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Nordex

XTRA:NDX1
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NDX1
XTRA
€862M
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

Nordex SE, together with its subsidiaries, develops, manufactures, and distributes multi-megawatt onshore wind turbines worldwide. The last earnings update was 96 days ago. More info.


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  • Nordex has significant price volatility in the past 3 months.
NDX1 Share Price and Events
7 Day Returns
-10.3%
XTRA:NDX1
-2%
DE Electrical
-1.5%
DE Market
1 Year Returns
6.4%
XTRA:NDX1
0.1%
DE Electrical
-10.4%
DE Market
NDX1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nordex (NDX1) -10.3% -29.7% -32.8% 6.4% -63.3% -34.4%
DE Electrical -2% -0.9% 4.4% 0.1% -40.4% -26.6%
DE Market -1.5% -4.3% -5.9% -10.4% 0% 8.1%
1 Year Return vs Industry and Market
  • NDX1 outperformed the Electrical industry which returned 0.1% over the past year.
  • NDX1 outperformed the Market in Germany which returned -10.4% over the past year.
Price Volatility
NDX1
Industry
5yr Volatility vs Market

Value

 Is Nordex undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Nordex to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Nordex.

XTRA:NDX1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for XTRA:NDX1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Electrical Unlevered Beta Simply Wall St/ S&P Global 1.16
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.158 (1 + (1- 30%) (49.54%))
1.374
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.37
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.374 * 5.96%)
8.42%

Discounted Cash Flow Calculation for XTRA:NDX1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Nordex is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

XTRA:NDX1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 8.42%)
2020 34.77 Analyst x5 32.07
2021 67.18 Analyst x3 57.15
2022 90.13 Est @ 34.17% 70.72
2023 111.75 Est @ 23.99% 80.88
2024 130.59 Est @ 16.86% 87.17
2025 146.09 Est @ 11.87% 89.94
2026 158.33 Est @ 8.38% 89.91
2027 167.72 Est @ 5.93% 87.85
2028 174.80 Est @ 4.22% 84.44
2029 180.08 Est @ 3.02% 80.24
Present value of next 10 years cash flows €760.37
XTRA:NDX1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €180.08 × (1 + 0.23%) ÷ (8.42% – 0.23%)
€2,203.39
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,203.39 ÷ (1 + 8.42%)10
€981.77
XTRA:NDX1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €760.37 + €981.77
€1,742.14
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,742.14 / 96.98
€17.96
XTRA:NDX1 Discount to Share Price
Calculation Result
Value per share (EUR) From above. €17.96
Current discount Discount to share price of €8.89
= -1 x (€8.89 - €17.96) / €17.96
50.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Nordex is available for.
Intrinsic value
>50%
Share price is €8.89 vs Future cash flow value of €17.96
Current Discount Checks
For Nordex to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Nordex's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Nordex's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Nordex's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nordex's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
XTRA:NDX1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €-1.03
XTRA:NDX1 Share Price ** XTRA (2019-08-16) in EUR €8.89
Germany Electrical Industry PE Ratio Median Figure of 10 Publicly-Listed Electrical Companies 28.94x
Germany Market PE Ratio Median Figure of 411 Publicly-Listed Companies 18.54x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Nordex.

XTRA:NDX1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:NDX1 Share Price ÷ EPS (both in EUR)

= 8.89 ÷ -1.03

-8.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nordex is loss making, we can't compare its value to the DE Electrical industry average.
  • Nordex is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Nordex's expected growth come at a high price?
Raw Data
XTRA:NDX1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -8.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
94.3%per year
Germany Electrical Industry PEG Ratio Median Figure of 7 Publicly-Listed Electrical Companies 0.92x
Germany Market PEG Ratio Median Figure of 263 Publicly-Listed Companies 1.31x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Nordex, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Nordex's assets?
Raw Data
XTRA:NDX1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €6.84
XTRA:NDX1 Share Price * XTRA (2019-08-16) in EUR €8.89
Germany Electrical Industry PB Ratio Median Figure of 16 Publicly-Listed Electrical Companies 2.2x
Germany Market PB Ratio Median Figure of 568 Publicly-Listed Companies 1.64x
XTRA:NDX1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:NDX1 Share Price ÷ Book Value per Share (both in EUR)

