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Vestas Jumps Most in 2 Months on Cash Outlook: Copenhagen Mover

Vestas Wind Systems A/S gained the most in two months after it signed new turbine contracts, alleviating concerns that the company may need to resort to an equity sale to generate cash.

Vestas gained as much as 11 percent, the most since Feb. 7, with trading volume at 79 percent of its three-month average. The stock was the best performer in Copenhagen’s benchmark index and traded up 8.2 percent at 45.40 kroner at 11:47 a.m. in the Danish capital. The OMX Copenhagen 20 index was up 0.9 percent.

“This is clearly positive as the share has been taking a beating in the past two weeks owing to weak order intake,” Patrik Setterberg, an analyst at Nordea Equity Research, wrote in a note to clients. “We suggest that free cash flow generation will improve decently in 2013, easing the capital injection fear.”

Vestas has lost money for two years as overcapacity in the wind turbine industry pushed down prices. Before today’s announcement, the company had signed contracts for a total of 271 megawatts year-to-date. It said today it signed a contract for 166 wind turbines with a total capacity of 299 MW to be installed in Canada.

Vestas had dropped 12 percent from March 22 until Friday’s close, according to Bloomberg data. In February, it reduced its shipments forecast for 2013 to an interval of 4 gigawatts to 5 gigawatts of turbines, from previous guidance of about 5 gigawatts.

The company also announced today three contracts totaling about 100 MW in Scandinavia for variations of a new 3.3 MW turbine model.

The turbine may prove attractive to wind farm developers looking to replace older machines, Setterberg said.

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