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Nordex SE (ETR:NDX1) just released its first-quarter report and things are looking bullish. It was overall a positive result, with revenues beating expectations by 6.0% to hit €1.6b. Nordex also reported a statutory profit of €0.22, which was an impressive 35% above what the analysts had forecast. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.
We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.XTRA:NDX1 Earnings and Revenue Growth April 30th 2026
Following the latest results, Nordex's 14 analysts are now forecasting revenues of €8.68b in 2026. This would be a solid 13% improvement in revenue compared to the last 12 months. Per-share earnings are expected to leap 43% to €1.94. In the lead-up to this report, the analysts had been modelling revenues of €8.65b and earnings per share (EPS) of €1.85 in 2026. So the consensus seems to have become somewhat more optimistic on Nordex's earnings potential following these results.
View our latest analysis for Nordex
There's been no major changes to the consensus price target of €45.70, suggesting that the improved earnings per share outlook is not enough to have a long-term positive impact on the stock's valuation. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. Currently, the most bullish analyst values Nordex at €59.00 per share, while the most bearish prices it at €15.80. This is a fairly broad spread of estimates, suggesting that analysts are forecasting a wide range of possible outcomes for the business.
Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. The analysts are definitely expecting Nordex's growth to accelerate, with the forecast 17% annualised growth to the end of 2026 ranking favourably alongside historical growth of 9.2% per annum over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 11% per year. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Nordex to grow faster than the wider industry.
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The Bottom Line
The biggest takeaway for us is the consensus earnings per share upgrade, which suggests a clear improvement in sentiment around Nordex's earnings potential next year. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target held steady at €45.70, with the latest estimates not enough to have an impact on their price targets.
Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have estimates - from multiple Nordex analysts - going out to 2028, and you can see them free on our platform here.
You can also see our analysis of Nordex's Board and CEO remuneration and experience, and whether company insiders have been buying stock.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
This article first appeared on GuruFocus.
Total Revenue: EUR1.6 billion, 11% growth year-on-year. Project Revenue: 87% of total revenue, 11% growth year-on-year. Service Revenue: EUR218 million, 14% of total revenue, 11% growth year-on-year. EBITDA Margin: 8.2%, improved from 5.5% year-on-year. Net Profit: EUR54 million, up from EUR38 million in Q1 2025. Cash Position: EUR1.8 billion at the end of Q1 2026. Working Capital: Normalized to around minus 9%. Gross Margin: 29.4%, up from 27.3% in Q1 2025. Order Intake: EUR1.7 billion, 1.9 gigawatts. Service EBIT Margin: 19.2%. Free Cash Flow: Negative EUR98 million for Q1 2026. CapEx: EUR27 million in Q1 2026.
Warning! GuruFocus has detected 8 Warning Sign with NRDXF. Is NRDXF fairly valued? Test your thesis with our free DCF calculator.
Release Date: April 27, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Nordex SE (NRDXF) reported an 11% year-on-year revenue growth, reaching EUR1.6 billion in Q1 2026. The company achieved an EBITDA margin of 8.2%, a significant improvement from 5.5% in the previous year. Nordex SE (NRDXF) maintained a strong cash position with EUR1.8 billion at the end of the first quarter. Service revenue increased by 11% year-on-year, with the service EBIT margin improving to 19.2%. The order book remains robust, with a combined value close to EUR17 billion, supporting planning visibility and reflecting the expansion of the installed base.
Negative Points
Project order intake was slightly down year-on-year, amounting to 1.9 gigawatts, due to a strong comparison base from the previous year. Free cash flow was negative at minus EUR98 million in the first quarter. There are concerns about potential supply chain disruptions and cost inflation impacting future margins, particularly in 2027. The company faces challenges in maintaining pricing power amidst declining auction prices in key markets like Germany. Nordex SE (NRDXF) is cautious about geopolitical developments potentially affecting market stability and supply chain security.
