Nordex is a holding company. Co. is a supplier of multimegawatt onshore wind turbines for locations characterised by strong, medium and light wind conditions. Co. focuses on developing and producing the entire system including the control software as well as the main core components and on providing related services. This mainly refers to the sale of wind power systems and, in selected markets, the upstream wind farm project development and sale of turnkey solutions. In addition, Co. assembles wind turbines and provides the necessary after-sales service. Co.'s finance department also supports customers to raise project finance via national and international commercial banks.
  • TickerNDX1
  • ISINDE000A0D6554
  • SectorAlternative Energy
  • CountryGermany

Analysts

Markus Schmitt

NORDEX SE : Short-term wind industry fundamentals are set to improve, but Nordex is not a Buy yet

>Strengths / Opportunities - Assumingly strong wind installations in 2019 and 2020 could boost revenues. Nordex could take advantage of the environment to refinance the € 275m senior unsecured notes (optional redemption at 103.250% by Feb 2020).Growing, recurring and long-contract service segment (c.15% of revenues in 9M 18) that represents the juicy (razor blade) part of the business (current renewal rate: c.80%).Management's intention to preserve strong on...

Markus Schmitt

NORDEX SE : Short-term wind industry fundamentals are set to improve, but Nordex is not a Buy yet

>Strengths / Opportunities - Assumingly strong wind installations in 2019 and 2020 could boost revenues. Nordex could take advantage of the environment to refinance the € 275m senior unsecured notes (optional redemption at 103.250% by Feb 2020).Growing, recurring and long-contract service segment (c.15% of revenues in 9M 18) that represents the juicy (razor blade) part of the business (current renewal rate: c.80%).Management's intention to preserve strong on...

Nordex SE: Covenant Quality Post-Sale Snapshot: EUR275m 6.5% Senior Notes due 2023

Nordex SE’s covenant package provides lower-tier good protection (2.45).

Nordex SE: LGD Assessment

Loss Given Default (LGD) assessment following the issuance of the €275 million senior unsecured notes.

Nordex SE: New Issuer - Nordex

A detailed rationale for Nordex' new B3 stable rating, highlighting the weak operating performance expected for 2018.

Anis Zgaya ...
  • Khaled Ben Amor

NORDEX SE : Feedback from road show: a broadly confident message

>Three main topics - Yesterday we organised a road show in Paris with the head of investor relations at Nordex. The main questions to emerge from the different meetings that we attended concerned: 1/ the degree of management's confidence in 2019 guidance given the strong rebound that will be required in Q4 if targets are to be achieved; 2/ visibility on the next two years and 3/ Nordex’s current competitive positioning in a changing sector environment. §hp...

Anis Zgaya ...
  • Khaled Ben Amor

NORDEX SE : Feedback roadshow: discours globalement confiant

>Trois sujets qui ressortent - Nous avons organisé hier à Paris un roadshow avec le responsable investisseur de Nordex. Les principales questions qui sont ressorties des différentes réunions auxquelles nous avons assisté concernent : 1/ le degré de confiance de la société sur sa guidance 2019 compte tenu du fort rebond nécessaire au T4 pour l’atteindre ; 2/ la visibilité sur les 2 prochaines années et 3/ la position concurrentielle actuelle de Nordex dans un context...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior