Industry

Industrials

Sector

Electrical Equipment

Country

Denmark

Company description

Vestas Wind Systems is a Danish manufacturer, seller, installer and servicer of wind turbines. It is one of the largest wind turbine manufacturers in the world and operates manufacturing plants in Denmark, Germany, Australia, China, United States and more. The company was founded in 1945 and in 2003 merged with another large danish wind turbine manufacturer, NEG Micon. The company was listed on the stock exchange in Copenhagen in 1998.

Market cap.

DKKm 97,217

Share price

DKK 492

Earnings per share (EPS)

EUR 3

Dividend per share (DPS)

EUR 1

Price / earnings

19.1x

Price / sales

1.3x

Price / book value

4.2x

Enterprise value / EBITDA

7.9x

CEO

Anders Runevad

Chairman of the Board of Directors

Bert Ake Nordberg

CFO

Marika Fredriksson

Investor relations

n.a.

Ticker symbol

VWS

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0010268606

Phone

0045 9730 0000

Website

vestas.com

Address

Hedeager 42, Aarhus N.

Income statements

EURm 200420052006200720082009201020112012201320142015201620172018
Sales 2,3633,5833,8544,8616,0355,0796,9205,8367,2166,0846,9108,42310,2379,95310,134
Other income 000000000000000
Total income 2,3633,5833,8544,8616,0355,0796,9205,8367,2166,0846,9108,42310,2379,95310,134
Total expenses -2,301-3,575-3,530-4,280-5,232-4,616-6,240-5,541-6,917-5,556-5,914-7,165-8,411-8,294-8,787
EBITDA 6273245818034636802952995289961,2581,8261,6591,347
Depreciation tangible assets -75-85-33-84-103-151-182-205-241-179-186-178-215-243-246
Write-downs tangible assets -4-2-4-10-1-83-22-362-33-240-28-28-25
EBITA -17-7928749670031141568-3043167861,0801,5831,3881,076
Amortisation intangible assets -32-36-87-53-32-60-105-128-393-214-179-174-162-158-155
Income from associated companies 000000000000000
Earnings before interest and taxes (EBIT) -49-116201443668251310-60-6971026079061,4211,230921
Financial income 101611196614222678205061564517
Financial expenses -51-58-50-19-20-62-94-120-92-158-134-42-89-43-68
Income from associated companies 00000101-2000-101-4040
Earnings before taxes (EBT) -90-158161443714204238-153-713-365239251,2871,192910
Taxes 28-33-50-152-203-79-82-13-250-46-131-240-322-298-227
Profit from continuing operations -61-192111291511125156-166-963-82392685965894683
Discontinued operations 000000000000000
Minorities 100000000000000
Net profit or loss -60-192111291511125156-166-963-82392685965894683

Cash flow statements

EURm 200420052006200720082009201020112012201320142015201620172018
EBITDA 6273245818034636802952995289961,2581,8261,6591,347
Net interest paid -41-42-40023-23-27-38-54-119-54-29-46-16-14
Taxes paid -10-41-91-128-148-114-131-69-97-57-148-184-212-262-195
Investments in working capital -16187376190-367-391-353747-304829260397388164-169
Other operating cash items -25372958-3431-113-95836772302258052
Cash flow from operations (CFFO) -30148598701277-3456840-731,2481,1261,4722,1811,6251,021
Capital expenditures (capex) -118-130-174-317-680-808-787-740-286-239-285-370-734-407-603
Acquisitions -83-60000-2-21000-55-830-487
Disposals 0030000000000000
Other investing cash items 000000000000000
Cash flow from investing activities -201-137-144-317-680-808-789-761-286-239-285-425-817-407-1,090
Free cash flow to equity holders (FCFE) -23011454384-403-842-73379-3591,0098411,0471,3641,218-69
Dividends paid 00000000000-116-201-278-250
Share buy-backs 00-3-300-10-170-7-43-136-417-697-402
New share issues 283018600792000043201110
Increase/(decrease) in debt 174-46-283-24-912845964832-1,1430-108-400
Other financing cash flows -31-35-11-10893-16-263-16946032-141-14
Cash flow from financing activities (CFFF) 458-78-135-65-1991,168580-39835-1,166483-300-579-1,115-666
Discontinued activities and other 00000000000000
Net cash flow / Change in cash position -66318319-602326-15340476-1571,324747785103-735