Q & A Highlights
Q: Despite a low revenue quarter, Nordex SE delivered a significant increase in margins. Can you explain how the margin profile will evolve over the year? A: Jose Luis Blanco, CFO, explained that the first quarter's margin improvement was due to project business dynamics and service margin contributions. The company expects operational leverage to increase in future quarters, potentially leading to further margin improvements, assuming geopolitical stability.
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Q: How might the EU Industrial Accelerator Act affect Nordex SE's portfolio? A: Jose Luis Blanco, CFO, stated that the Act is a positive policy direction, aiming to remove roadblocks and accelerate demand growth. It emphasizes the critical role of the renewable sector in energy resilience and autonomy, particularly in Europe.
Q: What impact could the Middle Eastern conflict have on Nordex SE's operations? A: Jose Luis Blanco, CFO, noted that while the conflict has had some impact, the main concern is the security of supply. Prolonged disruptions could affect supply chains and potentially lead to inflationary pressures in 2027, but the company is currently managing these risks.
Q: Can you comment on the sustainability of order intake for the remainder of the year? A: Jose Luis Blanco, CFO, expressed confidence in the order intake trajectory, noting stable performance across regions. While there are challenges in the Nordics due to low electricity prices, these are expected to be offset by increased volumes in other regions.
Q: How does Nordex SE view the transition to contracts for difference in Germany, and its impact on auction volumes? A: Jose Luis Blanco, CFO, advised policymakers to ensure changes do not delay volumes, as the sector is crucial for affordability and resilience. He emphasized the importance of maintaining stable volumes to meet energy transition targets.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Here’s a summary of the text, followed by the German translation:
**Summary (600 words max)**
Innergex Renewable Energy Inc. and EOLFI have successfully commissioned the La Cense wind farm in Saint-André-Farivillers, France, marking a significant expansion of Innergex’s presence in the Hauts-de-France region. The 13.2 MW facility, equipped with four Nordex N117 wind turbines, represents a key element in Innergex’s strategy of building sustainable assets with strong local community ties.
The La Cense project’s development, initially spearheaded by EOLFI, demonstrates Innergex’s expertise and commitment to responsible energy development. The project’s success is underscored by a robust community investment campaign, raising over €2.6 million through bonds offering a 7.25% interest rate. This initiative involved residents of the Oise department and neighboring areas, reflecting a genuine commitment to local engagement.
The wind farm’s annual electricity generation is projected to reach approximately 33,000 MWh, effectively avoiding an estimated 1,425 tonnes of CO₂ emissions annually. This contributes directly to France’s broader national goals for energy transition and emissions reduction. The 20-year power purchase agreement provides long-term revenue security for the project.
Construction, which began in February 2025, utilized a mix of contractors, with a notable emphasis on local firms for civil works, highlighting Innergex and EOLFI’s dedication to supporting regional economic activity. The project’s proximity to other Innergex assets, including the Bois des Cholletz wind farm, suggests the potential for significant operational synergies.
Innergex’s strategy in France has been steadily building strength, with the company now owning 17 wind farms across the country totaling 337 MW. Furthermore, a partnership with Crédit Agricole has been established since 2023, solidifying its position within the French renewable energy market. The company operates a large portfolio of renewable assets globally, encompassing hydroelectric, wind, solar, and energy storage facilities, with a current total installed capacity of approximately 3,592 MW, and a significant pipeline of projects under development representing over 11,859 MW.
The success of La Cense is attributed to the leadership of key figures, including Jean Trudel (President & CEO of Innergex), Guillaume Jumel (VP & Managing Director – France), and Youssef El Hayani-Taïb (Head of Wind Development at EOLFI), who emphasized the importance of collaborative development and community support. Looking ahead, Innergex’s ambitions extend beyond the current project, with ongoing development initiatives and partnerships poised to further bolster its renewable energy portfolio. The company’s core belief remains centered on the vital role of renewable energy in fostering healthier communities and promoting shared prosperity.
