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PNE AG
ISIN: DE000A0JBPG2
WKN: A0JBPG
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PNE AG · ISIN: DE000A0JBPG2 · EQS - Analysts (150 News)
Country: Germany · Primary market: Germany · EQS NID: 21263
11 November 2024 02:36PM

Buy


Original-Research: PNE AG - from First Berlin Equity Research GmbH

11.11.2024 / 14:35 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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.


Classification of First Berlin Equity Research GmbH to PNE AG

Company Name: PNE AG
ISIN: DE000A0JBPG2
 
Reason for the research: Update
Recommendation: Buy
from: 11.11.2024
Target price: 20,00 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 senkt das Kursziel von EUR 21,00 auf EUR 20,00.

Zusammenfassung:
PNE hat die 9M-Zahlen berichtet und eine Telefonkonferenz abgehalten. Obwohl das EBITDA in den ersten neun Monaten nur €6,2 Mio. betrug gegenüber FBe von €9,6 Mio. und €16,5 Mio. in 9M/23, sind wir zuversichtlich, dass PNE die Guidance für 2024 (€40 Mio. - €50 Mio.) und unsere Prognose (€43 Mio.) erreichen wird, vor allem aufgrund des jüngsten Verkaufs des großen deutschen Repowering-Projekts Papenrode (59 MW). Darüber hinaus erwartet PNE Meilensteinzahlungen aus früheren Projektverkäufen. Das Management gab einen Strategiewechsel hin zu einer stärkeren Ausrichtung auf die Rentabilität bekannt. Wir erwarten daher mehr Projektverkäufe und ein langsameres Wachstum des eigenen Anlagenportfolios. Wir haben unsere Segment- und Konzernprognosen entsprechend angepasst. Auf Basis einer aktualisierten Sum-of-the-Parts-Bewertung ergibt sich ein neues Kursziel von € 20 (bisher: € 21). Wir 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 decreased the price target from EUR 21.00 to EUR 20.00.

Abstract:
PNE reported 9M figures and held a conference call. Although 9M EBITDA amounted to only €6.2m versus FBe of €9.6m and €16.5m in 9M/23, we are confident that PNE will reach 2024 guidance (€40m - €50m) and our forecast (€43m) due mainly to the recent sale of the large German repowering project Papenrode (59 MW). Furthermore, PNE expects milestone payments from earlier project sales. Management announced a shift in strategy towards a stronger focus on profitability. We thus expect more project sales and slower growth in the own plant portfolio. We have adjusted our segment and group forecasts accordingly. An updated sum-of-the-parts valuation yields a new price target of €20 (previously: €21). 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/31263.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


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


2027133  11.11.2024 CET/CEST

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