Strategisk analyse og værdiansættelse af Vestas Wind Systems A/S

Mads Bækgaard Lynge & Jonas Daugaard Løvenkrands

Student thesis: Diploma thesis

Abstract

This report is a strategic analysis and a Valuation off Vestas. The purpose with this assignment is to analyze the impact of the big structural change they have made in their Working Capital as a way to finance their operation and how this has affected their results and market position. Vestas has minimized their restricted capital and today their operations are driven by prepayments from customers and long-term credit from their suppliers. This has since 2012 pushed Vestas revenue to new heights and the profit has been much improved and is now higher than any other competitors on the market. In 2016 Vestas achieve their absolute highest turnover ever and from that year Vestas have reached a higher scale of volume and is now a 10 Bn. EUR company. Vestas have many activities in America and Asia which make them very influenced on the politic agenda and cultural interest in these places. This will continue to have a big influence on how much and in which way Vesta can penetrate these markets. The opportunities are many and Vestas’ brand and knowledge allows Vestas to research and develop new markets and products in that way, to create new areas to install wind turbines etc. Overall Vestas have a very strong position on all segments and have shown that they can grow even more than the market itself. The Asia segment is relatively small for Vestas especially compared to their competitors and there are some unexplored opportunities in this part of the world. The future looks bright for Vestas and despite an extremely volatile valuation and uncertain exchange-rate with both ups and downs the shareholders shows still strong interest in the company.

EducationsGraduate Diploma in Accounting and Financial Management, (Diploma Programme) Final Thesis
LanguageDanish
Publication date2019
Number of pages100