= 8.89 ÷ 6.84

1.3x

* Primary Listing of Nordex.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nordex is good value based on assets compared to the DE Electrical industry average.
X
Value checks
We assess Nordex's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electrical industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electrical industry average (and greater than 0)? (1 check)
  5. Nordex has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Nordex expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
94.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nordex expected to grow at an attractive rate?
  • Nordex's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Nordex's earnings growth is expected to exceed the Germany market average.
  • Nordex's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
XTRA:NDX1 Future Growth Rates Data Sources
Data Point Source Value (per year)
XTRA:NDX1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 94.3%
XTRA:NDX1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 4.6%
Germany Electrical Industry Earnings Growth Rate Market Cap Weighted Average 75%
Germany Electrical Industry Revenue Growth Rate Market Cap Weighted Average 12.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
XTRA:NDX1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
XTRA:NDX1 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 3,581 1
2022-12-31 3,476 1
2021-12-31 3,639 170 79 8
2020-12-31 3,680 142 39 10
2019-12-31 3,303 111 -14 10
XTRA:NDX1 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 2,370 136 -99
2018-12-31 2,459 125 -84
2018-09-30 2,531 129 -79
2018-06-30 2,534 159 -63
2018-03-31 2,917 169 -26
2017-12-31 3,078 91 0
2017-09-30 3,375 164 59
2017-06-30 3,412 88 67
2017-03-31 3,406 27 77
2016-12-31 3,395 144 95
2016-09-30 2,983 -14 71
2016-06-30 2,814 -9 66

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Nordex's earnings are expected to grow significantly at over 20% yearly.
  • Nordex's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
XTRA:NDX1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Nordex Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:NDX1 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.78 1.12 0.55 5.00
2020-12-31 0.45 0.86 0.22 9.00
2019-12-31 -0.36 -0.26 -0.51 3.00
XTRA:NDX1 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 -1.03
2018-12-31 -0.86
2018-09-30 -0.82
2018-06-30 -0.64
2018-03-31 -0.27
2017-12-31 0.00
2017-09-30 0.61
2017-06-30 0.69
2017-03-31 0.79
2016-12-31 1.03
2016-09-30 0.80
2016-06-30 0.78

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Nordex is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Nordex's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Nordex has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Nordex performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Nordex's growth in the last year to its industry (Electrical).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Nordex does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Nordex's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Nordex's 1-year growth to the DE Electrical industry average as it is not currently profitable.
Earnings and Revenue History
Nordex's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Nordex Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:NDX1 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,370.14 -99.48 362.51
2018-12-31 2,459.12 -83.85 357.04
2018-09-30 2,531.19 -79.41 361.14
2018-06-30 2,533.79 -62.55 370.93
2018-03-31 2,917.26 -26.11 386.89
2017-12-31 3,077.79 0.33 389.12
2017-09-30 3,374.99 58.87 378.68
2017-06-30 3,412.22 66.98 369.20
2017-03-31 3,406.40 76.96 346.74
2016-12-31 3,395.03 95.35 317.76
2016-09-30 2,983.47 71.28 282.16
2016-06-30 2,813.73 66.36 253.67
2016-03-31 2,570.66 62.94 228.41
2015-12-31 2,430.11 52.27 220.41
2015-09-30 2,254.03 56.41 209.40
2015-06-30 2,019.42 59.40 202.34
2015-03-31 1,806.53 44.65 196.12
2014-12-31 1,734.53 39.01 189.95
2014-09-30 1,645.19 32.93 183.88
2014-06-30 1,584.09 25.51 179.20
2014-03-31 1,594.74 27.72 176.86
2013-12-31 1,429.28 10.24 172.87
2013-09-30 1,410.52 -67.03 166.40
2013-06-30 1,314.79 -63.27 164.51
2013-03-31 1,135.98 -81.96 158.88
2012-12-31 1,075.27 -87.39 157.07
2012-09-30 964.11 -61.25 164.56

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Nordex has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Nordex has efficiently used its assets last year compared to the DE Electrical industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Nordex improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Nordex's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electrical industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Nordex has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Nordex's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Nordex's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nordex is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Nordex's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Nordex's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 5.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Nordex Company Filings, last reported 4 months ago.

XTRA:NDX1 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 662.95 350.51 539.16
2018-12-31 697.29 645.16 615.65
2018-09-30 724.98 635.92 486.82
2018-06-30 745.95 650.84 498.83
2018-03-31 776.88 825.66 692.24
2017-12-31 918.99 686.45 627.34
2017-09-30 954.34 670.84 496.41
2017-06-30 957.63 673.53 482.74
2017-03-31 948.79 658.73 511.82
2016-12-31 940.01 647.18 655.35
2016-09-30 904.21 735.69 482.91
2016-06-30 893.18 729.31 502.81
2016-03-31 483.41 277.72 574.70
2015-12-31 455.60 207.00 534.06
2015-09-30 448.61 50.02 494.16
2015-06-30 433.76 0.00 471.72
2015-03-31 406.05 158.89 465.92
2014-12-31 396.00 156.19 392.90
2014-09-30 386.86 154.56 438.22
2014-06-30 377.59 173.36 419.75
2014-03-31 373.42 193.39 372.92
2013-12-31 368.14 180.97 336.52
2013-09-30 294.53 192.21 173.56
2013-06-30 288.17 192.31 203.08
2013-03-31 272.74 222.72 219.09
2012-12-31 278.99 207.98 279.25
2012-09-30 357.22 206.41 142.07
  • Nordex's level of debt (52.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (47.9% vs 52.9% today).
  • Debt is well covered by operating cash flow (38.7%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Nordex's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Nordex's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Nordex has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Nordex's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Nordex dividends. Estimated to be 0.13% next year.
If you bought €2,000 of Nordex shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Nordex's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Nordex's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
XTRA:NDX1 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
Germany Electrical Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 321 Stocks 3.3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

