Original-Research: PNE AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to PNE AG
Company Name: PNE AG
ISIN: DE000A0JBPG2
Reason for the research: Update
Recommendation: Buy
from: 21.05.2024
Target price: 21,00 Euro
Target price on sight of: 12 Monate
Last rating change: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen
Analyst: Dr. Karsten von Blumenthal
First Berlin Equity Research hat ein Research Update zu PNE AG (ISIN: DE000A0JBPG2) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 21,00.
Zusammenfassung:
PNE hat die Zahlen für das erste Quartal vorgelegt und eine
Telefonkonferenz abgehalten. Der Umsatz von €31,4 Mio. und das EBITDA von
€8,5 Mio. entsprachen den Vorjahreszahlen und lagen in etwa im Rahmen
unserer Prognosen. Das Unternehmen bestätigte die Guidance für 2024
(EBITDA: €40 Mio. bis €50 Mio.), und wir sehen PNE auf gutem Weg, diese zu
erreichen. Das Projektgeschäft brummt mit 276 MW im Bau (+36% J/J). Das
Unternehmen hat die Kapazität seines eigenen Windparkportfolios auf 370 MW
erhöht (+15% J/J). Sowohl das Segment Stromerzeugung als auch das Segment
Service konnten ihren EBITDA-Beitrag deutlich steigern. Wir bestätigen
unsere EBITDA-Prognosen, halten an unserem Kursziel von €21 fest und
bestätigen unsere Kaufempfehlung.
First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 21.00 price target.
PNE has reported Q1 figures and held a conference call. Sales of €31.4m and EBITDA of €8.5m matched prior year figures and were roughly in line with our forecasts. The company confirmed 2024 guidance (EBITDA: €40m - €50m), which we see PNE well on track to reach. With 276 MW under construction (+36% y/y), the project business is humming. The company increased the capacity of its own wind farm portfolio to 370 MW (+15%y/y). Both the Electricity Generation and the Service segments significantly increased their EBITDA contributions. We confirm our EBITDA forecasts, stick to our €21 price target and reiterate 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/29833.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
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
