Bank of America states that sales of WEG's solar energy products have grown significantly, and mentions the company's capacity

Bank of America stated that the solar energy products division has been one of WEG's businesses that has grown the most in recent years. Average annual revenue growth for solar power was 160%, according to Bank of America estimates.

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The Bank estimates that solar energy, in domestic revenues from generation, transmission and distribution of energy, should already represent around 45%, against a percentage of 5% in 2017.

According to the Bank of America report, using only WEG's current product portfolio to project future sales is significantly underestimating long-term revenue.

The growth in sales of WEG solar energy products

The Bank of America repeated its buy recommendation and the target price at R$96. The share was traded on the B3 in stability, at R$76,11, but in one year it has accumulated an appreciation of 90%, having surpassed more than 100 % in January.

Therefore, sales in WEG's solar energy segment were 57% above the average per year in the last three years and represented 34% of all revenues, confirming how this giant growth was of paramount importance for the company's overall performance.

According to Bank of America, WEG is in an excellent position to remain the leader in the solar energy segment, due to its national network and customer profile.

The bank also states that the company's great track record of execution in the energy sector reinforces the bank's confidence that the company has the right strategy and product portfolio to adequately exploit the growth opportunities proposed by renewable energies.

About WEG

Founded on September 16, 1961, first known as Eletromotores Jaraguá, and after a while the company was renamed WEG, in allusion to the initials of the Founders. Today, that name is recognized worldwide as one of the largest manufacturers of electrical equipment.

At first, the company only produced electric motors, and from the 80s onwards, the production of electro-electronic components, products for industrial automation, power and distribution transformers, liquid and powder paints and electro-insulating varnishes. The company was consolidated not only as a motor manufacturer, but as a supplier of complete industrial electrical systems.