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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 bestätigt sein Kursziel von EUR 116,00. Zusammenfassung: Energiekontor (EKT) hat im Januar mehr als 220 MW an neuen Baugenehmigungen erhalten. Die Genehmigungen umfassen drei Windprojekte in Schottland mit einer Gesamtkapazität von 209 MW und ein 15 MW-Windprojekt in Deutschland. Diese Genehmigungen vergrößern die ~1.100 MW Pipeline an genehmigten Wind- und Solarprojekten, die das Unternehmen im Dezember gemeldet hatte. Wir erwarten daher, dass EKT aufgrund der Projektumsetzung (Zeitrahmen: 3-5 Jahre) starke Ergebnisse liefern wird. Darüber hinaus befinden sich ca. 370 MW im Bau, was eine gute Ergebnisgrundlage für die Jahre 2025E und 2026E darstellt. Hinzu kommt die Cashcow von EKT, das eigene Wind- und PV-Anlagenportfolio (395 MW), das unserer Prognose zufolge 2025E ein EBT von etwa €26 Mio. erwirtschaften wird. Da Projektverzögerungen im Jahr 2024 zu einer Ergebnisverschiebung von ca. €40 Mio. bis €45 Mio. von 2024 auf 2025 führen, erwarten wir für das laufende Geschäftsjahr ein starkes EBT (€86 Mio.). Angesichts der kurz- und mittelfristig sehr guten Ertragsaussichten (das Management bekräftigte das EBT-Ziel für 2028 in Höhe von €120 Mio.) halten wir EKT mit einem Konsens-KGV für 2025 von 10 für attraktiv bewertet. Wir bestätigen unsere Prognosen und bekräftigen unser Kursziel von €116 sowie 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 maintained his EUR 116.00 price target. Abstract: Energiekontor (EKT) received more than 220 MW in new building permits in January. The permits are for three wind projects in Scotland with a total capacity of 209 MW and a 15 MW wind project in Germany. These permits come on top of the ca. 1.100 MW pipeline of permitted wind and solar projects the company reported in December. We thus expect EKT to deliver strong results due to project execution (timeline: 3-5 years). Furthermore, ca. 370 MW are under construction, which is a good basis for strong 2025E & 2026E results. Not to be overshadowed, we forecast that EKT's cash cow, its own wind and PV plant portfolio (395 MW), will generate 2025E EBT of some €26m. As project delays in 2024 result in an earnings shift of ca. €40m-€45m from 2024 to 2025, we expect strong EBT (€86m) for the current financial year. Given the very good earnings prospects over the short and medium terms (management reiterated the 2028 EBT target of €120m), we believe that EKT is attractively valued with a consensus 2025E P/E of 10x. We stick to our forecasts and reiterate our €116 price target and Buy rating. 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/31715.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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2082765 06.02.2025 CET/CEST
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