Kevin Wilde April 20, 2018

Vestas Wind Systems A/S (OCSE:VWS)

Opportunity Summary: Vestas holds the top position among wind turbine manufacturers. The industry has attractive economics (high ROIC) and long-term growth prospects; wind as an energy source has crossed the threshold of being able to compete with fossil fuels without the aid of subsidies. Vestas (>16% market share in cumulative capacity & new builds), Siemens Gamesa (~15% market share), and GE (~12% market share) are the dominant players.  Due to scale advantages and cost cutting initiatives started in 2011, Vestas has the best EBIT margin...

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