Vestas: JPM Industrial conference feedback confirms attractive setup - placing on positive CW

研报英文原文证据摘录

Vestas: JPM Industrial conference feedback confirms attractive setup - placing on positive CW

J P M O R G A N Europe Equity Research

19 June 2026

Vestas Overweight

VWS.CO, VWS DC

JPM Industrial conference feedback confirms attractive Price (18 Jun 26):Dkr173.60

setup - placing on positive CW Price Target (Jun-27):Dkr216.00

We hosted Vestas CFO Jacob Larsen at our Industrial conference this week and European Capital Goods

ACcame away reassured on our investment case. There are several positives in the Akash Gupta

story that are not reflected in the share price, in our view, and this creates an (44-20) 7742-7978

attractive near-term setup. First, onshore demand is strong and the pipeline in the akash.z.gupta@jpmorgan.com

US, including conditional orders, is at all-time high levels despite political J.P. Morgan Securities plc

uncertainty, while Europe is developing well. Second, the company is increasingly Phil Buller

confident on de-risking V236 offshore turbine manufacturing ramp up, and is now (44-20) 3493-9403

phil.buller@jpmorgan.com

making good progress on installations, with the first two projects to be completed J.P. Morgan Securities plc

over the summer, and intallations have started on two other projects. Third, in the

Chitrita C Sinha

Service segment, the turnaround remains on track and management reiterated (44-20) 7742-7176

progressive improvement in Service margins on the back of lower costs and chitrita.sinha@jpmorgan.com

improved LPF, ruling out large write off of contract assets. Lastly, the prospects for J.P. Morgan Securities plc

further share buybacks remain strong with the H1 results. Putting it all together, we Jeremy Caspar

believe there is a good likelihood of a guidance upgrade with H1 results on August (44-20) 3493-5188