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: 21.05.2024
Target price: 126,00 Euro
Target price on sight of: 12 Monate
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 bestätigt sein Kursziel von EUR 126,00.
Zusammenfassung:
Energiekontor (EKT) hat ihren Zwischenbericht für Q1/24 veröffentlicht, der
einen qualitativen Überblick über die Geschäftsentwicklung gibt. Das
Projektentwicklungsgeschäft hat sich sehr gut entwickelt (29 MW in Betrieb
genommen, 338 MW im Bau und 965 MW an Baugenehmigungen Mitte Mai). Das
eigene Ökostromanlagenportfolio erzeugte in Q1 rund 200 GWh und profitierte
von günstigen Windverhältnissen. Energiekontor plant, die Kapazität des
Portfolios von 384 MW auf 491 MW zu erhöhen (zwei PV-Anlagen (72 MW) und
zwei Windparks (35 MW)). EKT bekräftigte die EBT-Guidance für 2024 von €30
Mio. bis €70 Mio. Wir halten an unseren Prognosen fest. Eine aktualisierte
Sum-of-the-Parts-Bewertung ergibt weiterhin ein Kursziel von €126. Wir
gehen davon aus, dass sich die Anleger nun von dem Schock der niedriger als
erwartet ausgefallenen EBT-Prognose für 2024 erholt haben und die sehr
positive Projektentwicklung zu würdigen wissen. Das Aufwärtspotenzial der
Aktie ist nach wie vor hoch (>75%), und wir bekräftigen 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 maintained his EUR 126.00 price target.
Energiekontor (EKT) has published its interim status report for Q1/24, which gives a qualitative update on business development. The project development business has developed very well (29 MW commissioned, 338 MW under construction, and 965 MW in building permits on hand in mid-May). The own green power portfolio generated around 200 GWh in Q1 and benefitted from favourable wind conditions. Energiekontor plans to expand portfolio capacity from 384 MW to 491 MW (two PV plants (72 MW) and two wind farms (35 MW)). EKT reiterated 2024 EBT guidance of €30m to €70m. We stick to our forecasts. An updated sum-of-the-parts valuation yields an unchanged €126 price target. We believe that investors have recovered from the shock of the lower than expected 2024 EBT guidance and will now focus on the very positive project development. The share’s upside potential remains high (>75%), and we 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/29825.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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 63,70 | 146,61 | 156,52 | 187,57 | 241,80 | 0,00 | 0,00 | |
| EBITDA1,2 | 38,85 | 65,38 | 81,71 | 99,79 | 135,55 | 0,00 | 0,00 | |
| EBITDA-Margin3 | 60,99 | 44,60 | 52,20 | 53,20 | 56,06 | 0,00 | 0,00 | |
| EBIT1,4 | 16,30 | 45,99 | 61,68 | 79,97 | 114,44 | 0,00 | 0,00 | |
| EBIT-Margin5 | 25,59 | 31,37 | 39,41 | 42,64 | 47,33 | 0,00 | 0,00 | |
| Net Profit (Loss)1 | 0,24 | 20,43 | 36,21 | 44,54 | 83,32 | 17,50 | 0,00 | |
| Net-Margin6 | 0,38 | 13,94 | 23,13 | 23,75 | 34,46 | 0,00 | 0,00 | |
| Cashflow1,7 | 13,34 | 17,88 | 61,99 | 138,65 | 144,78 | 0,00 | 0,00 | |
| Earnings per share8 | 0,02 | 1,43 | 2,52 | 3,16 | 5,93 | 1,25 | 5,40 | |
| Dividend per share8 | 0,40 | 0,80 | 0,90 | 1,00 | 1,20 | 0,80 | 1,20 | |
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 | 708,91 Mio € | 25.05.2000 | Kaufen | 9F5C4V47+93 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 10,14 | 21,44 | 0,47 | 24,48 | 4,32 | 4,90 | 2,93 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 1,00 | 1,20 | 0,80 | 1,58% |
| 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 |
| +8,31% | -13,24% | +3,15% | -34,16% | +375,16% |
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