This year’s overall order intake has not been great for wind turbine manufacturer Vestas, but it’s likely to end better than what appeared to be the case a few months back, assesses investment economist at Nordnet Per Hansen.

In the ongoing quarter, Vestas has so far announced orders of 2,844MW, bringing 2022’s total orders up to 9,840MW. In addition comes non-announced orders.

”Over the last weeks, Vestas has steadily delivered orders making it realistic that the year’s overall announced order intake could land at almost 11GW,” Hansen writes, adding:

”This could be a good starting point for the stock in 2023; also even though the latest share price incline has resulted from a series of late-year orders.”

The economist points out that Vestas in spite of three downward adjustments has had a reasonable year on the stock exchange with an increase of almost 2% compared to an overall OMX Copenhagen 25 decline of nearly 13%.

”This is due to a combination of several factors. In recent quarters, Vestas has consistently announced that order intakes have been made at increasing prices. This has been reflected in the order value, which Vestas has highlighted as well,” writes Hansen.

The promising fundamentals for 2023 also build on prospects of falling raw material prices and cheaper logistics costs as well as opportunities within offshore wind where Vestas’ 15MW wind turbine has been selected for a major South Korean project, says Hansen.

On Friday, 2022’s last trading day, focus will be at Vestas. The manufacturer is – as mentioned – heading towards its lowest order intake in years despite a strong race to the year’s finish line.

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