Vestas Wind Systems A/S

CPSE:VWS Stock Report

Market Cap: DKK 104.9b

Vestas Wind Systems Valuation

Is VWS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VWS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VWS (DKK100.55) is trading below our estimate of fair value (DKK243.53)

Significantly Below Fair Value: VWS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VWS?

Key metric: As VWS is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for VWS. This is calculated by dividing VWS's market cap by their current revenue.
What is VWS's PS Ratio?
PS Ratio0.9x
Sales€15.93b
Market Cap€14.06b

Price to Sales Ratio vs Peers

How does VWS's PS Ratio compare to its peers?

The above table shows the PS ratio for VWS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.2x
ROCK B Rockwool
2.2x4.5%DKK 61.3b
NKT NKT
1.3x6.1%DKK 29.5b
FLS FLSmidth
1x-1.6%DKK 21.2b
2727 Shanghai Electric Group
0.4x3.9%HK$129.2b
VWS Vestas Wind Systems
0.9x10.3%DKK 101.5b

Price-To-Sales vs Peers: VWS is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (1.2x).

Price to Sales Ratio vs Industry

How does VWS's PS Ratio compare vs other companies in the European Electrical Industry?

18 CompaniesPrice / SalesEstimated GrowthMarket Cap
VWS 0.9xIndustry Avg. 1.0xNo. of Companies27PS012345+
18 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: VWS is good value based on its Price-To-Sales Ratio (0.9x) compared to the European Electrical industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is VWS's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VWS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.9x
Fair PS Ratio0.9x

Price-To-Sales vs Fair Ratio: VWS is expensive based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (0.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VWS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentDKK 100.55
DKK 173.06
+72.1%
28.3%DKK 280.01DKK 80.02n/a24
Nov ’25DKK 132.65
DKK 197.25
+48.7%
22.7%DKK 280.01DKK 99.03n/a24
Oct ’25DKK 141.00
DKK 205.96
+46.1%
22.9%DKK 296.46DKK 99.02n/a24
Sep ’25DKK 154.90
DKK 210.68
+36.0%
22.6%DKK 299.92DKK 99.01n/a25
Aug ’25DKK 168.70
DKK 217.88
+29.2%
22.0%DKK 300.01DKK 99.00n/a25
Jul ’25DKK 162.10
DKK 220.60
+36.1%
21.7%DKK 299.83DKK 98.95n/a25
Jun ’25DKK 192.85
DKK 222.60
+15.4%
21.6%DKK 315.07DKK 99.02n/a25
May ’25DKK 186.85
DKK 222.80
+19.2%
21.3%DKK 315.04DKK 101.05n/a25
Apr ’25DKK 193.00
DKK 222.97
+15.5%
21.3%DKK 315.09DKK 101.01n/a25
Mar ’25DKK 197.52
DKK 218.37
+10.6%
22.9%DKK 314.93DKK 100.98n/a24
Feb ’25DKK 195.12
DKK 211.51
+8.4%
24.8%DKK 299.81DKK 100.93n/a23
Jan ’25DKK 214.30
DKK 205.39
-4.2%
24.7%DKK 300.16DKK 98.99n/a23
Dec ’24DKK 188.56
DKK 204.41
+8.4%
24.8%DKK 299.82DKK 98.94n/a23
Nov ’24DKK 152.68
DKK 202.02
+32.3%
25.1%DKK 300.18DKK 99.02DKK 132.6523
Oct ’24DKK 151.56
DKK 205.20
+35.4%
24.6%DKK 300.48DKK 99.02DKK 141.0024
Sep ’24DKK 165.74
DKK 218.54
+31.9%
24.6%DKK 356.18DKK 140.14DKK 154.9024
Aug ’24DKK 180.66
DKK 215.04
+19.0%
23.0%DKK 340.11DKK 126.04DKK 168.7023
Jul ’24DKK 181.46
DKK 217.50
+19.9%
21.7%DKK 339.87DKK 139.95DKK 162.1023
Jun ’24DKK 202.05
DKK 217.07
+7.4%
22.6%DKK 339.85DKK 139.94DKK 192.8523
May ’24DKK 186.86
DKK 216.53
+15.9%
23.3%DKK 340.14DKK 140.20DKK 186.8523
Apr ’24DKK 199.00
DKK 216.55
+8.8%
23.3%DKK 339.92DKK 140.11DKK 193.0023
Mar ’24DKK 208.60
DKK 209.17
+0.3%
25.7%DKK 359.72DKK 125.09DKK 197.5221
Feb ’24DKK 197.82
DKK 205.81
+4.0%
27.3%DKK 359.80DKK 124.98DKK 195.1222
Jan ’24DKK 202.10
DKK 194.04
-4.0%
29.1%DKK 360.08DKK 125.04DKK 214.3021
Dec ’23DKK 181.22
DKK 192.77
+6.4%
29.2%DKK 359.97DKK 124.83DKK 188.5621
Nov ’23DKK 150.00
DKK 191.15
+27.4%
28.7%DKK 360.38DKK 124.98DKK 152.6821

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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