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**German Translation (approx. 600 words)**
**LYON, Frankreich, 2. April 2026 /CNW/ –** Innergex Renewable Energy Inc. (“Innergex”) und EOLFI freuen sich, die vollständige Inbetriebnahme der Windanlage La Cense bekannt zu geben, die sich in der Gemeinde Saint-André-Farivillers, etwa 25 km nordöstlich von Beauvais im Département Oise (60) in Frankreich befindet. Die Anlage ist mit vier Nordex N117-Windturbinen ausgestattet, von denen jede eine Leistung von 3,3 MW hat, für eine Gesamtleistung von 13,2 MW. (Innergex Logo (CNW Group/Innergex Renewable Energy Inc.))
„Die Windanlage La Cense ist voll und ganz auf Innergex' Entwicklungsstrategie in Frankreich abgestimmt, die sich auf den Aufbau eines Portfolios von leistungsstarken, nachhaltigen Anlagen konzentriert, die fest in lokalen Gemeinschaften verwurzelt sind. Dieses Projekt ergänzt unsere bestehenden Aktivitäten, stärkt unsere Präsenz in der Region Hauts-de-France und schafft Synergien mit unseren anderen Anlagen in der Umgebung“, sagte Jean Trudel, Präsident und Geschäftsführer von Innergex.
„Wir sind besonders stolz auf den Erfolg der Gemeinschaftsinvestitionsinitiative für das Projekt La Cense, die einen starken lokalen Rückhalt und Engagement widerspiegelt. Auch die Inbetriebnahme unterstreicht den Dynamik unserer Team und die Stärke unseres fortschrittlichen Entwicklungsportfolios in Frankreich, insbesondere im Bereich Wind- und Agrivoltaikprojekte. Jeder neue Projekt stärkt unsere Fähigkeit, effizient voranzukommen und dabei eng mit lokalen Interessengruppen zusammenzuarbeiten“, sagte Guillaume Jumel, Vice President und Managing Director – France bei Innergex.
„Nach fast zehn Jahren unserer ersten Gespräche mit lokalen gewählten Beamten ist es äußerst lohnend zu sehen, dass dieses Projekt, ursprünglich von EOLFI entwickelt und ein starkes Beispiel für unsere Entwicklungsstärke, zum Leben erweckt wird, mit Turbinen, die jetzt laufen. Wir freuen uns sehr über die mit Innergex etablierte Zusammenarbeit“, sagte Youssef El Hayani-Taïb, Head of Wind Development bei EOLFI und der ursprüngliche Projektleiter.
Jährlich wird die Windanlage La Cense etwa 33.000 MWh sauberen Strom erzeugen, was einer geschätzten Reduzierung von 1.425 Tonnen CO₂-Emissionen pro Jahr entspricht und zum Energieübergang und den Emissionsreduktionszielen Frankreichs beiträgt.
Projekt teilweise durch lokale Gemeinschaften finanziert, um die Beteiligung der lokalen Bevölkerung zu fördern, wurde eine Gemeinschafts-Investitionskampagne Ende 2025 für die Bewohner des Départements Oise und der umliegenden Gebiete (Aisne, Somme, Seine-Maritime, Eure, Seine-et-Marne, Val-d'Oise) gestartet. Die Initiative erzielte über 2,6 Millionen Euro durch den Verkauf von Bonds mit einem Zinssatz von 7,25 %, was die zuvor erhaltene Bankfinanzierung ergänzte.
Der Bau begann im Februar 2025 und umfasste mehrere Auftragnehmer, darunter lokale Unternehmen, insbesondere für die Bauarbeiten. Dies spiegelt das Engagement von Innergex und EOLFI wider, die wirtschaftliche Aktivität dort zu unterstützen, wo immer sie tätig sind.
