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Nordex - How Fast Can It Grow?
Nordex is growing faster than the industry average. With new production facilities planed for China and the US it expects a high growth rate to continue.
Nordex, the world’s sixth-largest wind turbine manufacturers (according to Merrill Lynch figures), was founded in Denmark in 1985, but subsequently relocated to Germany, and it is listed on the Frankfurt Stock Exchange. It has production facilities in Germany and China. In October 2007 more than 3,100 Nordex wind turbines with a total output of nearly 3,540 megawatts were operating in 34 countries. The private equity form CMP Capital Management owns 25.6% of Nordex’s equity, and Goldman Sachs 16.7%
Latest Business Results (September 2007, Third Quarter)
In an excellent result the company reported sales of EUR 493 million in the nine months to September 2007, up 32% from the previous year, with EBIT up more than 90% to EUR 23.3 million and EPS surging from EUR 0.10 to EUR 0.32. The company benefited from strongly growing demand in key markets as well as the higher prices it was able to charge. New orders of EUR 823 million – 85% from Europe, the remainder from China - were up 60%, and at September 2007 the company’s order book was worth $2.5 billion.
Outlook
Such is the strength of its order book that Nordex sees itself working at full capacity at least until the second half of 2009, with a medium-term forecast of growth in sales of around 50% per year – compared to an industry average estimated at about 17% - and an expansion in its profit margins. One factor is its strength in the 2-to-3-megawatt turbine sector, where demand is high. Longer term, it is forecasting that sales will reach EUR 2.5-4 billion in 2011, although a drawback is that the pace of growth is such that the company has been suffering from some capacity constraints. It has a particular target of the high-growth markets of China and the US. In November 2007 it returned to the US market with a contract to supply 60 wind power systems to BP Alternative Energy North America, and it plans to launch its own American production facilities from 2009. It plans to spend EUR 50 million to boost its Chinese production capacity from 225 megawatts to 800 megawatts, by 2011, with the aim of expanding its market share in China from 3% to 15%.
January 3rd, 2008
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