginally by 1.1% to €1.6bn and the order intake dropped 16% to €541.m. In Q1 15, the company profited from a large order. The acquired company Acciona Windpower will be consolidated from 1 April. Nordex increased installations by over 100% from 240.2MW to 490.5MW mainly in Germany (147MW), Pakistan (95MW) and France (72MW). Turbines of around 573.9MW (+24.2%) were produced and the number of blades jumped over 100% from 66 units to 159 units.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.