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 105,00. Zusammenfassung: Energiekontor (EKT) hat in der Mai-Ausschreibung der Bundesnetzagentur den Zuschlag für vier Windprojekte mit einer Gesamtleistung von ca. 125 MW erhalten. Dies ist ein weiterer großer Erfolg für EKT, der auf dem positiven Nachrichtenfluss in diesem Jahr nach dem Verkauf eines großen schottischen (46 MW) und eines deutschen (11 MW) Windparkprojekts im Juni aufbaut. Zusammen mit den Zuteilungen aus der Onshore-Windausschreibung vom Februar (192 MW) hat EKT bisher 317 MW im Jahr 2025 zugesprochen bekommen. Dies ist ein Rekordwert und eine sehr solide Basis für starke Erträge in 2026E & 2027E. Da sich zwei weitere Verkaufstransaktionen bereits in der Endphase befinden, erwarten wir weitere gute Nachrichten in den kommenden Wochen. Die Aktie wird zu einer attraktiven Bewertung gehandelt (Konsens-KGV 2026: 9), trotz der Pläne, das EBT 2025E auf €70 Mio. bis €90 Mio. (EBT 2024: €36 Mio.) mindestens zu verdoppeln, und der ausgezeichneten Ertragsaussichten für 2026E & 2027E. Eine aktualisierte Sum-of-the-Parts-Bewertung führt zu einem unveränderten Kursziel von €105. Wir bestätigen unsere Kaufempfehlung. Aufwärtspotenzial: 128%. 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 105.00 price target. Abstract: Energiekontor (EKT) was awarded contracts for four wind projects with a total generating capacity of ca. 125 MW in the May tender issued by the German Federal Network Agency. This is another tremendous success for EKT, building upon the positive newsflow this year after the sale of a large Scottish (46 MW) and a German (11 MW) wind farm project in June. Including the allotments in the February onshore wind tender (192 MW), EKT has so far been awarded 317 MW in 2025. This is a record figure and a very sound basis for strong earnings in 2026E & 2027E. Given that two further sales transactions are already in the final stages, we expect more good news in the coming weeks. The stock is trading at an attractive valuation (2026E consensus P/E: 9x), despite plans to at least double the 2025E EBT to €70m - €90m (2024 EBT: €36m) and the excellent earnings prospects for 2026E & 2027E. An updated sum-of-the-parts valuation yields an unchanged €105 price target. We confirm our Buy recommendation. Upside: 128%. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: EKT_GR-2025-07-09_EN 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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2167356 09.07.2025 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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