Vestas (OMX: VWS) was down 3% in today’s trading despite announcing a large order from Hydro Tasmania in Australia. The order is for 56 units of the V90-3.0 MW wind turbine, making this a 168 MW project with project completion expected in 2013. The project in question, the Musselroe Wind Farm, is long overdue.
Back on this summer, when the markets were speculating if Vestas might be a takeover target, the stock was priced over or at around 100 DKK. Since then the company has received several large orders. Each time the stock price has jumped a little but quickly returned to a downward trajectory. Today’s gain of 3% meant Vestas closed at 74 DKK per share.
Concerns over the global economic situation are partly to blame, but earlier this fall Vestas finally had to retract on its rather outlandish triple15 ambition of EUR 15bn in revenue and an EBIT margin of 15 per cent in 2015, instead aiming for high single-digit EBIT margin in the medium term. We are also nearing the potential expiry of the Production Tax Credit (PTC) scheme in the USA, which might make 2013 a very challenging year for the company there. Finally Vestas also warned earlier, that delayed commissioning of a new generator factory will weigh in on 2011 numbers and lowered its guidance, while warning of other potential delays due to weather related risks.
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