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 erhöht das Kursziel von EUR 104,00 auf EUR 105,00. Zusammenfassung: Energiekontor (EKT) hat ein 46 MW-Windparkprojekt in Schottland an Uniper UK verkauft. Wir erwarten aus dieser Transaktion ein EBT von mindestens €15 Mio. Dies ist ein wichtiger Beitrag zur EBT-Guidance für 2025 von €70 Mio. bis €90 Mio. Schottische Windparks profitieren von hervorragenden Windverhältnissen (ähnlich den Offshore-Windverhältnissen), müssen aber nur die Baukosten für Onshore-Windkraftanlagen tragen. Dies ist der Grund für die hohe Rentabilität der schottischen Projekte von EKT. Für das Jahr 2025 erwarten wir mindestens einen weiteren Verkauf eines ähnlichen schottischen Windparkprojekts. EKT hat 17 genehmigte Windparkprojekte mit einer Gesamtkapazität von ca. 800 MW in Schottland und eine gesamte Projektpipeline von 3,5 GW in Großbritannien. Die Aktie ist mit einem Konsensus-KGV von 8 und einem EV/EBIT von 6 für 2026E weiterhin attraktiv bewertet. Auf der Grundlage unveränderter Prognosen ergibt eine aktualisierte Sum-of-the-Parts-Bewertung ein Kursziel von €105 (zuvor: €104). Wir bestätigen unsere Kaufempfehlung. Aufwärtspotenzial: >140%. First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and increased the price target from EUR 104.00 to EUR 105.00. Abstract: Energiekontor (EKT) has sold a 46 MW Scottish wind farm project to Uniper UK. We expect the transaction to generate EBT of at least €15m. This is an important contribution to 2025 EBT guidance of €70m - €90m. Scottish wind farms benefit from excellent wind conditions (close to offshore wind conditions), but only have to bear onshore wind construction costs. This is the reason for the high profitability of EKT's Scottish projects. For 2025, we expect at least one more sale of a similar wind farm project in Scotland. EKT has 17 approved wind farm projects with a total capacity of ca. 800 MW in Scotland and a total UK project pipeline of 3.5 GW. The stock remains attractively valued with a consensus 2026E P/E of 8x and EV/EBIT of 6x. Based on unchanged forecasts, an updated sum-of-the-parts valuation yields a €105 price target (previously: €104). We confirm our Buy recommendation. Upside: >140%. 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/32858.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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2155706 16.06.2025 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 | 2024 | 2025e | ||
| Sales1 | 63,70 | 146,61 | 156,52 | 187,57 | 241,80 | 126,46 | 130,00 | |
| EBITDA1,2 | 38,85 | 65,38 | 81,71 | 99,79 | 135,55 | 72,87 | 76,00 | |
| EBITDA-Margin3 | 60,99 | 44,60 | 52,20 | 53,20 | 56,06 | 57,62 | 58,46 | |
| EBIT1,4 | 16,30 | 45,99 | 61,68 | 79,97 | 114,44 | 49,80 | 54,00 | |
| EBIT-Margin5 | 25,59 | 31,37 | 39,41 | 42,64 | 47,33 | 39,38 | 41,54 | |
| Net Profit (Loss)1 | 0,24 | 20,43 | 36,21 | 44,54 | 83,32 | 22,56 | 24,50 | |
| Net-Margin6 | 0,38 | 13,94 | 23,13 | 23,75 | 34,46 | 17,84 | 18,85 | |
| Cashflow1,7 | 13,34 | 17,88 | 61,99 | 138,65 | 144,78 | -43,43 | 0,00 | |
| Earnings per share8 | 0,02 | 1,43 | 2,52 | 3,16 | 5,93 | 1,61 | 1,75 | |
| Dividend per share8 | 0,40 | 0,80 | 0,90 | 1,00 | 1,20 | 0,50 | 1,00 | |
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: Nexia
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 | ||||||
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| Energiekontor | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 531350 | DE0005313506 | AG | 480,99 Mio € | 25.05.2000 | Halten | 9F5C4V47+93 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 8,60 | 23,59 | 0,36 | 15,90 | 2,67 | -11,08 | 3,80 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,20 | 0,50 | 1,00 | 2,91% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 27.05.2026 | 13.05.2026 | 13.08.2026 | 13.11.2025 | 31.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -10,22% | -21,43% | -30,01% | -17,90% | +222,40% |
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