Energiekontor AG
ISIN: DE0005313506
WKN: 531350
03 July 2024 03:42PM

Original-Research: Energiekontor AG (von First Berlin Equity Research GmbH): Buy

Energiekontor AG · ISIN: DE0005313506 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20141

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: 03.07.2024
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:
In den letzten Wochen ist der Aktienkurs von Energiekontor um fast 20% gesunken, da sich das Sentiment in der Branche verschlechtert hat. Der globale Index für erneuerbare Energien, RENIXX, ist seit Jahresbeginn um 11% gefallen, Peer-Unternehmen (SMA Solar, 7C Solarparken) haben kürzlich Gewinnwarnungen herausgegeben, und rechtsgerichtete Parteien, die die grünen Energien nicht unterstützen, sind in Deutschland, der EU und weltweit auf dem Vormarsch. Allerdings wird sich die verbesserte Regulierung (EU: Green Deal, Deutschland: EEG, Solarpaket I, BImSchG, USA: Inflation Reduction Act) auch in den kommenden Jahren sehr positiv auf Wind & Solar auswirken. Wir sind daher sehr zuversichtlich, dass Energiekontor die Prognose für 2024 (EBT: €30 Mio. - €70 Mio., FBe: €51 Mio.) erreichen und 2025 das EBT (FBe: €90 Mio., +76% J/J) aufgrund deutlich höherer Projektumsätze und eines hohen EBT-Beitrags aus dem eigenen Ökostromportfolio deutlich steigern wird. EKT hat eine glasklare Wachstumsstrategie und strebt für 2028 ein EBT von €120 Mio. an. Wir sind überzeugt, dass EKT ein starkes Ergebniswachstum erzielen wird und prognostizieren, dass das Nettoergebnis 2028E fast doppelt so hoch sein wird wie 2022 (€83 Mio. gegenüber €45 Mio.). In Anbetracht der starken kurz- (2025) und mittelfristigen (2028) Wachstumsaussichten halten wir das Unternehmen mit einem KGV von 15 für 2025 für attraktiv bewertet. Wir bestätigen unsere Prognosen. Unser Kursziel bleibt bei €126. Zeit, die Aktie zu KAUFEN.

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.

In recent weeks, Energiekontor’s share price has declined by almost 20% as sector sentiment has worsened. The global renewable energy index RENIXX is down 11% YTD, peers (SMA Solar, 7C Solarparken) have recently issued profit warnings, and right-wing parties which do not support green power are on the rise in Germany, the EU and globally. However, the supportive regulatory environment (EU: Green Deal, Germany: EEG, Solarpaket I, BImSchG, USA: Inflation Reduction Act) will continue to exert a very positive effect on wind & solar in the coming years. We are thus very confident that Energiekontor will reach 2024 guidance (EBT: €30m - €70m, FBe: €51m) and will significantly increase 2025 EBT (FBe: €90m, +76% y/y) because of significantly higher project sales and a high EBT contribution from the own green power portfolio. EKT has a crystal clear growth strategy and targets 2028 EBT of €120m. We are convinced that EKT will deliver strong bottom line growth and forecast that the 2028E net result will be almost twice as high as the 2022 figure (€83m versus €45m). Given the strong short-term (2025) and medium-term (2028) growth prospects, we believe that the company is attractively valued at 2025 P/E of 15x. We confirm out forecasts. Our price target remains at €126. Time to BUY the stock.

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/30141.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
Quelle: boersengefluester.de and Company information
Explanation

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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
1,00 1,20 0,80 1,67%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+1,49%
47,80 €
ATH 102,20 €
+0,75% -18,97% -42,20% -40,10% +347,99%

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