Das Projekt profitiert von einer 20-jährigen Stromabnahmevereinbarung, die langfristige Umsatzsicherheit bietet. Es stärkt darüber hinaus die Präsenz von Innergex in der Region Hauts-de-France und beinhaltet erwartete Synergien mit Anlagen in der Umgebung, einschließlich der Windanlage Bois des Cholletz in Conchy-les-Pots (60) sowie anderen Projekten, die derzeit in der Gegend entwickelt werden.
Über Innergex Renewable Energy Inc. Innergex glaubt seit mehr als 35 Jahren an eine Welt, in der reichlich erneuerbare Energie gesündere Gemeinschaften fördert und gemeinsamen Wohlstand schafft. Als unabhängiger Energieproduzent entwickelt, erwirbt, betreibt und betreibt Innergex Wasserkraftwerke, Windparks, Solarparks und Energiespeicheranlagen. Innergex ist überzeugt, dass die Erzeugung von Strom aus erneuerbaren Quellen den Weg zu einer besseren Welt weisen wird. Innergex betreibt in Kanada, den Vereinigten Staaten, Frankreich und Chile und verwaltet ein großes Portfolio hochwertiger Vermögenswerte, das derzeit 90 betreibt Anlagen mit einer gesamten Nettoleistung von 3.592 MW (brutto 4.424 MW, einschließlich 42 Wasserkraftanlagen, 37 Windanlagen, 8 Solaranlagen und 3 Batterie-Energiespeicheranlagen. Innergex hält auch Interessen an 18 Projekten unter Entwicklung mit einer Bruttoleistung von 1.959 MW, von denen 6 bereits in der Bauphase sind, sowie an Projekten in verschiedenen Entwicklungsstadien mit einer Gesamtbruttoleistung von 11.859 MW.
In Frankreich besitzt Innergex 17 Windparks mit einer Gesamtleistung von 337 MW. Seit 2023 arbeitet Innergex France mit Crédit Agricole zusammen.
Um mehr zu erfahren, besuchen Sie innergex.com oder verbinden Sie sich mit uns auf LinkedIn.
Über EOLFI EOLFI hat sich seit über 20 Jahren auf die Entwicklung von Onshore-Wind- und Solarphotovoltaik-Projekten für erneuerbare Energien spezialisiert. Als fühler französischer unabhängiger Energieproduzent (IPP) basiert EOLFI auf einem Team von mehr als 25 Fachleuten, die sich der Förderung des Energieübergangs auf eine verantwortungsvolle und nachhaltige Weise verschrieben haben. Das Unternehmen hat 164 MW Solarprojekte und 600 MW Onshore-Windprojekte entwickelt, die derzeit in Frankreich in Betrieb sind. Sein aktuelles Entwicklungsportfolio umfasst 800 MW in verschiedenen Stadien von Wind- und Solarprojekten. Cision |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide.
If you are wondering whether Nordex's share price still offers value after a strong run, this article walks through what the current market price might imply about the company. The stock recently closed at €43.66, with a 44.3% year to date return and a 206.8% return over the last year, while also showing a 1.4% decline over the past 7 days and a 1.3% return over the last 30 days. Recent coverage has focused on Nordex within broader discussions of renewable energy equipment makers and investor interest in companies tied to energy transition themes. In this context, attention has remained on how market sentiment and risk appetite can influence shorter term price swings for the stock. Despite these moves, Nordex has a valuation score of 1 out of 6. The next section will walk through the standard valuation approaches investors often use, before turning to a more holistic way to think about what the current price might mean.
Nordex scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.
Approach 1: Nordex Discounted Cash Flow (DCF) Analysis
A Discounted Cash Flow, or DCF, model projects the cash Nordex is expected to generate in the future and discounts those amounts back to today to estimate what the whole business might be worth in € right now.
For Nordex, the model uses a 2 Stage Free Cash Flow to Equity approach. The latest twelve month free cash flow is about €850.21 million. Analysts and subsequent extrapolations feed into ten year projections, with free cash flow for 2030 projected at €663 million, and intermediate years such as 2026 and 2027 at €351.93 million and €470.10 million respectively, all in € and expressed in millions.
