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Nordex’s 9M results were broadly in line with expectations on all fronts. Order intake (turbine) rose in terms of both volume and value. The ASP was slightly up yoy, as was the order book. The EBITDA margin continued to improve qoq and yoy owing to higher installations with better pricing. Consequently CFO and FCF also did better this quarter. Lastly, Nordex reiterated its 2023 targets although where the figures actually come in will be contingent on various factors alongside the number of insta
Companies: Nordex SE
AlphaValue
Nordex delivered decent first half results with another quarter of revenue growth supported by higher installations. Order intake for turbines was down by volume but flat in value terms. The ASP was flat qoq but up yoy. The order book was flat yoy. The EBITDA margin returned to positive territory in Q2 but was negative for the first half. CFO and FCF were negative due to lower profits. With this result, the group confirmed its 2023 outlook.
Nordex’s Q1 revenue figures were slightly ahead of expectations but EBITDA was below. The former was supported by higher deliveries, whereas the latter was affected by higher costs. The order intake declined by volume but was slightly up in value. ASP was flat qoq but increased by c. 15% yoy. The order backlog was also up yoy. CFO and FCF were negative but Nordex has ample liquidity following its capital increase and convertible bond issuance. Lastly, the group confirmed its 2023 outlook.
Nordex confirmed its preliminary figures with revenues at the top end of the guidance and the EBITDA margin slightly below. Order intake was weak, ASPs continued to rise and the order backlog increased slightly. CFO and FCF were negative but Nordex has ample liquidity. Liquidity will also be helped by a planned shareholder loan conversion into equity. Capex was higher than the company’s guidance. Lastly, the 2023 outlook is a mixed bag with higher than expected revenues but a lower EBITDA margin
Nordex delivered decent Q3 and 9M figures given the broader supply-chain and input cost inflation across the industry. Order intake was slightly above expectations along with a good jump in the ASP. The order backlog also increased yoy. As expected, CFO and FCF were negative. The company confirmed its revenue guidance but moved its EBITDA margin target towards the lower end of the previous range. Given the high number of expected deliveries in Q4, there could be some slippage into 2023.
Having presented its updated guidance last month, Nordex got off to a soft start. Order intake was almost flat, whereas the order backlog provides decent revenue visibility over the next two years. Profitability was impacted by the ongoing industry-wide pressures as well as additional costs highlighted during the guidance cut. CFO and FCF were negative, and the working capital ratio stood at -11.3%. The company confirmed its guidance and this places an increased emphasis on the coming quarters,
Nordex confirmed its preliminary figures and delivered revenues above its guidance. On profitability, the result was in line with expectations. The group registered high levels of installation activity throughout FY21. However, costs were higher due to the ongoing raw material and supply-chain issues. Order intake and order backlog recorded an increase yoy and were particularly strong for Projects. For its FY21 outlook, the company’s targets were ahead of our expectations but the wide range high
Nordex’s Q3 results were a mixed bag with revenues slightly above expectations and EBITDA below them. Order intake remained solid even though the order backlog remained flat. Revenues increased due to the high level of installations and the EBITDA margin was impacted by commodity and freight costs. Despite narrowing its revenue guidance, Nordex, like its peers, lowered its profitability guidance for the full year. Also, it sees its medium-term ambition of achieving EBITDA margins of 8% pushed to
Nordex released a stronger than expected set of H1 results. Revenues and EBITDA were both above expectations. Order intake for the first half improved due to the higher activity in the second quarter even as the backlog remained still below the prior year’s level. Unlike other wind turbine manufacturers under our coverage, Nordex maintained its FY21 guidance. The company also completed a capital increase via subscription rights in July 2021.
Nordex’s Q1 figures were a mixed bag with revenues better than expected but EBITDA was below expectations. Orders, too, declined but met expectations given a sluggish start within the Onshore space in 2021. With this release, the company also confirmed its FY21 and FY22 ambitions put forward during the previous release. In essence, the activity levels within Onshore, so far, have been lower than expected and this is something we would watch out for with regards to other players too.
Nordex confirmed its preliminary figures released earlier this month. Sales were above the group’s guidance whereas, EBITDA was in line. Q4 recorded a high level of activity to close out the year. In FY20, the group invested in blade production facilities in India, Mexico and Brazil, the ramp-up of which will happen in the coming year, thus improving margins. The group also put forward its FY21 guidance but kept its FY22 outlook unchanged.
Nordex confirmed its preliminary 9M 20 figures, which were released earlier this week. Total sales registered strong growth due to increased installation and production activity in its Projects segment. The company also sold its European project development business to RWE. Additionally, it has expanded its capacity to 6GW and put forward its FY20 and FY22 outlook, which were better than our expectations.
Companies: NDX1 NDX1 NDX1 NRDXF NDX1
Nordex reported a very strong topline in Q2 20, while profitability was significantly impacted by COVID-19. As guided by management in Q1, the order momentum showed signs of a slowdown, which raises some uncertainties as regards demand in the coming quarters. Unlike peers, Nordex has not provided any targets for 2020, which is clearly disappointing.
Nordex reported solid Q1 figures. The impact of COVID-19 was relatively limited in the first quarter, which means remaining cautious as regards the performance of wind OEMs in Q2. While this year was expected to be a peak year in terms of installations, the Coronavirus outbreak increased the odds of execution risks. 2020 guidance remains suspended, but the refinancing of €1.2bn obtained by Nordex offers some security to investors.
Today’s release confirmed the preliminary results of early March and included the 2020 guidance which points out that our current EBITDA estimate is too high, even more so since this guidance doesn’t include a full COVID-19 impact. Management indicated it is too early to assess the Coronavirus impact and therefore the 2020 targets are subject to modification. Although the activity expected for 2020 is strong due to a full backlog, we believe that uncertainties related to COVID-19 are limiting vi
Research Tree provides access to ongoing research coverage, media content and regulatory news on Nordex SE. We currently have 1 research reports from 3 professional analysts.
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Another set of results, another beat to expectations. After a particularly strong 2HFY24 performance, Galliford Try beat the top end of consensus expectations for revenue and nearly did the same for adjusted profit before tax, notwithstanding hefty upgrades following the positive FY24 trading update. The strength of the performance was underscored by a 48% hike in the dividend for the year to 15.5p, more than 20% above the top end of consensus, together with the announcement of a further £10m sh
Companies: Galliford Try Holdings PLC
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We expect to see an inflection in group earnings from Q324. Recent commercial momentum has been encouraging with the gain of two significant orders including a EUR60m drone order in July. H1 EBITDA margin down on high tendering activity, solid operating cash on WC improvement Exail delivered mixed H124 results, with revenue up +5% but EBITDA down -9%. This resulted in an EBITDA margin of 19%, down -300bps and primarily reflecting the high level of tendering activity and related costs. Operat
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BNP Paribas Exane - Sponsored Research
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