| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 30.29 | -10 |
| Intrinsic value (DCF) | 7.98 | -76 |
| Graham-Dodd Method | 2.14 | -94 |
| Graham Formula | 0.78 | -98 |
Nordex SE is a leading global player in the onshore wind turbine industry, specializing in the development, manufacturing, and distribution of multi-megawatt wind turbines. Headquartered in Hamburg, Germany, Nordex operates through two key segments: Projects and Services. The Projects segment focuses on acquiring rights and developing infrastructure for wind power systems, while the Services segment provides maintenance, remote monitoring, spare parts, and technical enhancements for existing wind farms. Founded in 1985, Nordex has established itself as a key contributor to the renewable energy sector, aligning with global decarbonization efforts. The company's strong presence in Europe, the Americas, and emerging markets positions it well to capitalize on the growing demand for sustainable energy solutions. With a market capitalization of approximately €4.13 billion, Nordex plays a critical role in the industrial machinery sector, driving innovation in wind energy technology.
Nordex SE presents a compelling investment opportunity in the renewable energy sector, benefiting from global tailwinds supporting wind energy adoption. The company's diversified revenue streams—spanning turbine sales, project development, and maintenance services—provide stability. However, investors should note the inherent risks, including high beta (1.75), indicating volatility relative to the market, and thin net margins (€8.8 million net income on €7.3 billion revenue). Positive operating cash flow (€429.8 million) and a solid cash position (€1.15 billion) suggest financial resilience, but capital-intensive operations and competitive pressures could weigh on profitability. The lack of dividends may deter income-focused investors, but growth-oriented portfolios may find Nordex attractive given its role in the energy transition.
Nordex SE competes in the highly competitive onshore wind turbine market, where scale, technological innovation, and cost efficiency are critical. The company differentiates itself through its focus on multi-megawatt turbines, which cater to utility-scale projects, and its strong service segment that ensures recurring revenue. However, Nordex faces intense competition from larger players like Vestas and Siemens Gamesa, which benefit from greater R&D budgets and global supply chains. Nordex's competitive advantage lies in its agility and specialization in onshore wind, avoiding the complexities of offshore projects that some rivals pursue. Its geographic diversification helps mitigate regional demand fluctuations, but reliance on government subsidies and policy support remains a vulnerability. The company's ability to maintain profitability amid rising input costs and supply chain disruptions will be crucial in sustaining its market position.