1、Valuation ReportVestas Wind System A/S Ted Stern ‐366088 Marcelo Carvajal Monge ‐366052 Othon Gonzalez Curiel ‐366064 Susan Chih‐Hsin Chang ‐366275HIGHLIGHTS...........................................................................................................................................
2、.2INTRODUCTION AND OVERVIEW.....................................................................................................3BUSINESS ANALYSIS..............................................................................................................................4MARKET LEADER IN “SUPER
3、‐LARGE”TURBINES,DISPLAYING SCALE AND WIND ECONOMICS................5EXCESS CAPACITY REMAINS,ORDER FLOW VOLATILITY,AND REVENUE RECOGNITION MISMATCHES..6SERVICE BUSINESS ENJOYING WIDER MARGINS,MOVING OFFSHORE,AND ABIT OF LUCK......................8POTENTIALLY CRIPPLING DOWNSIDE RISKS REMAIN,LOWER
4、PRICES AND NEGATIVE RENTS................9MARKET ANALYSIS.............................................................................................................................10INDUSTRIAL COMPETITIVE ANALYSIS –PORTERIAN ANALYSIS (5FORCES).............................................11The
5、Bargaining Power of Customers: Medium.....................................................................................11The Bargaining Power of Suppliers: Low................................................................................................12The Threat of New Entrants: Very low
6、.....................................................................................................12The Threat of Substitute Products: Very High......................................................................................12Intensity of Rivalry: High...................................
7、.............................................................................................12FUTURE OF THE MARKET.............................................................................................................
