Værdiansættelse af Vestas

Kristina May Jensen

Student thesis: Master thesis


The purpose of this paper is to give a financial statement analysis and valuation of Vestas. To achieve this I have analyzed the internal and external factors that influence the company. Combined with an accounts analysis the future development in Vestas has been estimated. The budget expectations have given a result of the valuation of Vestas. Vestas has during resent years been the market leader of the wind turbine industry. In 2007 and 2008 the competition has increased and resulted in a closer share of the market. In 2008 Vestas own 19 per cent share of the market while the nearest competitor GE Wind own 18 per cent share of the market. Furthermore there is an increased competition from the Chinese wind turbine companies. The wind turbine industry is supported by political initiatives and governmental requests to achieve more renewable energy sources. Vestas is represented in all global markets which are a great advantage due to a more spread earning. This presence will provide Vestas with a future advantage in proportion to its competitors not present in the same markets. The wind turbine industry is an industry in growth which insures a large future for the companies present. The future expectations for Vestas show a company in growth and a company with great potentials. I have estimated the value of Vestas to a stock price of DKK 475 per share. Compared with the stock price on the 8th of April 2009 of DKK 280 per share it has been concluded that an investment in Vestas is a favorable investment due to the fact that the stock is undervalued. If the investor has a different perspective on the future expectations than estimated in this paper it is important that the investor calculates these perspectives when evaluating the performance and valuation of the Vestas stock.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2009
Number of pages101