Bernstein starts Nordex with 'market-perform' citing fair valuation, future growth questions

Vestas Wind Systems A/S

09/03/2026 09:11

** Bernstein starts coverage of wind turbine maker Nordex NDXG.DE with "market-perform", citing a "stellar turnaround" since 2024 and ambitious mid-term targets, but flags questions on future growth engine

** Bernstein says the current valuation fairly reflects Nordex's strong position in Europe with a competitive product set, growing services business and the margin expansion prospects

** Bernstein notes Nordex must find a new growth driver as incentives change and volumes at wind turbine auctions lower in Germany

** The broker is however sceptical over where growth comes from amid ongoing poor performance in U.S.

** It expects 11% EBITDA margin (vs 8.4% currently), about 8% top-line growth by 2030

** Denmark's Vestas VWS.CO remains the broker's preferred wind OEM

** Nordex shares slip about 3%

(Reporting by Danny Callaghan)

((danny.callaghan@thomsonreuters.com))