Original-Research: Energiekontor AG (von First Berlin Equity Research GmbH): Buy
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Original-Research: Energiekontor AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Energiekontor AG
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: Energiekontors (EKT) Ergebnisse lagen im ersten Halbjahr erwartungsgemäß deutlich unter den Vorjahreszahlen (EBT: €17 Mio., -40% J/J). Das Konzern-EBT blieb um 11% hinter unserer Prognose zurück, was vor allem auf ein schwächeres Ergebnis im Projektgeschäft zurückzuführen ist. Das künftige Ertragspotenzial des Segments ist jedoch enorm, wenn man bedenkt, dass zum Ende des ersten Halbjahres 31 Baugenehmigungen mit einer Gesamtleistung von ca. 1.000 MW vorlagen (JE/23: 748 MW). Das Segment Stromerzeugung war erneut die Cash Cow (Segment-EBT: €14 Mio.). EKT bestätigt die Prognose für 2024 (EBT: €30 Mio. - €70 Mio.) und den mittelfristigen Wachstumsausblick (2028 EBT: €120 Mio.). Wir bestätigen unsere Prognosen für 2024 (EBT: €52 Mio.). Die Aktie ist derzeit mit einem Konsens-KGV von 11 für 2025 sehr attraktiv bewertet. Eine aktualisierte Sum-of-the-Parts-Bewertung führt zu einem unveränderten Kursziel von €126. 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. Abstract: As expected, Energiekontor's (EKT) H1 earnings figures were significantly below the prior year numbers (EBT: €17m, -40% y/y). Group EBT lagged 11% behind our forecast due mainly to a weaker Project segment result. But the segment's future earnings potential is huge given the 31 building permits on hand that totalled ca. 1,000 MW at the end of H1 (YE/23: 748 MW). The Power Production segment was again the cash cow (segment EBT: €14m). EKT confirmed 2024 guidance (EBT: €30m - €70m) and the medium-term growth outlook (2028 EBT: €120m). We confirm our 2024 forecasts (EBT: €52m). The stock is currently very attractively valued at a 2025 consensus P/E of 11x. An updated sum-of-the-parts valuation yields an unchanged €126 price target. We stick to 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/30451.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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1967031 13.08.2024 CET/CEST
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 |
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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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