Balance sheets

EURm 200420052006200720082009201020112012201320142015201620172018
Goodwill 324322320320320320320320216215215252309304304
Other intangible assets 141156158187324492714923800526443435519597597
Total intangible assets 4654774785076448121,0341,2431,016741658687828901901
Fixed tangible assets 4694664906381,0301,4611,7041,8981,2861,2211,1321,2791,3291,2471,318
Shares and associated companies 330111441000201150233
Other financial assets 49110000001202245263035
Deferred tax assets 10514016215463384224333146155170149208218281
Other non-current assets 55121325162544323436148294319576
Total fixed assets 1,0511,1001,1521,3131,7632,6742,9913,5222,4812,1522,1982,5082,8862,8653,344
Inventories 8266988811,1071,6123,9292,7352,5462,2441,4251,5091,8991,9852,6962,987
Trade receivables 4996217116609385256246637926265987951,0381,144967
Other current assets 3125404664528333433815836037436746204725131,683
Cash and cash equivalents 1931264457641624883353758516942,0182,7653,5503,6532,918
Total current assets 1,8301,9852,5022,9833,5455,2854,0754,1674,4903,4884,7996,0797,0458,0068,555
Total assets 2,8813,0853,6544,2965,3087,9597,0667,6896,9715,6406,9978,5879,93110,87111,899
Equity 1,1629621,2621,5161,9552,5422,7542,5761,6221,5242,3792,8993,1903,1123,104
Non-controlling interests (minorities) 000000000000000
Shareholders equity 1,1629621,2621,5161,9552,5422,7542,5761,6221,5242,3792,8993,1903,1123,104
Pension liabilities 223222222000000
Deferred tax liabilities 113339121612172117203461120
Long-term provisions 76899910785137139145175200231314457483491
Convertible debt 000000000000000
Long-term debt 472441163125143399109141,4586043495496497498
Other long-term liabilities 00000000021054127185281
Total long-term liabilities 5625352682371105991,0571,0731,6528272618831,1141,2261,390
Short-term debt 110511125109124629346040000
Trade payables 4045208088891,0301,0621,1201,5631,0088329451,7601,6662,6602,417
Other current liabilities 6441,0181,3061,6292,1043,7442,1312,4712,3972,4532,8083,0453,9613,8734,988
Total current liabilities 1,1581,5892,1252,5433,2434,8183,2554,0403,6983,2894,3574,8055,6276,5337,405
Total equity and liabilities 2,8813,0853,6544,2965,3087,9597,0667,6896,9725,6406,9978,5879,93110,87111,899

Growth rates

[%] 200420052006200720082009201020112012201320142015201620172018
Sales growth 0.0%52.0%8.0%26.0%24.0%-16.0%36.0%-16.0%24.0%-16.0%14.0%22.0%22.0%-3.0%2.0%
EBITDA growth 0.0%-88.0%4,338.0%79.0%38.0%-42.0%47.0%-57.0%1.0%77.0%89.0%26.0%45.0%-9.0%-19.0%
EBITA growth 0.0%369.0%-462.0%73.0%41.0%-56.0%33.0%-84.0%-547.0%-204.0%149.0%37.0%47.0%-12.0%-22.0%
EBIT growth 0.0%137.0%-273.0%121.0%51.0%-62.0%24.0%-119.0%1,062.0%-115.0%495.0%49.0%57.0%-13.0%-25.0%
EBT growth 0.0%77.0%-202.0%175.0%61.0%-71.0%17.0%-164.0%366.0%-95.0%-1,553.0%77.0%39.0%-7.0%-24.0%
Earnings growth 0.0%219.0%-158.0%162.0%76.0%-76.0%25.0%-206.0%480.0%-91.0%-578.0%75.0%41.0%-7.0%-24.0%

