Valuation Result
Final Brand Value
Vestas — Engineering & Construction
Valuation date: 10/29/2026
Total Brand Value
€2.9B
This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.
Brand Strength
75/100
Royalty Rate
1.4%
Discount Rate
10.0%
Benchmark recommendation not unlocked for this result
Sensitivity snapshot
Quick decision check for discount rate, royalty rate and long-term growth.
Variable
Lower input
Current
Higher input
WACC (Discount Rate)
10.0%
-1.0%
€3.3B
10.0%
€2.9B
+1.0%
€2.6B
Royalty Rate
1.4%
-0.5%
€1.9B
1.4%
€2.9B
+0.5%
€4.0B
Terminal Growth
1.5%
-0.5%
€2.8B
1.5%
€2.9B
+0.5%
€3.1B
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Revenue Base
€18.8B
Legal Protection
77/100
Long-term Growth
1.5%
Recommendation basis
Brand-strength range • Pro
This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.
This valuation uses benchmark support informed by external market references and curated internal calibration.
Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.
Forecast profile
5 years explicit forecast
High growth: 11.6%
Base growth: 3.0%
Long-term growth: 1.5%
Value build
Value for planning period: €954.1M
Terminal value: €2.0B
How the valuation is built
Valuation Build
| Year | Revenue | Royalty | After Tax | PV |
|---|---|---|---|---|
| Y1 | €21,000,000,000 | €291,375,000 | €227,272,500 | €216,695,826 |
| Y2 | €21,630,000,000 | €300,116,250 | €234,090,675 | €202,906,092 |
| Y3 | €22,278,900,000 | €309,119,738 | €241,113,395 | €189,993,886 |
| Y4 | €22,947,267,000 | €318,393,330 | €248,346,797 | €177,903,366 |
| Y5 | €23,635,685,010 | €327,945,130 | €255,797,201 | €166,582,243 |
| Explicit PV (Y1–Y5) | €954,081,413 | |||
| Terminal Value (undiscounted) | €3,054,519,518 | |||
| Terminal PV (discounted) | €1,989,187,958 | |||
| Total Brand Value | €2,943,269,371 |
Supporting context
This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.
Reference case
Vestas
Prepared reference case
Indicative upper-exposure value of the Vestas corporate name across global wind-turbine sales and service. It does not value turbine designs, project execution, manufacturing assets, service contracts, the installed fleet, customer relationships or the enterprise.
Updated 27 October 2026: The case-specific ceiling changes from 0.75% to 1.85% and selected royalty from 0.5625% to 1.3875%; the indicative value changes from EUR 1.19bn to about EUR 2.94bn. The 1.85% ceiling stays below the 2.00% industrial ceiling so the opening hypothetical rent of EUR 261.2m remains at 24.5% of EUR 1.067bn FY2025 group EBIT before special items. This is a directional 25%-of-profit capacity screen, not proof of trademark rent. Group sales are an upper-exposure proxy, not pure name-generated revenue. Power Solutions includes EPC/turnkey execution, while Service includes multibrand service contracts that management is exiting or renegotiating; the annual report does not disclose their 2025 revenue separately. The selected royalty is an analyst estimate, not an observed licence. Forecast year 1 uses EUR 21bn, the midpoint of management's EUR 20-22bn 2026 group revenue guidance; later 3% growth is an analyst scenario. The 10.00% discount rate is not the same measure as the company's 12.5% pre-tax goodwill-impairment rate. Service customer NPS 44 refers to that business only and does not validate the full BSI. Legal scores are outside-in judgments, not a title opinion.
Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.
Key inputs
Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice
Revenue base
EUR 18.822bn FY2025 group revenueinferred
Planning growth
11.57% for 1 years, then 3.00%estimated
Long-term growth
1.50%estimated
Royalty rate selected
1.39%estimated
Discount rate
10.00%estimated
Brand Strength
75/100 (B+)estimated
Legal analysis
77/100estimated
Company disclosures
These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.
Legal Protection
trademark Status88
scope Of Rights82
risk Profile69
litigation70
contractual Rights79
goodwill Evidence82
regulatory Compliance72
Brand Strength
marketing Investment64
quality78
availability79
distinctive Brand Codes82
mental Availability77
consideration82
trust76
choice Share76
penetration75
price Elasticity65
revenue Premium69
margin Premium69
stability72