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Original-Research: Energiekontor AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Energiekontor AG
First Berlin Equity Research hat ein Research Update zu Energiekontor AG (ISIN: DE0005313506) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 120,00 auf EUR 116,00. Zusammenfassung: Energiekontor (EKT) hat die EBT-Prognose für 2024 von €30 Mio. bis €70 Mio. auf ca. €23 Mio. bis €27 Mio. gesenkt. Der Grund hierfür sind Projektverzögerungen. Insbesondere der Abschluss mehrerer Transaktionen wird voraussichtlich erst in Q1/25 abgeschlossen sein. Dies führt zu einer Ergebnisverschiebung von ca. €40 Mio. bis €45 Mio. von 2024 in das Jahr 2025. Trotz der Gewinnwarnung sind die Aussichten für die Folgejahre sehr gut, da EKT 370 MW im Bau hat, wovon der allergrößte Teil innerhalb der nächsten zwei Jahre in Betrieb gehen wird. Darüber hinaus verfügt das Unternehmen über Baugenehmigungen für Projekte in Höhe von 1,1 GW, die innerhalb der nächsten drei bis fünf Jahre realisiert werden sollen. Wir haben unsere Prognose für 2024E gesenkt und die Schätzungen für die folgenden Jahre angehoben. Ein aktualisiertes Sum-of-the-Parts-Modell führt zu einem neuen Kursziel von €116 (vorher: €120). Wir bestätigen unsere Kaufempfehlung. First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 120.00 to EUR 116.00. Abstract: Energiekontor (EKT) has lowered 2024 EBT guidance from €30m - €70m to ca. €23m - €27m. The reason for this is project delays. Specifically, the close of several transactions will probably not be finalised until Q1/25. This will result in a shift in earnings of ca. €40m to €45m from 2024 to 2025. Despite the profit warning, the prospects for the subsequent years are very good as EKT has 370 MW under construction, most of which will be commissioned within the next two years. Furthermore, the company has building permits for projects totalling 1.1 GW, which are to be realised within the next three to five years. We have lowered our 2024E forecast and raised estimates for the following years. An updated sum-of-the-parts model yields a new price target of €116 (previously: €120). We confirm our Buy recommendation. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/31509.pdf Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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2047303 09.12.2024 CET/CEST
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