Vestas Wind Systems A/S

LSE:0NMK Stock Report

Market Cap: DKK 99.5b

Vestas Wind Systems Valuation

Is 0NMK 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 0NMK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0NMK (DKK98.64) is trading below our estimate of fair value (DKK235.25)

Significantly Below Fair Value: 0NMK is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0NMK?

Key metric: As 0NMK is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0NMK. This is calculated by dividing 0NMK's market cap by their current revenue.
What is 0NMK's PS Ratio?
PS Ratio0.8x
Sales€15.93b
Market Cap€13.34b

Price to Sales Ratio vs Peers

How does 0NMK's PS Ratio compare to its peers?

The above table shows the PS ratio for 0NMK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.2x
BNZL Bunzl
1x3.0%UK£11.4b
ITM ITM Power
13.5x39.2%UK£223.0m
DCC DCC
0.3x2.1%UK£5.6b
SMIN Smiths Group
1.9x4.2%UK£5.8b
0NMK Vestas Wind Systems
0.8x10.7%DKK 99.5b

Price-To-Sales vs Peers: 0NMK is good value based on its Price-To-Sales Ratio (0.8x) compared to the peer average (4.2x).

Price to Sales Ratio vs Industry

How does 0NMK's PS Ratio compare vs other companies in the GB Electrical Industry?

12 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.1.9x14.3%
0NMK Vestas Wind Systems
 0.8x10.7%US$14.14b
DSCV discoverIE Group
1.5x2.8%US$823.45m
VLX Volex
0.7x6.6%US$678.13m
0NMK 0.8xIndustry Avg. 1.9xNo. of Companies11PS0612182430+
12 CompaniesEstimated GrowthMarket Cap
Industry Avg.1.9x31.8%
0NMK Vestas Wind Systems
 0.8x44.0%US$14.14b
No more companies

Price-To-Sales vs Industry: 0NMK is good value based on its Price-To-Sales Ratio (0.8x) compared to the UK Electrical industry average (2x).

Price to Sales Ratio vs Fair Ratio

What is 0NMK'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.

0NMK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.8x
Fair PS Ratio0.8x

Price-To-Sales vs Fair Ratio: 0NMK is expensive based on its Price-To-Sales Ratio (0.8x) 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 0NMK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentDKK 99.65
DKK 174.50
+75.1%
29.1%DKK 279.97DKK 80.01n/a24
Nov ’25DKK 133.01
DKK 197.25
+48.3%
22.7%DKK 280.01DKK 99.03n/a24
Oct ’25DKK 143.44
DKK 205.96
+43.6%
22.9%DKK 296.46DKK 99.02n/a24
Sep ’25DKK 154.71
DKK 210.68
+36.2%
22.6%DKK 299.92DKK 99.01n/a25
Aug ’25DKK 172.34
DKK 217.88
+26.4%
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 187.45
DKK 222.80
+18.9%
21.3%DKK 315.04DKK 101.05n/a25
Apr ’25DKK 192.49
DKK 222.97
+15.8%
21.3%DKK 315.09DKK 101.01n/a25
Mar ’25DKK 196.27
DKK 218.37
+11.3%
22.9%DKK 314.93DKK 100.98n/a24
Feb ’25DKK 196.66
DKK 211.51
+7.5%
24.8%DKK 299.81DKK 100.93n/a23
Jan ’25DKK 215.21
DKK 205.39
-4.6%
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 153.76
DKK 202.02
+31.4%
25.1%DKK 300.18DKK 99.02DKK 133.0123
Oct ’24DKK 151.18
DKK 205.20
+35.7%
24.6%DKK 300.48DKK 99.02DKK 143.4424
Sep ’24DKK 163.02
DKK 218.54
+34.1%
24.6%DKK 356.18DKK 140.14DKK 154.7124
Aug ’24DKK 180.66
DKK 215.04
+19.0%
23.0%DKK 340.11DKK 126.04DKK 172.3423
Jul ’24DKK 182.26
DKK 217.50
+19.3%
21.7%DKK 339.87DKK 139.95DKK 162.1023
Jun ’24DKK 202.58
DKK 217.07
+7.2%
22.6%DKK 339.85DKK 139.94DKK 192.8523
May ’24DKK 185.33
DKK 216.53
+16.8%
23.3%DKK 340.14DKK 140.20DKK 187.4523
Apr ’24DKK 199.03
DKK 216.55
+8.8%
23.3%DKK 339.92DKK 140.11DKK 192.4923
Mar ’24DKK 201.67
DKK 209.17
+3.7%
25.7%DKK 359.72DKK 125.09DKK 196.2721
Feb ’24DKK 197.82
DKK 205.81
+4.0%
27.3%DKK 359.80DKK 124.98DKK 196.6622
Jan ’24DKK 204.33
DKK 194.04
-5.0%
29.1%DKK 360.08DKK 125.04DKK 215.2121
Dec ’23DKK 181.22
DKK 192.77
+6.4%
29.2%DKK 359.97DKK 124.83DKK 188.5621
Nov ’23DKK 148.99
DKK 191.15
+28.3%
28.7%DKK 360.38DKK 124.98DKK 153.7621

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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