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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.
Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price
Companies: Supreme PLC
Zeus Capital
Companies: FOG PHC FEN BBSN ELIX
Cavendish
Shore Capital
Companies: MPE TRI VNET BVXP HVO
Vianet has published a positive trading update for FY24 with turnover up 7.6% to £15.18m, a 3.5 percentage point increase in gross margin YoY, and adjusted EBITA ahead of market expectations. Net debt continues to fall and closed FY24 at £1.52m (£2.1m at 30 September 2023), demonstrating strong free cash flow generation, even without the benefit of the £0.9m tax receipt received in 1H24, which augers well for a final dividend. The company reported a new contract with Wilcomatic Wash Systems, the
Companies: Vianet Group plc
Capital Access Group
Companies: James Latham Plc
SP Angel
Vianet’s FY24 trading update shows FY24 revenue +1% ahead of our previous forecast, adjusted EBITA +2% ahead, EFCF and net debt +£0.6m ahead, and a strategic new customer win with prominent forecourt operator Wilcomatic. A robust FY25 pipeline and outlook leads us to reiterate our FY25E forecasts at this point, with the update highlighting: strong progress renewing and winning new customers on 3-5 year contracts as they migrate from 3G to Vianet’s advanced 4G LTE solutions; the successful integr
Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-
Companies: Headlam Group plc
Edison
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Renewi’s FY24 trading update was in line with management’s expectations and its improved cash generation is reassuring for investors. Attention is now likely to turn the strategic review of the UK Municipals with management stating that they remain on track to update markets by the end of June. This could lead to an exit of key liabilities and leave Renewi as an attractive circular economy investment with strong market positions and organic growth plans, which should assist in generating value,
Companies: Renewi Plc
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Norcros has announced the sale of its Johnson Tiles UK business to the current management team for a consideration of £1.0m, with a further modest earnout based on the equity value of the business, both payable in April 2028.
Companies: Norcros plc
Companies: Ilika plc
Liberum
Companies: Gattaca plc
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