After discounting these projected cash flows, the model arrives at an estimated intrinsic value of €46.83 per share. Compared with the recent share price of €43.66, this points to a 6.8% implied discount, so the DCF output suggests Nordex is trading close to what the cash flow projections support.
Result: ABOUT RIGHT
Nordex is fairly valued according to our Discounted Cash Flow (DCF), but this can change at a moment's notice. Track the value in your watchlist or portfolio and be alerted on when to act.NDX1 Discounted Cash Flow as at Mar 2026
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Nordex.
Approach 2: Nordex Price vs Earnings
For profitable companies, the P/E ratio is a useful shorthand for what investors are currently willing to pay for each € of earnings, so it helps you quickly compare Nordex with other stocks that also generate positive profits.
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What counts as a “normal” P/E depends on how fast earnings are expected to grow and how risky those earnings might be. Higher growth and lower perceived risk usually line up with higher P/E ratios, while slower growth or higher risk tend to be reflected in lower multiples.
Nordex currently trades on a P/E of 37.61x. This is very close to the peer average of 37.51x and higher than the Electrical industry average of 29.94x. Simply Wall St’s Fair Ratio for Nordex is 33.61x, which is its proprietary estimate of what the P/E could be given factors such as earnings growth profile, profit margins, industry, market cap and company specific risks.
The Fair Ratio can be more useful than a simple peer or industry comparison because it adjusts for Nordex’s own characteristics rather than assuming that all companies should share the same multiple. With Nordex trading at 37.61x versus a Fair Ratio of 33.61x, the share price screens as somewhat expensive on this metric.
Result: OVERVALUEDXTRA:NDX1 P/E Ratio as at Mar 2026
P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 97 top founder-led companies.
Upgrade Your Decision Making: Choose your Nordex Narrative
Earlier it was mentioned that there is an even better way to understand valuation, so Narratives take the numbers you have just seen and let you attach a clear story to them, linking Nordex’s business drivers to a forecast for revenue, earnings and margins, then translating that into a Fair Value that you can set against today’s price.
On Simply Wall St’s Community page, Narratives are an easy tool that lets you say what you think is realistic for Nordex. For example, one investor might align with a higher Fair Value such as €58.0 based on stronger growth and margins, while another might lean toward a lower view like €18.87 that reflects more execution risk. The platform keeps these stories updated as new news, guidance or earnings arrive so you can always see whether your Fair Value still supports buying, holding or selling at the current market price.
For Nordex however we will make it really easy for you with previews of two leading Nordex Narratives:
🐂 Nordex Bull Case
Fair Value in this bullish narrative: €58.00
Implied discount versus the recent €43.66 share price: about 24.7%.
Assumed revenue growth rate: 14.15%.
Assumes stronger long term earnings power, with higher revenue growth and wider profit margins than consensus analyst expectations. Leans on long dated contracts, recurring service revenues and higher margin potential to support a higher fair value anchor. Requires confidence that Nordex can deliver on firmer profitability targets while maintaining growth and controlling financial and execution risks.
🐻 Nordex Bear Case
Fair Value in this more cautious narrative: €38.25
Implied premium versus the recent €43.66 share price: about 14.2%.
Assumed revenue growth rate: 9.20%.
Builds in solid earnings improvement but tempers expectations with execution uncertainty and dependence on core European markets. Factors in ongoing competitive pressure, policy risk and legacy cost issues that could weigh on margins and cash flow. Anchors fair value closer to the analysts’ consensus range, suggesting the current share price already reflects a good portion of the optimism in the story.
If you want to see how other investors are combining these views with their own assumptions about growth, margins and risk, you can review the full set of community Narratives and then decide which version of the Nordex story best fits your approach.
Do you think there's more to the story for Nordex? Head over to our Community to see what others are saying!XTRA:NDX1 1-Year Stock Price Chart
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include NDX1.DE.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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