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Vestas Beats On Rev/EBIT, Equity Rallies On 4-6% Margin Guidance

ENERGY SECTOR


  • Q4 Rev beat consensus by 5.3% driven by beats in both Power Solutions and Service revenues. Q4 adj-EBIT of EUR 191mn came in close to 24% above consensus.
  • FY24 outlook guides for revenue of €16-18bn from this year’s EUR 15.3bn and an EBIT margin of 4-6% from the current year’s 1.5% (and -8% last year). Total investments seen broadly stable.
  • Credit spreads muted though equity investors seem to like the EBIT Margin guidance with the stock +7.5% so far.
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