Financials Vestas Wind Systems A/S Deutsche Boerse AG

Equities

VWSA

US9254581013

Renewable Energy Equipment & Services

Market Closed - Deutsche Boerse AG Other stock markets 10:07:48 2024-06-17 EDT			5-day change	1st Jan Change
7.65 ^EUR	-6.13%		-5.56%	-21.13%

06-17	IG Metall wants significant pay rise in metal and electrical industry	DP
06-17	BASF: supply contract for wind power project	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,585	38,825	26,978	27,282	28,982	23,700	-	-
Enterprise Value (EV) ¹	15,344	36,905	25,778	27,331	29,051	23,290	22,245	21,371
P/E ratio	25.4 x	49.7 x	158 x	-17.4 x	359 x	41.2 x	19.4 x	15.2 x
Yield	1.18%	0.59%	0.19%	-	-	0.69%	1.39%	1.88%
Capitalization / Revenue	1.45 x	2.62 x	1.73 x	1.88 x	1.88 x	1.38 x	1.16 x	1.04 x
EV / Revenue	1.26 x	2.49 x	1.65 x	1.89 x	1.89 x	1.36 x	1.09 x	0.94 x
EV / EBITDA	9.9 x	26.5 x	18.7 x	-434 x	28.3 x	13.4 x	8.32 x	6.72 x
EV / FCF	41.2 x	101 x	452 x	-31.3 x	119 x	44.2 x	21.2 x	16.1 x
FCF Yield	2.42%	0.99%	0.22%	-3.2%	0.84%	2.26%	4.72%	6.21%
Price to Book	5.34 x	8.34 x	5.71 x	9.05 x	9.57 x	6.67 x	5.21 x	4.29 x
Nbr of stocks (in thousands)	976,713	1,004,375	1,004,401	1,005,144	1,009,189	1,009,189	-	-
Reference price ²	18.00	38.66	26.86	27.14	28.72	23.48	23.48	23.48
Announcement Date	20-02-05	21-02-10	22-02-10	23-02-08	24-02-07	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,147	14,819	15,587	14,486	15,382	17,118	20,419	22,772
EBITDA ¹	1,550	1,391	1,382	-63	1,028	1,742	2,674	3,183
EBIT ¹	1,004	750	461	-1,152	231	892.1	1,795	2,195
Operating Margin	8.27%	5.06%	2.96%	-7.95%	1.5%	5.21%	8.79%	9.64%
Earnings before Tax (EBT) ¹	909	934	257	-1,696	102	756.4	1,638	2,134
Net income ¹	704	765	167	-1,572	77	585.6	1,238	1,600
Net margin	5.8%	5.16%	1.07%	-10.85%	0.5%	3.42%	6.06%	7.03%
EPS ²	0.7100	0.7780	0.1700	-1.560	0.0800	0.5697	1.210	1.547
Free Cash Flow ¹	372	364	57	-874	245	527.3	1,050	1,326
FCF margin	3.06%	2.46%	0.37%	-6.03%	1.59%	3.08%	5.14%	5.82%
FCF Conversion (EBITDA)	24%	26.17%	4.12%	-	23.83%	30.27%	39.26%	41.68%
FCF Conversion (Net income)	52.84%	47.58%	34.13%	-	318.18%	90.05%	84.8%	82.89%
Dividend per Share ²	0.2120	0.2280	0.0500	-	-	0.1622	0.3254	0.4404
Announcement Date	20-02-05	21-02-10	22-02-10	23-02-08	24-02-07	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,296	5,776	5,498	4,551	2,485	3,305	5,790	3,913	4,783	2,829	3,429	6,258	4,353	4,771	2,681	3,799	4,738	5,724	3,814	4,586
EBITDA ¹	-	-	-	358	-20	41	-	101	-185	236	132	-	264	396	131	335.9	518.4	701.9	450.2	554.2
EBIT ¹	-	-	30	106	-329	-182	-511	-127	-514	40	-70	-30	70	191	-68	129.7	294.5	458	228.7	341.5
Operating Margin	-	-	0.55%	2.33%	-13.24%	-5.51%	-8.83%	-3.25%	-10.75%	1.41%	-2.04%	-0.48%	1.61%	4%	-2.54%	3.41%	6.22%	8%	6%	7.45%
Earnings before Tax (EBT) ¹	-	-	-	42	-889	-139	-1,028	-171	-480	31	-130	-99	28	173	-105	115.6	263.2	391.2	175.9	326.6
Net income ¹	-	-82	28	17	-765	-119	-884	-147	-541	15	-115	-99	29	148	-75	87.01	199.6	301.7	132.8	244
Net margin	-	-1.42%	0.51%	0.37%	-30.78%	-3.6%	-15.27%	-3.76%	-11.31%	0.53%	-3.35%	-1.58%	0.67%	3.1%	-2.8%	2.29%	4.21%	5.27%	3.48%	5.32%
EPS ²	-	-0.0840	0.0300	0.0200	-0.7600	-0.1200	-0.8800	-0.1500	-0.5300	0.0100	-0.1200	-0.1000	0.0300	0.1466	-0.0700	0.0774	0.1971	0.2980	0.1301	0.2408
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.2008
Announcement Date	20-02-05	20-08-11	21-08-11	22-02-10	22-05-01	22-08-10	22-08-10	22-11-02	23-02-08	23-05-10	23-08-09	23-08-09	23-11-08	24-02-07	24-05-02	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	49	69	-	-	-
Net Cash position ¹	2,241	1,920	1,200	-	-	410	1,455	2,329
Leverage (Debt/EBITDA)	-	-	-	-0.7778 x	0.0671 x	-	-	-
Free Cash Flow ¹	372	364	57	-874	245	527	1,050	1,326
ROE (net income / shareholders' equity)	22.1%	21.4%	3.6%	-43.9%	2.6%	16.3%	27.9%	29.8%
ROA (Net income/ Total Assets)	6.28%	4.71%	0.88%	-7.91%	0.36%	2.55%	4.71%	5.63%
Assets ¹	11,219	16,245	18,936	19,869	21,300	22,990	26,271	28,410
Book Value Per Share ²	3.370	4.630	4.700	3.000	3.000	3.520	4.510	5.480
Cash Flow per Share ²	0.8300	0.7600	0.9900	-0.1900	1.020	1.410	1.910	2.460
Capex ¹	776	688	876	819	892	1,177	1,115	1,206
Capex / Sales	6.39%	4.64%	5.62%	5.65%	5.8%	6.87%	5.46%	5.29%
Announcement Date	20-02-05	21-02-10	22-02-10	23-02-08	24-02-07	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vestas Wind Systems A/S

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

23.48 EUR

Average target price

29.74 EUR

Spread / Average Target

+26.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wind Systems & Equipment

	1st Jan change	Capi.
SUZLON ENERGY LIMITED	+29.53%	8.08B
SANY RENEWABLE ENERGY CO.,LTD.	-2.76%	4.79B
GOLDWIND SCIENCE AND TECHNOLOGY CO., LTD.	-8.50%	4.02B
TITAN WIND ENERGY (SUZHOU) CO.,LTD	-12.76%	2.51B
INOX WIND LIMITED	+16.38%	2.27B
DAJIN HEAVY INDUSTRY CO.,LTD.	-9.28%	2.08B
CENTURY WIND POWER CO., LTD.	+90.10%	2.01B
CS WIND CORPORATION	-32.83%	1.47B
JIANGSU HAILI WIND POWER EQUIPMENT TECHNOLOGY CO., LTD.	-22.05%	1.38B

Wind Systems & Equipment