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1. Company Snapshot

1.a. Company Description

Nordex SE, together with its subsidiaries, develops, manufactures, and distributes multi-megawatt onshore wind turbines worldwide.It operates through Projects and Services segments.The company provides project development services, as well as acquires rights and creates the infrastructure required to construct wind power systems at suitable locations.


It also offers maintenance and remote monitoring services for wind farms, as well as spare parts, and repair and technical enhancement services for existing turbines.The company was incorporated in 1985 and is headquartered in Hamburg, Germany.

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1.b. Last Insights on NDX1

Nordex SE's recent performance has been positively driven by several factors. The company raised its annual core income margin guidance, citing strong preliminary Q3 figures, and now expects an EBITDA margin of 7.5-8.5% for 2025. Additionally, Nordex secured wind turbine orders from wpd in Germany, including 6 N163/6.X turbines and 11 N149/5.X turbines. The company also forayed into Ecuador with a wind turbine order, with construction set to commence in October 2026. These developments have likely contributed to the company's upward momentum.

1.c. Company Highlights

2. Nordex's Q3 Earnings: A Strong Margin Expansion

Nordex delivered revenues of EUR 1.7 billion in Q3, in line with the same period last year, and an EBITDA margin of 8%, up from 4.3% in Q3 last year. The year-to-date EBITDA margin is 6.5%, with EUR 324 million in EBITDA. The EPS came in at EUR 0.22, below estimates of EUR 0.602. The company's solid financial performance was driven by operational progress, with project execution exceeding expectations and some contingencies not materializing. As José Luis Blanco noted, "the company's profitability is coming in better than anticipated at lower volume levels."

Publication Date: Nov -08

📋 Highlights
  • Upgraded 2025 EBITDA Margin Guidance: Nordex raised its full-year 2025 EBITDA margin target to 7.5–8.5%, driven by improved service margins (18–19%) and project execution efficiency.
  • Q3 EBITDA Performance: EBITDA margin reached 8% in Q3 2024 (vs. 4.3% in Q3 2023), with year-to-date EBITDA of EUR 324 million (6.5% margin) and EUR 1.7 billion in quarterly revenue.
  • Free Cash Flow Strength: Q3 free cash flow added EUR 298 million year-to-date, with EUR 550 million expected for 2024, leading to a projected net cash position of over EUR 1.5 billion (25% of market cap).
  • Service Segment Recovery: Service margins reached 18–19% in 2024, supported by stable supply chains, disciplined pricing, and recovery in project execution efficiency.
  • Profitability at Lower Volumes: CEO José Luis Blanco noted profitability exceeded expectations at current volume levels, though future performance may require higher project execution to sustain margins.

Operational Highlights

The service segment continued its recovery, contributing positively to overall margins. Stable supply chain conditions and disciplined pricing also supported the upgrade. Nordex has raised its EBITDA margin guidance to a range of 7.5% to 8.5% for 2025, citing strong service EBIT margins and solid project execution.

Valuation and Outlook

Analysts estimate next year's revenue growth at 9.4%. With a current P/E Ratio of 106.07 and an EV/EBITDA of 14.61, the market is pricing in a significant growth premium. The company's expected net cash position of over EUR 1.5 billion, which is 25% of the market cap, provides a solid foundation for future growth. The Free Cash Flow Yield is around 8.58%, indicating a decent return for investors.

Guidance and Risks

The company expects to maintain positive free cash flow generation in Q4, supported by increased activity levels and disciplined working capital management. However, the macroeconomic environment is still uncertain, and the company needs to be prepared for potential risks. The impact of delays in Turkiye on revenue is still being assessed, and the company is in discussions with key stakeholders.

Service Business and Order Intake

The service margins are expected to be around 18-19% for this year, and the company expects to continue progressing from there. The attachment rates for service contracts have improved, and the company believes this will continue, driven by European contracts that typically come with long-term service contracts. The company needs to see where Q4 order intake lands to give confidence in FY '26 margins.

3. NewsRoom

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Enefit Green to divest Finnish wind farm to TD Greystone Infrastructure Fund

Dec -03

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Synergy Green Industries Ltd (BOM:541929) Q2 2026 Earnings Call Highlights: Expansion and ...

