Nordex SE

: equity valuation

Abstract

After a thorough analysis of both the company and the wind turbine manufacturing industry, Nordex share price was valued at €37.64 with an upside of 14.9%. As of December 31st, 2015, Nordex share price was trading at €32.75 and so, the outcome of this dissertation is a Buy recommendation. The valuation is based on three different valuation models: DCF model, EVA model and Multiples. The DCF model resulted in a share price of €41.61, which compared with the Nordex share price as of December 31st, 2015 means an upside of 27.1%. EVA model yielded a share price of €34.56 with an upside of 5.5% and Multiples, based on Gamesa and Vestas financials, resulted in a share price of €35.43, with an upside of 8.2%. Finally, the results from the valuation were compared with Citi Group and Société Générale’s equity researches. Both have issued a Bue reccomendation as the outcome of this dissertation.

Date of Award	19 May 2016
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)