Aktiesnakken — Oktober 2010

[collersteen]

JPM var rimelig OBS på cash flow i deres august analyse

[aktien]

AMA under 3 begynder at blive interessant

[collersteen]

så måske de så småt er på vej imod en holdningsændring ....

[Banker]

dejligt at være på systermen igen. hold op hvor skal man være hurtig hvis man skal handle i VWS

[mrBlack]

Focus on cash flow: We particularly focused on cash flow for Q3 given the
increasing discrepancy between cash and P&L earnings in H1 2010.

[mrBlack]

Earnings quality had deteriorated in H1 2010 as losses on cash basis were
substantially higher than in the P&L. Overall, free cash flow fro

[knoxville]

Er folk gået ind i VWS idag?

[mrBlack]

from operations
for Q3 was €180mn compared to our estimate of a €86mn outflow.

[mrBlack]

Net
working capital stood at 25% of sales vs. our estimate of 15% with the better
'

[mrBlack]

cash flow driven by higher earnings and a partial closure of the unexplained
gap between earnings and cash in H1

[mrBlack]

yep - konsensus skal ned på sales, EBIT

[mrBlack]

men frygten for en kapital udvidelse kan fordampe

[mrBlack]

Q3
saw a reversal of that and a normalization of SG&A costs which spiked in
Q2. The high level of capitalization of R&D costs continued.

[knoxville]

anmik, er du ude igen?

[mrBlack]

analytikeren kommer dog ikke med nogen klar anbefaling i hans rapport...lol

[anmik]

Har bestemt mig for, hvad jeg tror på og vil focuserer på .. Vestas har øget markedsandele .. kommer ud med ok tal (i en tid hvor flere

[anmik]

konkurrenter har det virkelig svært ) og de er præsente i alle de vigtige lande ..

[mrBlack]

citi: We see some positives in the Vestas results, in the stronger
quarter and the capacity reduction actions.

[mrBlack]

However, we still see consensus
downgrades to 2011E as likely and the valuation on a P/E of c27x 10E remains

[mrBlack]

aggressive for a company where the growth rate is reducing versus history. We
retain our Sell rating and our Target Price DKr175.