Buy
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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 116,00 auf EUR 110,00. Zusammenfassung: Energiekontor hebt die EBT-Guidance für 2024 auf €34 Mio. bis €37 Mio. an (bisher: €23 Mio. bis €27 Mio.), was vor allem auf positive Einmaleffekte aus Forderungen zurückzuführen ist. Diese Einmaleffekte stehen im Zusammenhang mit Schadenersatzforderungen für Ertragsausfälle bei verschiedenen Windparks in Deutschland. Wir haben unsere EBT-Prognose für 2024 von €24,8 Mio. auf €35,5 Mio. angehoben, um dies zu berücksichtigen. Aufgrund des jüngsten Renditeanstiegs der 10-jährigen deutschen Bundesanleihe von 2,5% auf 2,8% haben wir unsere WACC-Schätzungen angehoben. Der Geschäftsbericht von EKT wird am 28. März veröffentlicht und eine EBT-Prognose für 2025 enthalten. In Anbetracht des derzeitigen Rekordvolumens von ca. 1.300 MW an genehmigten Projekten sind wir sehr zuversichtlich, dass die Erträge im Jahr 2025E stark ansteigen und in den Jahren 2026E und 2027E robust bleiben werden. Eine aktualisierte Sum-of-the-Parts-Bewertung führt zu einem neuen Kursziel von €110 (zuvor: €116). Mit einem EV/EBIT von 10 ist die Aktie weiterhin attraktiv bewertet. 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 116.00 to EUR 110.00. Abstract: Energiekontor has raised 2024 EBT guidance to €34m - €37m (previously: €23m - €27m) due mainly to positive one-off effects from receivables. These one-offs are connected with compensation claims for loss of earnings at various wind parks in Germany. We have raised our 2024 EBT forecast from €24.8m to €35.5m to reflect this. We have increased our WACC estimates following the recent jump in the 10y German bund yield from 2.5% to 2.8%. EKT's annual report will be published on 28 March and include 2025 EBT guidance. Given EKT's current record volume of ca. 1.300 MW of approved projects, we are very confident that earnings will rise strongly in 2025E and remain robust in 2026E and 2027E. An updated sum-of-the-parts valuation yields a new price target of €110 (previously: €116). At an EV/EBIT of 10x, the stock remains attractively valued. 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/32010.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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2102438 18.03.2025 CET/CEST
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