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CAPITAL GOODS: Vestas Wind (VWSDC Baa2/NR/NR): 2Q24 Results

CAPITAL GOODS

Some positives here (orders, pricing, leverage) following the profit warning, but with no negative reaction on Monday we would expect this to also have a benign credit impact.

  • Following the profit warning on Monday, revenue and EBIT miss were already known.
  • That resulted in adj. EBITDA missing by 84%.
  • Adj. FCF rose to €524mn from -€144mn YoY due to changes in WC. That helped financial leverage come down to 0.7x from 1.1x at 1Q24.
  • Order intake was healthy, up 54% YoY. Selling prices were also strong.
  • Guidance was already lowered Monday https://marketnews.com/utilities-vestas-wind-vwsdc-baa2-nr-nr-profit-warning.
  • Webcast replay https://getvisualtv.net/stream/?vestas-interim-financial-report-q2-2024.
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