XTRA:NDX1 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.02 5.00
2020-12-31 0.02 6.00
2019-12-31 0.00 6.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Nordex has not reported any payouts.
  • Unable to verify if Nordex's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Nordex's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Nordex has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Nordex's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Nordex's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Nordex afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nordex has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Nordex's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jose Luis Blanco Diéguez
COMPENSATION €1,332,017
AGE 49
TENURE AS CEO 2.4 years
CEO Bio

Mr. Jose Luis Blanco Diéguez has been the Chairman of Management Board and Chief Executive Officer at Nordex SE since March 31, 2017 and its Member of Management Board since April 4, 2016. Mr. Blanco Diéguez served as Chief Operations Officer and Deputy Chief Executive Officer at Nordex SE since April 4, 2016. After starting his professional career at Industrias Ferri in 1993, he joined Gamesa in 1997 where he held different management and Chief Officer Positions until 2012. He started as Blade Plants Director, Chief Executive Officer of Gamesa Eolica USA, Chief Operating Officer for Gamesa USA, Gamesa Solar Engineering Director and later Chief Executive Officer as well as Gamesa Offshore Director. He became Gamesa´s Chief Customer Officer and member of the Executive Committee in 2011. He joined Acciona Wind Power as Chief Executive Officer in 2012. Mr. Blanco Diéguez did Senior Management Program from IESE Business School, Madrid, Spain and Management Program in Strategy & Operations Management, Caixavigo Business School, Vigo, Spain. He holds Degree in Industrial Engineering (& Msc Mechanical), Vigo University, Spain.

CEO Compensation
  • Jose Luis's compensation has increased whilst company is loss making.
  • Jose Luis's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Nordex management team in years:

2.9
Average Tenure
49
Average Age
  • The tenure for the Nordex management team is about average.
Management Team

Jose Luis Blanco Diéguez

TITLE
Chairman of Management Board & CEO
COMPENSATION
€1M
AGE
49
TENURE
2.4 yrs

Christoph Burkhard

TITLE
CFO & Member of Management Board
COMPENSATION
€797K
AGE
55
TENURE
2.9 yrs

Patxi Landa

TITLE
Chief Sales Officer & Member of Management Board
COMPENSATION
€752K
AGE
47
TENURE
3.3 yrs

Felix Zander

TITLE
Head of Investor Relations

Ralf Peters

TITLE
Head of Corporate Communications

Felix Losada

TITLE
Deputy Head of Corporate Communications
Board of Directors Tenure

Average tenure and age of the Nordex board of directors in years:

8.7
Average Tenure
60
Average Age
  • The tenure for the Nordex board of directors is about average.
Board of Directors

Wolfgang Ziebart

TITLE
Chairman of Supervisory Board
COMPENSATION
€69K
AGE
69

Juan Antonio Muro-Lara Girod

TITLE
Deputy Chairman of the Supervisory Board
COMPENSATION
€51K

Jan Klatten

TITLE
Member of Supervisory Board
COMPENSATION
€39K
TENURE
14.2 yrs

Martin Wolfgang Rey

TITLE
Member of Supervisory Board
COMPENSATION
€36K
TENURE
14.2 yrs

Connie Hedegaard

TITLE
Member of Supervisory Board
COMPENSATION
€33K
AGE
59
TENURE
3.2 yrs

Rafael Alcala

TITLE
Member of Supervisory Board
COMPENSATION
€33K
AGE
60
TENURE
3.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Nordex's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Nordex has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

If You Had Bought Nordex (ETR:NDX1) Stock Three Years Ago, You'd Be Sitting On A 59% Loss, Today

View our latest analysis for Nordex Given that Nordex didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. … That's because it's hard to be confident a company will be sustainable if revenue growth is negligible, and it never makes a profit. … XTRA:NDX1 Income Statement, August 16th 2019 Nordex is well known by investors, and plenty of clever analysts have tried to predict the future profit levels.

