Vestas (VWS DC): Buy: Increased confidence on offshore de-risking

研报英文原文证据摘录

Vestas (VWS DC): Buy: Increased confidence on offshore de-risking

1 July 2026

Vestas (VWS DC) EquitiesElectrical Equipment

Buy: Increased confidence on offshore de-risking Denmark

◆ We expect typical revenue and margin seasonality in Q2 as

MAINTAIN BUY

orders underline US and Germany as key onshore markets

◆ Offshore orders likely pushed back into 2027, but delivery TARGET PRICE (DKK) PREVIOUS TARGET (DKK)

ramp looks de-risked with scope to reach positive EBIT in Q4 205.00 200.00

◆ Increase TP to DKK205 (from DKK200) on raised estimates; SHARE PRICE (DKK) UPSIDE/DOWNSIDE

Q2 results are scheduled on 12 August 178.30 +15.0%

(as of 29 Jun 2026)

Key messages: In Q2 we expect typical onshore seasonality in a back-end loaded MARKET DATA

year (i.e. Q2 revenues ahead of Q1 but a c.35/65 H1/H2 sales split). Offshore Market cap (DKKm) 177,509 Free float 100% Market cap (USDm) 27,126 BBG VWS DC

revenues should be flatter q-o-q given a more even quarterly spread. We expect 3m ADTV (USDm) 70 RIC VWS.CO

flattish y-o-y service revenues as cost out measures as part of the turnaround plan

FINANCIALS AND RATIOS (EUR)

continue to limit service topline growth in 2026. Vestas sticks with its group EBIT Year to 12/2025a 12/2026e 12/2027e 12/2028e

margin (before special items, BSI) guidance of 6-8% with a Service EBIT BSI margin HSBC EPS 0.83 1.18 1.43 1.61

HSBC EPS (prev) 0.83 1.12 1.35 1.56

of 15.5-17.5% on group revenues of EUR20-22bn. From a FCF perspective, we Change (%) 0.0 5.4 5.5 3.7

expect typical negative swings in working capital in Q2 as Vestas builds into a busy Consensus EPS 0.75 1.13 1.43 1.59

PE (x) 28.9 20.2 16.7 14.8

delivery schedule in H2 (which is usually highly cash positive). Dividend yield (%) 0.4 0.6 0.7 0.8

EV/EBITDA (x) 10.3 7.7 6.6 5.8