This time, a gross amount of 212 million euros is to flow into the cash register through a capital increase with subscription rights, as the company announced on Sunday evening in Hamburg. Most recently, two weeks ago, Nordex announced a private placement with its major Spanish shareholder Acciona, which should bring in a good 139 million euros gross. The news was initially badly received on the financial market.
In pre-market trading on the Tradegate platform on Monday morning, the Nordex share lost around seven percent in value compared to the XETRA closing price on Friday. In official XETRA trading, things initially went downhill, but are now up 1.19 percent to EUR 9.01.
According to the announcement on Sunday, the subscription price for the new shares was set at EUR 5.90. On Friday, Nordex shares closed the main Xetra trading at EUR 8.90. Nordex shareholders could new shares for every 49 existing shares at the subscription price, it said.
Acciona will exercise the subscription rights for its current share in the share capital of 39.66 percent, it said. Shares for which the subscription rights were not exercised as part of the subscription rights offer would be fully subscribed to by a banking consortium. The reference period runs from July 13th to 26th.
Industry expert Constantin Hesse from the analysis firm Jefferies is sticking to his price target of EUR 16 despite the renewed price slide and continues to recommend buying the share. The second capital increase within two weeks makes him less confident that the company can reach the upper end of its target range for 2022. However, the importance of cash holdings in the wind power industry is particularly important. The analyst remains optimistic about the company’s prospects, especially in Europe. The major US bank Citigroup, on the other hand, lowered its price target for the share from 10 to 9 euros.
According to Nordex, the capital increase with subscription rights intends to strengthen its capital structure by increasing the equity ratio. The increased liquidity protects against short-term industry-specific risks in the currently volatile market environment for the wind energy sector.
Nordex started the new year with heavy losses. When presenting the figures, the company cited the costs for the realignment of rotor blade production, lower installation performance and increased raw material and logistics costs as reasons. Other wind turbine manufacturers such as Vestas and Siemens Gamesa are also cautious about the current year due to rising costs and supply chain disruptions.
Nordex had postponed the presentation of its quarterly results to mid-June due to a cyber security incident and was kicked out of the SDAX small-cap index due to the late announcement. The company intends to publish its figures for the first half of the year on August 11th.
HAMBURG (dpa-AFX)
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Image sources: Lukassek / Shutterstock.com, Nordex