Update shared on 09 Dec 2025
Fair value Increased 0.92%The analyst fair value estimate for Nordex has inched up from EUR 27.29 to EUR 27.54, as analysts factor in improving revenue growth and profitability expectations, supported by a series of recent price target increases across the Street.
Analyst Commentary
Street research on Nordex has turned incrementally more constructive, with a cluster of recent price target upgrades reflecting improving confidence in the company incoming earnings trajectory and margin profile, even as some commentators flag execution and regional demand risk.
Bullish Takeaways
- Bullish analysts highlight that the latest quarterly results signal a step change in profitability. This supports higher medium term margin assumptions and justifies upward revisions to price targets into the low EUR 30s.
- Several upgrades emphasize that operational momentum is expected to build through 2026. Improving project mix and cost discipline are seen as key drivers of sustained earnings growth.
- Higher targets in the high EUR 20s to low EUR 30s are viewed as implying further re rating potential from current levels, as investors reassess Nordex positioning in the onshore wind cycle and its ability to convert backlog into cash flow.
- Buy rated research notes point to a more balanced risk reward. They argue that execution has improved enough to reduce downside surprises on delivery, pricing, and working capital.
Bearish Takeaways
- Bearish analysts caution that, despite recent upgrades, the stock rally may be running ahead of fundamentals. Some price targets are still set meaningfully below the current fair value estimate.
- There is concern that demand from key European markets could slow from mid 2026, potentially weighing on order intake and challenging the assumption of uninterrupted growth embedded in more optimistic models.
- Some commentary stresses that cash generation will likely be recycled into further investment rather than returned to shareholders, which could limit near term yield and support for the valuation.
- Downgrades to more neutral ratings emphasize execution risk around scaling profitably in a competitive industry. They warn that any slip in project delivery or pricing power could quickly compress the upgraded multiples.
What's in the News
- Nordex secured multiple new orders across Europe, including Germany, Spain, Ireland, Austria, and Poland, with long term Premium Service contracts that support recurring revenue and fleet reliability (Key Developments).
- The company reaffirmed its earnings guidance for full year 2025, keeping expected sales in the EUR 7.4 billion to EUR 7.9 billion range and signaling confidence in the current order pipeline and pricing (Key Developments).
- New framework and repeat customer agreements with EnBW, SSE, wpd, DenkerWulf, BMR, and others reinforce Nordex position as a preferred onshore wind supplier in core European markets (Key Developments).
- Nordex expanded its geographic footprint with first time or early stage projects in Ecuador, Turkiye, and Ukraine, adding diversification beyond the EU while supporting local energy transition goals (Key Developments).
- Several large repowering and hybrid tower projects, such as Caparroso in Spain and the Mercedes Benz site in Germany, highlight demand for higher capacity Delta4000 and N175/6.X turbines with extended service arrangements (Key Developments).
Valuation Changes
- Fair Value Estimate has risen slightly, from approximately €27.29 to €27.54 per share. This reflects modestly stronger fundamentals.
- Discount Rate has increased slightly, from about 6.95 percent to 7.08 percent. This implies a marginally higher required return in the valuation model.
- Revenue Growth has ticked up modestly, from around 8.26 percent to 8.32 percent. This signals a small upgrade to medium term top line expectations.
- Net Profit Margin has inched higher, from roughly 4.67 percent to 4.68 percent. This indicates a minimal improvement in projected profitability.
- Future P/E multiple has risen slightly, from about 18.44x to 18.63x. This suggests a small uplift in the implied earnings valuation for Nordex.
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