Vestas (VWS.CO): "Big Beautiful Bill" deadline has passed but we don‘t think US orders have peaked yet

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Vestas (VWS.CO): "Big Beautiful Bill" deadline has passed but we don‘t think US orders have peaked yet

Flash |

06 Jul 2026 12:55:12 ET │ 12 pages

Vestas (VWS.CO)

“Big Beautiful Bill” deadline has passed but we don’t think US orders

have peaked yet

CITI'S TAKE Buy

Price (06 Jul 26 17:00) Dkr184.00 The one-year anniversary of the One Big Beautiful Bill Act (OBBBA) over

Target price Dkr240.00 the weekend means that the safe-harbor deadline for 45Y tax credits has

now passed. We think our estimate for ~20GW of Vestas onshore US Expected share price return 30.4%

deliveries 2026-2030 remains realistic, given recent orders and further Expected dividend yield 0.8%

pent-up demand that could be crystallized once permitting and tariff Expected total return 31.2%

uncertainty lifts; we expect datacentre demand to further drive demand Market Cap Dkr183,183M

well into the 2030s. While the passage of the OBBBA had initially created US$28,029M

a view of US onshore orders peaking in 2026, we see near-term forecasts

in 2026 and 2027 supported by the current backlog, with then the

prospect for additional orders as s232 uncertainty clears and datacentre

demand drives further investment. We think the outcomes of the federal Martin WilkieAC

wind permitting challenge (see below) and s232 finalization - both +44-207-986-4077

possible later this summer - will be the catalysts to watch. We retain our martin.wilkie@citi.com

Buy on Vestas. Avinash Mundhra

+44-20-7986-6230

Safe Harbor deadline has now passed – July 4th marked the one-year anniversary of avinash.mundhra@citi.com

the OBBBA and crucially marked the date that wind projects must have achieved Vivek Midha, CFA

construction-start for tax credit eligibility, as long as the projects are then +44-20-7500-0732

completed by end-2030.