Vestas -alles andere als flügellahm

Die Analysten erwarten für 2017 ein Umsatz auf Vorjahresniveau.
Dementsprechend sollte sich auch die Guidance auf Vorjahresniveau bewegen - 9 Mrd Umsatz / 11% EBIT-Marge.
Alles darunter wird wohl abgestraft.
Mit dem 2017 zum ersten mal sehr starken Offshoregeschäft ist m.E. aber auch in diesem Übergangsjahr eine weitere Gewinnsteigerung möglich ( 1,5 GW mit Baubeginn oder Fertigstellung 2017 )

Ab 2018 geht's dann in den USA so richtig zur Sache....deshalb bin ich auch, egal wie die Reaktion morgen ausfällt, komplett tiefenentspannt :-)
Ca. 40% der Safe-Harbor-Verträge, um die 20 GW, gingen an Vestas.
Und das sollte für 2017-2020 längst nicht alles sein, wie man aus dieser einschätzung von MAKE deutlich entnehmen kann:

Some of those developers may also have ordered turbines, creating some overlap between the two routes. But many developers only took the second route and will still need to order turbines for their fully PTC-eligible projects over the next few years.
“Just because we’ve had this wave of safe-harbour activity doesn’t mean there won’t be additional commercial activity this year and moving forward,” Lewandowski says....

....There are several reasons why some developers may have chosen to qualify projects for the PTC through physical works rather than placing a turbine order. For some, the decision may have been based on “cash flow or budgetary reasons”, Lewandowski says.

Others may have set their sights on using future turbine models, preferring to not lock part of their project into using currently available turbine models.

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Aarhus, Denmark, 2017-02-08 08:43 CET (GLOBE NEWSWIRE) --

Summary: For full-year 2016, revenue amounted to EUR 10.2bn, EBIT margin before special items was 13.9 percent, total net investments* were EUR 617m, and the free cash flow* amounted to EUR 1,564m - in line with the expectations to revenue of EUR 10.0bn-10.5bn, EBIT margin before special items of 13-14 percent, total net investments* of approx EUR 600m, and free cash flow* of EUR 1,500m-1,600m. The activity level and earnings of the period were driven by the stable execution of strong order books for wind turbines and service, both of which continued to grow during the year as a result of solid execution and a favourable market environment.

The wind turbine order intake increased from 8,943 MW in 2015 to 10,494 MW in 2016 and the value of the service order backlog increased by EUR 1.8bn to EUR 10.7bn.

For 2017, Vestas expects revenue to range between EUR 9.25bn and 10.25bn including service revenue, which is expected to grow. Vestas expects to achieve an EBIT margin before special items of 12-14 percent with the service EBIT margin remaining stable.

Total investments** are expected to amount to approx EUR 350m, and the free cash flow** is expected to be minimum EUR 700m in 2017.

As a result of the strong performance during the year, the Board of Directors recommends to the Annual General Meeting that a dividend of DKK 9.71 per share, compared to DKK 6.82 last year, and equivalent to 30 percent of the net profit for the year, be distributed to the shareholders.

The expected net proceeds from the sale of the office buildings announced yesterday will be distributed to shareholders through a DKK 705m (approx EUR 95m) share buy-back programme to be initiated today.

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