Company Valuation: Vestas Wind Systems A/S

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 27,019 27,310 29,016 13,275 22,995 27,055 - -
Change - 1.08% 6.25% -54.25% 73.23% 17.66% - -
Enterprise Value (EV) 1 25,819 27,359 29,085 12,569 21,821 25,662 24,843 23,968
Change - 5.96% 6.31% -56.79% 73.62% 17.6% -3.19% -3.52%
P/E 158x -17.4x 359x 26.8x 30.2x 21.6x 17.1x 14.8x
PBR 5.72x 9.06x 9.58x 3.77x 5.95x 5.97x 4.87x 4.05x
PEG - 0x -3x 0x 0.5x 0.3x 0.7x 0.9x
Capitalization / Revenue 1.73x 1.89x 1.89x 0.77x 1.22x 1.27x 1.18x 1.13x
EV / Revenue 1.66x 1.89x 1.89x 0.73x 1.16x 1.2x 1.09x 1x
EV / EBITDA 18.7x -434x 28.3x 7.83x 10.4x 8.88x 7.53x 6.66x
EV / EBIT 56x -23.7x 126x 17x 20.5x 14.3x 11.5x 9.91x
EV / FCF 453x -31.3x 119x 12.7x 14.9x 26x 16.8x 13.9x
FCF Yield 0.22% -3.19% 0.84% 7.88% 6.71% 3.85% 5.94% 7.19%
Dividend per Share 2 0.05 - - 0.1 0.1 0.2299 0.3075 0.3538
Rate of return 0.19% - - 0.76% 0.43% 0.83% 1.11% 1.28%
EPS 2 0.17 -1.56 0.08 0.49 0.77 1.282 1.615 1.871
Distribution rate 29.4% - - 20.4% 13% 17.9% 19% 18.9%
Net sales 1 15,587 14,486 15,382 17,295 18,822 21,384 22,880 23,904
EBITDA 1 1,382 -63 1,028 1,605 2,105 2,890 3,300 3,601
EBIT 1 461 -1,152 231 741 1,067 1,789 2,157 2,418
Net income 1 167 -1,572 77 499 778 1,278 1,613 1,823
Net Debt 1 -1,200 49 69 -706 -1,174 -1,393 -2,212 -3,087
Reference price 2 26.90 27.17 28.75 13.16 23.22 27.69 27.69 27.69
Nbr of stocks (in thousands) 1,004,401 1,005,144 1,009,189 1,009,046 990,417 977,104 - -
Announcement Date 2/10/22 2/8/23 2/7/24 2/5/25 2/5/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.6x1.2x8.88x0.83% 31.03B
18.86x1.14x9.55x1.42% 10.21B
23.17x2.65x15.15x0.71% 6.18B
19.87x4.54x16.54x0.4% 4.2B
17.88x0.55x10.55x3.51% 3.11B
22.35x - - 0.65% 2.07B
Average 20.62x 2.02x 12.13x 1.25% 9.47B
Weighted average by Cap. 20.97x 1.57x 10.39x 1.03%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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