Nov -26

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European Market: 3 Stocks That Could Be Trading Below Fair Value

Nov -06

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Nordex sees sharp rise in Q3 2025 profit

Nov -04

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[Latest] Global Bladeless Wind Turbines Market Size/Share Worth USD 166.1 Billion by 2034 at a 8.8% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth Rate, Value, SWOT Analysis)

Oct -30

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While institutions invested in Nordex SE (ETR:NDX1) benefited from last week's 18% gain, public companies stood to gain the most

Oct -30

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Nordex spikes after wind turbine maker lifts annual core income margin guidance

Oct -28

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Nordex Group Raises Its Outlook for Full Year 2025 EBITDA Margin Guidance Following Strong Preliminary Q3 Figures

Oct -27

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.20%)

6. Segments

Projects

Expected Growth: 4%

Nordex SE's 4% growth is driven by increasing demand for renewable energy, government incentives for wind power, and the company's strategic expansion into emerging markets. Additionally, Nordex's focus on research and development, cost reductions, and efficient project execution also contribute to its growth.

Service

Expected Growth: 6%

Nordex SE's 6% growth is driven by increasing demand for renewable energy, government incentives for wind power, and technological advancements in turbine efficiency. Additionally, the company's strategic expansion into emerging markets, such as Latin America and Asia, and its focus on service and maintenance contracts contribute to its growth momentum.

Consolidation

Expected Growth: 3%

Nordex SE's consolidation is driven by increasing demand for renewable energy, government incentives, and declining production costs. The company's expansion into emerging markets, strategic acquisitions, and innovative turbine designs have also contributed to its growth. Additionally, the trend towards wind-solar hybrid projects and corporate renewable power purchase agreements have fueled demand for Nordex's products and services.

Unallocated

Expected Growth: 2%

Nordex SE's unallocated segment growth is driven by increasing demand for wind turbines, favorable government policies and subsidies, and strategic expansion into high-growth markets. Additionally, the company's focus on research and development, cost reductions, and operational efficiencies also contribute to its growth.

7. Detailed Products

Wind Turbines

Nordex SE designs, manufactures, and installs wind turbines for onshore and offshore wind farms, with a focus on high efficiency and low maintenance costs.

N149/4.0-4.5 Turbine

A high-performance wind turbine with a rotor diameter of 149 meters, designed for medium to high wind speeds.

N133/4.8 Turbine

A high-performance wind turbine with a rotor diameter of 133 meters, designed for low to medium wind speeds.

Service and Maintenance

Nordex SE offers comprehensive service and maintenance packages for wind turbines, including predictive maintenance, repair, and spare parts supply.

Project Development

Nordex SE provides project development services, including site assessment, permitting, and construction management for wind farms.

8. Nordex SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Nordex SE is medium due to the presence of alternative energy sources such as solar and hydro power. However, wind energy remains a significant player in the renewable energy market.

Bargaining Power Of Customers

The bargaining power of customers is low for Nordex SE as the company primarily deals with large-scale industrial clients who have limited negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Nordex SE as the company relies on a few key suppliers for critical components. However, the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low for Nordex SE due to the high barriers to entry in the wind turbine manufacturing industry, including significant capital requirements and technical expertise.

Intensity Of Rivalry

The intensity of rivalry is high for Nordex SE due to the presence of several established players in the wind turbine manufacturing industry, including Vestas and Siemens Gamesa.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 25.51%
Debt Cost 12.63%
Equity Weight 74.49%
Equity Cost 12.63%
WACC 12.63%
Leverage 34.25%

11. Quality Control: Nordex SE passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Melrose

A-Score: 4.7/10

Value: 4.8

Growth: 2.1

Quality: 6.0

Yield: 2.5

Momentum: 8.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Beijer Ref

A-Score: 4.4/10

Value: 2.4

Growth: 8.7

Quality: 5.5

Yield: 1.2

Momentum: 3.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
FLSmidth

A-Score: 4.3/10

Value: 2.7

Growth: 2.7

Quality: 4.7

Yield: 2.5

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Interroll

A-Score: 4.0/10

Value: 2.0

Growth: 4.7

Quality: 7.4

Yield: 2.5

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Marel

A-Score: 3.9/10

Value: 3.2

Growth: 4.0

Quality: 2.2

Yield: 0.6

Momentum: 8.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Nordex

A-Score: 3.9/10

Value: 3.5

Growth: 5.1

Quality: 4.2

Yield: 0.0

Momentum: 9.0

Volatility: 1.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

25.92$

Current Price

25.92$

Potential

-0.00%

Expected Cash-Flows