Original-Research: PNE AG (von First Berlin Equity Research GmbH): Buy
Original-Research: PNE AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to PNE AG
Company Name: PNE AG
ISIN: DE000A0JBPG2
Reason for the research: Update
Recommendation: Buy
from: 02.04.2024
Target price: 21,00 Euro
Target price on sight of: 12 Monaten
Last rating change: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen
Analyst: Dr. Karsten von Blumenthal
First Berlin Equity Research hat ein Research Update zu PNE AG (ISIN: DE000A0JBPG2) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 22,00 auf EUR 21,00.
Zusammenfassung:
Im Jahr 2023 steigerte PNE das EBITDA gegenüber dem Vorjahr um 13% auf
€39,9 Mio. und erreichte damit das obere Ende der Prognose (€30-40 Mio.).
Das EBITDA übertraf unsere Prognose um 15%, was vor allem auf einen besser
als erwarteten Beitrag des Segments Stromerzeugung zurückzuführen ist. PNE
baute seine Projektpipeline im Jahresvergleich um 61% auf 19,1 GW aus und
erweiterte sein Portfolio an eigenen Onshore-Windkraftanlagen um 51 MW auf
370 MW. In den nächsten 24 Monaten sollen Windparks mit einer
Gesamtkapazität von 281 MW hinzukommen, die sich derzeit im Bau befinden.
Damit wird das Portfolio voraussichtlich deutlich auf 651 MW erweitert. PNE
strebt für 2024 ein EBITDA von €40 Mio. bis €50 Mio. an. Eine aktualisierte
Sum-of-the-Parts-Bewertung führt zu einem Kursziel von €21 (vorher: €22).
Die Hauptgründe für das niedrigere Kursziel sind niedrigere Margenannahmen
im Servicegeschäft und eine höhere Nettoverschuldung im Segment
Stromerzeugung. Angesichts der starken Projektpipeline und der steigenden
Kapazität des Ökostromportfolios sehen wir PNE bei der Umsetzung ihrer
Wachstumsstrategie 'Scale up 2.0' auf dem richtigen Weg und bekräftigen
unsere Kaufempfehlung.
First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 22.00 to EUR 21.00.
Abstract:
In 2023, PNE increased EBITDA 13% y/y to €39.9m and reached the upper end
of guidance (€30m - €40m). EBITDA topped our forecast by 15% due mainly to
a better than expected contribution from the Electricity Generation
segment. PNE expanded its project pipeline by 61% y/y to 19.1 GW and added
51 MW to its onshore wind own plant portfolio, which now has a capacity of
370 MW. Wind farms with a total capacity of 281 MW currently under
construction should be added over the next 24 months. The portfolio thus
looks set to expand significantly to 651 MW. PNE is guiding towards 2024
EBITDA of €40m - €50m. An updated sum-of-the-parts valuation yields a €21
price target (previously: €22). The main reasons for the lower price target
are lower margin assumptions in the service business and a higher net debt
position in the Electricity Generation segment. Given the strong project
pipeline and the rising green power portfolio capacity, we see PNE on track
with its growth strategy 'Scale up 2.0' and reiterate 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/29289.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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 132,80 | 109,69 | 117,73 | 126,17 | 121,53 | 0,00 | 0,00 | |
| EBITDA1,2 | 31,56 | 26,35 | 32,65 | 35,39 | 39,91 | 0,00 | 0,00 | |
| EBITDA-Margin3 | 23,77 | 24,02 | 27,73 | 28,05 | 32,84 | 0,00 | 0,00 | |
| EBIT1,4 | 18,96 | 8,17 | 9,27 | 6,17 | 5,74 | 0,00 | 0,00 | |
| EBIT-Margin5 | 14,28 | 7,45 | 7,87 | 4,89 | 4,72 | 0,00 | 0,00 | |
| Net Profit (Loss)1 | -0,11 | 0,90 | 26,66 | 14,09 | -8,18 | 0,00 | 0,00 | |
| Net-Margin6 | -0,08 | 0,82 | 22,65 | 11,17 | -6,73 | 0,00 | 0,00 | |
| Cashflow1,7 | 35,41 | -68,50 | 23,78 | -9,01 | -166,16 | 0,00 | 0,00 | |
| Earnings per share8 | 0,01 | 0,02 | 0,33 | 0,20 | -0,13 | 0,36 | 0,28 | |
| Dividend per share8 | 0,04 | 0,04 | 0,08 | 0,08 | 0,08 | 0,04 | 0,04 | |
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: Deloitte
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 | ||||||
| PNE | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0JBPG | DE000A0JBPG2 | AG | 876,34 Mio € | 15.12.1998 | Halten | 9F5CVP26+7R |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 40,86 | 20,48 | 1,99 | 58,67 | 4,34 | -5,27 | 7,19 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,08 | 0,08 | 0,04 | 0,35% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 13.05.2025 | 09.05.2025 | 14.08.2025 | 07.11.2024 | 27.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +0,85% | -10,57% | +1,81% | -16,20% | +0,00% |
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