The Steppe Eagle OEIC Ltd on Vestas Wind Systems A/S
Thesis
Vestas is positioned as a long-duration wind-energy holding with global scale, a large project pipeline and a substantial service-contract backlog. The fund highlights improved profitability, record 2025 sales, a healthy balance sheet and adjusted free cash flow above EUR 1.5 billion. Its pessimistic model produced a fair-value range of EUR19-25, which the shares already reached in 2025, but the manager continues to hold because of the company's financial health and dominant market position. The intended holding period is several years. P(1) Harry Qelm Baabsman Steppe…
“Vestas is a long play, God willing, for several years if they continue keeping the financial health & dominant market position.”