Simply Wall St -

An Intrinsic Calculation For Nordex SE (ETR:NDX1) Suggests It's 25% Undervalued

Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (€, Millions) €34.4m €59.8m €78.7m €96.3m €111.4m €123.7m €133.3m €140.7m €146.2m €150.4m Growth Rate Estimate Source Analyst x5 Analyst x4 Est @ 31.75% Est @ 22.3% Est @ 15.68% Est @ 11.04% Est @ 7.8% Est @ 5.53% Est @ 3.94% Est @ 2.82% Present Value (€, Millions) Discounted @ 8.2% €31.8 €51.0 €62.1 €70.2 €75.1 €77.1 €76.8 €74.9 €71.9 €68.3 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= €659.2m We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 10-year government bond rate of 0.2%. … XTRA:NDX1 Intrinsic value, July 26th 2019 Important assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

Is Nordex SE (ETR:NDX1) Potentially Undervalued?

According to my valuation, the intrinsic value for the stock is €19.98, but it is currently trading at €14.50 on the share market, meaning that there is still an opportunity to buy now. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … With a positive outlook on the horizon, it seems like this growth has not yet been fully factored into the share price.

Simply Wall St -

Should You Be Concerned About Nordex SE's (ETR:NDX1) Historical Volatility?

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market. … View our latest analysis for Nordex What NDX1's beta value tells investors Given that it has a beta of 1.53, we can surmise that the Nordex share price has been fairly sensitive to market volatility (over the last 5 years).

Simply Wall St -

Nordex (ETR:NDX1) Shareholders Booked A 52% Gain In The Last Year

To wit, the Nordex SE (ETR:NDX1) share price is 52% higher than it was a year ago, much better than the market return of around -5.6% (not including dividends) in the same period. … While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Simply Wall St -

You Might Like Nordex SE (ETR:NDX1) But Do You Like Its Debt?

Investors are always looking for growth in small-cap stocks like Nordex SE (ETR:NDX1), with a market cap of €1.2b. … However, an important fact which most ignore is: how financially healthy is the business? … the current state of its operations and pathway to profitability.

Simply Wall St -

Does Nordex SE (ETR:NDX1) Have A High Beta?

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Do Directors Own Nordex SE (ETR:NDX1) Shares?

The big shareholder groups in Nordex SE (ETR:NDX1) have power over the company. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … We also tend to see lower insider ownership in companies that were previously publicly owned.

Simply Wall St -

At €8.18, Is Nordex SE (ETR:NDX1) Worth Looking At Closely?

saw a double-digit share price rise of over 10% in the past couple of months on the XTRA. … With many analysts covering the stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Let’s take a look at Nordex’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

What You Must Know About Nordex SE's (ETR:NDX1) Financial Strength

Nordex SE (ETR:NDX1) is a small-cap stock with a market capitalization of €798m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health.

Simply Wall St -

Company Info

Description

Nordex SE, together with its subsidiaries, develops, manufactures, and distributes multi-megawatt onshore wind turbines worldwide. It also provides project development services, as well as acquires rights and creates the infrastructure required to construct wind power systems at suitable locations. In addition, the company offers planning, delivery, installation, and commissioning of various electrical and technical automation systems, as well as the infrastructural measures required for wind turbines. Further, it provides installation services of wind parks with the substation, as well as inspection, maintenance, repair, spare parts, modernization, technical enhancements, condition monitoring system, customer training, and remote monitoring and management services. The company was founded in 1985 and is headquartered in Hamburg, Germany.

Details
Name: Nordex SE
NDX1
Exchange: XTRA
Founded: 1985
€862,173,953
96,982,447
Website: http://www.nordex-online.com
Address: Nordex SE
Langenhorner Chaussee 600,
Hamburg,
Hamburg, 22419,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA NDX1 Bearer Shares XETRA Trading Platform DE EUR 02. Apr 2001
OTCPK NRDX.F Bearer Shares Pink Sheets LLC US USD 02. Apr 2001
DB NDX1 Bearer Shares Deutsche Boerse AG DE EUR 02. Apr 2001
LSE 0MEC Bearer Shares London Stock Exchange GB EUR 02. Apr 2001
SWX NDX1 Bearer Shares SIX Swiss Exchange CH CHF 02. Apr 2001
WBAG NDX1 Bearer Shares Wiener Boerse AG AT EUR 02. Apr 2001
BATS-CHIXE NDX1D Bearer Shares BATS 'Chi-X Europe' GB EUR 02. Apr 2001
Number of employees
Current staff
Staff numbers
5,978
Nordex employees.
Industry
Heavy Electrical Equipment
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/18 20:59
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/15
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.