Margins

[%] 200420052006200720082009201020112012201320142015201620172018
EBITDA-margin 3.0%0.0%8.0%12.0%13.0%9.0%10.0%5.0%4.0%9.0%14.0%15.0%18.0%17.0%13.0%
EBITA-margin -1.0%-2.0%7.0%10.0%12.0%6.0%6.0%1.0%-4.0%5.0%11.0%13.0%15.0%14.0%11.0%
EBIT-margin -2.0%-3.0%5.0%9.0%11.0%5.0%4.0%-1.0%-10.0%2.0%9.0%11.0%14.0%12.0%9.0%
EBT-margin -4.0%-4.0%4.0%9.0%12.0%4.0%3.0%-3.0%-10.0%-1.0%8.0%11.0%13.0%12.0%9.0%
Earnings-margin -3.0%-5.0%3.0%6.0%8.0%2.0%2.0%-3.0%-13.0%-1.0%6.0%8.0%9.0%9.0%7.0%

Other key figures

EURm 200420052006200720082009201020112012201320142015201620172018
Tax rate 32.0%-21.0%31.0%34.0%28.0%39.0%34.0%-9.0%-35.0%-128.0%25.0%26.0%25.0%25.0%25.0%
Net working capital balance (NWC) 590321-56-299249-9489-242234-491-972-1,491-2,132-2,180-1,768
Net interest bearing debt (NIBD) 392368-267-612-37-135581547902-86-1,411-2,270-3,054-3,156-2,420
Invested capital (including goodwill) 1,5541,3309949041,9182,4073,3353,1232,5241,438968629136-44684
Invested capital (excluding goodwill) 1,2301,0086755841,5982,0873,0152,8032,3081,223753377-173-348380
Enterprise value (EV) 1,9912,7945,66313,0927,4808,5435,3762,2401,7664,2575,34411,87810,0878,55210,603

Share data

200420052006200720082009201020112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 175175185185184204203203202202222218213203198
Market capitalisation (DKKm) 11,89418,10344,217102,23355,98664,57435,73912,5836,44432,40050,310105,58297,69987,17497,217
Market capitalisation (EURm) 1,5992,4265,93113,7047,5178,6784,7951,6938644,3436,75514,14813,14111,70813,023
Share price (DKK) 68.0103.5238.8552.0303.5317.0176.162.031.9160.2226.5483.8459.0428.8492.1
Earnings per share (EPS), (EUR) -0.4-1.10.61.62.80.60.8-0.8-4.8-0.41.83.14.44.23.4
Dividend per share (DPS), (EUR) 0.00.00.00.00.00.00.00.00.00.00.50.91.31.21.0

Price multiples

200420052006200720082009201020112012201320142015201620172018
Price/Earnings (P/E) -26.7x-12.7x53.5x47.1x14.7x69.4x30.7x-10.2x-0.9x-53.0x17.2x20.7x13.6x13.1x19.1x
Price/Sales (P/S) 0.7x0.7x1.5x2.8x1.3x1.7x0.7x0.3x0.1x0.7x1.0x1.7x1.3x1.2x1.3x
Price/Book value (P/B) 1.4x2.5x4.7x9.0x3.9x3.4x1.7x0.7x0.5x2.9x2.8x4.9x4.1x3.8x4.2x

Enterprise value (EV) multiples

200420052006200720082009201020112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 0.8x0.8x1.5x2.7x1.2x1.7x0.8x0.4x0.2x0.7x0.8x1.4x1.0x0.9x1.1x
Enterprise value/EBITDA (EV/EBITDA) 32.2x382.8x17.5x22.5x9.3x18.5x7.9x7.6x5.9x8.1x5.4x9.4x5.5x5.2x7.9x
Enterprise value/EBITA (EV/EBITA) -117.8x-35.2x19.7x26.4x10.7x27.5x13.0x32.9x-5.8x13.5x6.8x11.0x6.4x6.2x9.9x
Enterprise value/EBIT (EV/EBIT) -40.7x-24.2x28.2x29.6x11.2x34.0x17.3x-37.3x-2.5x41.7x8.8x13.1x7.1x7.0x11.5x