IBEX REPORTS

Gamesa

Gamesa’s timely merger

Eight months ago Carax-Alphavalue held the view that Gamesa was fully priced ahead of it falling into the Siemens bag. This opinion proved correct only for the following two months. Another six months on and the Spanish wind-turbine manufacturer is looking decidedly expensive at €21.5, even though they have upgraded their target price on the back of a strong 2016 delivery.

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