Buy
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Original-Research: PNE AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to PNE AG
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 19,00. Zusammenfassung: PNE schloss das Jahr 2024 mit einem EBITDA von €69,0 Mio. ab, was nahe am oberen Ende der revidierten Guidance (€60 Mio. bis €70 Mio.) und deutlich über der ursprünglichen Guidance von €40 Mio. bis €50 Mio. liegt. Der Nettogewinn belief sich auf €-13,4 Mio. aufgrund der negativen Auswirkungen der KFW-Kredit- und Swap-Bewertungen. Der bereinigte Nettogewinn betrug €10,7 Mio. Für 2025 strebt PNE ein EBITDA von €70 Mio. bis €110 Mio. an. Die für 2025 angestrebte EBITDA-Steigerung soll durch eine moderate Erhöhung des Projektumsatzes erreicht werden. PNE hält an ihrer Strategie fest, das eigene Grünstrom-Portfolio um Wind- und PV-Projekte zu erweitern, allerdings in einem langsameren Tempo. Das Ziel für 2027 liegt nun bei 1,1 GW in Betrieb oder im Bau befindlicher Anlagen (vorher: 1,5 GW). Weitere Ziele für 2027 sind ein Konzern-EBITDA von €140 Mio. (vorher: €150 Mio.) und eine Eigenkapitalquote von mindestens 20 %. Wir haben unsere Prognosen für 2025E - 2027E angehoben, was hauptsächlich einen stärkeren Beitrag des Projektsegments widerspiegelt. Eine aktualisierte Sum-of-the-Parts-Bewertung bestätigt unser Kursziel von €19. Eine höhere Bewertung des Projektentwicklungssegments wird durch eine niedrigere Bewertung des Stromerzeugungssegments ausgeglichen. Wir bekräftigen unser Kaufen-Rating. Kurspotenzial: 28%. 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 19.00 price target. Abstract: PNE ended 2024 with EBITDA of €69.0m, which was close to the upper end of revised guidance (€60m - €70m) and well above initial guidance of €40m to €50m. Net income amounted to €-13.4m due to the negative impact from KFW loan and swap valuations. Adjusted net income was €10.7m. For 2025, PNE is guiding towards EBITDA of €70m to €110m. The targeted 2025 EBITDA increase is to be achieved through a moderate increase in the volume of project sales. PNE is sticking to its strategy of adding wind and PV projects to its own green power plant portfolio, but at a slower pace. The 2027 target is now 1.1 GW of assets in operation or under construction (previously: 1.5 GW). Further 2027 targets are €140m group EBITDA (previously: €150m) and an equity ratio of at least 20%. We have raised our 2025E - 2027E forecasts, which mainly reflect a stronger project segment contribution. An updated sum-of-the-parts valuation confirms our €19 price target. A higher Project Development segment valuation is balanced by a lower Power Generation segment valuation. We reiterate our Buy rating. Upside: 28%. 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/32302.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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