Inspired by the Global Wind Report of the Global Wind Energy Council (GWEC), we are now researching the valuation and financial situation of companies being active in this high growth segment. We have initiated our clean-tech company modeling with Nordex AG: Valuation is more or less in line with expectations. Click here for the actual stock quote.

Profile
Nordex AG is a manufacturer of wind turbines, with plants in Rostock, Germany, Yinchuan and Dongying, PR China and soon in Jonesboro, Arkansa, USA.
The company was founded in Denmark in 1985, listed in 2001 and is a TechDax member.
The Nordex wind turbines can be found all over the world and contribute to the creation of renewable energy.

Short term
Nordex AG has commented its fiscal year 2009 guidance. Assuming that sales volumes as a whole remain flat across the entire industry, Nordex AG still anticipates an increase in its own sales to approximately EUR 1.2 billion for the fiscal year 2009, although profitability is likely to be weaker than in the previous fiscal year 2008. As a result of higher business volume, the Company’s Management Board expects higher earnings in the second half of fiscal year 2009, compared with the first half of fiscal year 2009. The working capital ratio is expected to decline to around 15% thanks to reduced inventories by the end of the year 2009.

Longer term
A +15% long term CAGR might proof to be a floor instead of a ceiling for Nordex. The disappointing growth of the year 2009 is being seen as an accident: the US and now China will boost market growth (double digit) up to 2020-2030. Nordex AG has structurally outperformed market growth in the past.


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