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: EKT hat hervorragende Zahlen für das erste Halbjahr vorgelegt. Die Gesamtleistung stieg aufgrund der starken Bautätigkeit um 79% gegenüber dem Vorjahr auf €171 Mio. Das EBT erhöhte sich um 69% auf €28,3 Mio. - ein sehr starkes Ergebnis, wenn man bedenkt, dass das erste Halbjahr saisonbedingt in der Regel das schwächere Halbjahr ist. Da EKT plant, in den kommenden Wochen und Monaten weitere Projekte zu verkaufen, gehen wir davon aus, dass das Unternehmen die EBT-Prognose für 2025 von €70 Mio. bis €90 Mio. erreichen wird. Das Management hält an seiner sehr positiven Einschätzung der Geschäftsentwicklung von EKT in den kommenden Jahren fest und bestätigte das EBT-Ziel für 2028 von €120 Mio. Trotz des Kursanstiegs bleibt die Aktie mit einem Konsensus-KGV für 2026 von 9 attraktiv bewertet. Wir haben unsere Prognose für den Konzern für 2025 leicht gesenkt, um den schwachen Windbedingungen im ersten Halbjahr Rechnung zu tragen. Wir bekräftigen unsere Kaufempfehlung mit einem unveränderten Kursziel von €105. Aufwärtspotenzial: 115%. 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: EKT has presented excellent H1 figures. Total output increased 79% y/y to €171m on the back of strong construction activity. EBT rose 69% to €28.3m - a very strong result given that H1 is usually the seasonally weaker half-year. As EKT plans to sell further projects in the coming weeks and months, we expect the company to reach 2025 EBT guidance of €70m - €90m. Management sticks to its very positive view on EKT's business performance in the years ahead and confirmed the 2028E EBT target of €120m. Despite the jump in the share price, the stock remains attractively valued with a consensus 2026E P/E of 9x. We have lowered our 2025 group forecast slightly to reflect the weak wind conditions in H1. We reiterate our Buy rating at an unaltered €105 price target. Upside: 115%. 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-2025-08-18_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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2185336 18.08.2025 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 | ||||||
| ©boersengefluester.de | ||||||
| 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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