Vestas momentum grows – analysts

Vestas is seeing growing momentum for its wind turbine sales, investment bank Nordea says.

In recent weeks the Danish  manufacturer has unveiled major deals in the Phillipines, Sweden, South Africa and Australia.

Vestas has announced orders of 2.093GW so far this year, officials say. Analysts point out that at 1.295GW, the Q2 2013 order intake is the strongest quarterly figure since 2011.

Patrik Setterberg, senior analyst at Nordea says that the company’s strengthening order intake “is not a coincidence, but rather a sign that Vestas’ customers have greater trust in the financial position of the company”.

Nordea says it believes that some customers reduced “counterpart risk” in 2012 because of fears about Vestas’ financial situation.

Nordea changed its recommendation on Vestas from “hold” to “buy” early this year, while HSBC has an “overweight” recommendation.

Analysts see a strong pick up in turbine orders in 2014, while restructuring costs were mainly absorbed in company balance sheets in 2012.