Original-Research: Energiekontor AG (von First Berlin Equity Research GmbH): Buy
Original-Research: Energiekontor AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Energiekontor AG
Company Name: Energiekontor AG
ISIN: DE0005313506
Reason for the research: Update
Recommendation: Buy
from: 08.04.2024
Target price: 126,00 Euro
Target price on sight of: 12 Monaten
Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen
Analyst: Dr. Karsten von Blumenthal
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 134,00 auf EUR 126,00.
Zusammenfassung:
Energiekontor (EKT) hat ihren Geschäftsbericht 2023 veröffentlicht und
Rekordzahlen vorgelegt. Das EBT belief sich auf €95,5 Mio. (+52 % gegenüber
dem Vorjahr), entsprach damit der kürzlich angehobenen Prognose (EBT: €80
bis €100 Mio.) und lag 16 % über unserer Prognose von €82,6 Mio.
Projektverzögerungen sowohl in Großbritannien als auch in Deutschland haben
dazu geführt, dass die EBT-Prognose für 2024 mit €30 bis €70 Mio. unter den
Markterwartungen lag. Das Management betonte, dass das EBT für 2025 hoch
ausfallen dürfte, da die ursprünglich für 2024 geplanten Projektverkäufe
nun im Jahr 2025 stattfinden sollen. Wir haben unsere Prognosen
entsprechend angepasst. Eine aktualisierte Sum-of-the-Parts-Bewertung führt
zu einem neuen Kursziel von €126 (bisher: €134). Trotz des erwarteten
EBT-Rückgangs im Jahr 2024 bleiben wir für EKT optimistisch, da das Volumen
der im Bau befindlichen oder baureifen Projekte im Jahresvergleich um 92%
von 165 MW auf 316 MW gestiegen ist, was sich positiv auf das EBT in den
Jahren 2025 und 2026 auswirken sollte. Wir behalten unsere Kaufempfehlung
bei.
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 134.00 to EUR 126.00.
Abstract:
Energiekontor (EKT) published its 2023 annual report which showed record
figures. EBT amounted to €95.5m (+52% y/y), in line with recently raised
guidance (EBT: €80m to €100m) and 16% above our €82.6m forecast. Project
delays both in the UK and Germany resulted in 2024 EBT guidance of €30m to
€70m, which was below market expectations. Management emphasised that 2025
EBT looks set to be high as project sales originally planned for 2024 are
now expected to take place in 2025. We have revised our forecasts
accordingly. An updated sum-of-the-parts valuation yields a new price
target of €126 (previously: €134). Despite the expected EBT dip in 2024, we
remain optimistic for EKT, as the volume of projects under construction, or
ready for construction, increased by 92% y/y from 165 MW to 316 MW, which
bodes well for 2025 & 2026 EBT. We maintain 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/29339.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.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 110,19 | 63,70 | 146,61 | 156,52 | 187,57 | 241,80 | 0,00 | |
| EBITDA1,2 | 40,62 | 38,85 | 65,38 | 81,71 | 99,79 | 135,55 | 0,00 | |
| EBITDA-Margin3 | 36,86 | 60,99 | 44,60 | 52,20 | 53,20 | 56,06 | 0,00 | |
| EBIT1,4 | 22,08 | 16,30 | 45,99 | 61,68 | 79,97 | 114,44 | 0,00 | |
| EBIT-Margin5 | 20,04 | 25,59 | 31,37 | 39,41 | 42,64 | 47,33 | 0,00 | |
| Net Profit (Loss)1 | 6,68 | 0,24 | 20,43 | 36,21 | 44,54 | 83,32 | 17,50 | |
| Net-Margin6 | 6,06 | 0,38 | 13,94 | 23,13 | 23,75 | 34,46 | 0,00 | |
| Cashflow1,7 | 45,43 | 13,34 | 17,88 | 61,99 | 138,65 | 144,78 | 0,00 | |
| Earnings per share8 | 0,46 | 0,02 | 1,43 | 2,52 | 3,16 | 5,93 | 1,25 | |
| Dividend per share8 | 0,40 | 0,40 | 0,80 | 0,90 | 1,00 | 1,20 | 0,80 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: PKF Deutschland
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Energiekontor | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 531350 | DE0005313506 | AG | 668,36 Mio € | 25.05.2000 | Kaufen | 9F5C4V47+93 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 8,85 | 23,20 | 0,38 | 23,08 | 4,07 | 4,62 | 2,76 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 1,00 | 1,20 | 0,80 | 1,67% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 28.05.2025 | 15.05.2025 | 14.08.2025 | 14.11.2024 | 28.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +0,75% | -18,97% | -42,20% | -40,10% | +347,99% |
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