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: 21.05.2024
Target price: 21,00 Euro
Target price on sight of: 12 Monate
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 bestätigt sein Kursziel von EUR 21,00.
Zusammenfassung:
PNE hat die Zahlen für das erste Quartal vorgelegt und eine
Telefonkonferenz abgehalten. Der Umsatz von €31,4 Mio. und das EBITDA von
€8,5 Mio. entsprachen den Vorjahreszahlen und lagen in etwa im Rahmen
unserer Prognosen. Das Unternehmen bestätigte die Guidance für 2024
(EBITDA: €40 Mio. bis €50 Mio.), und wir sehen PNE auf gutem Weg, diese zu
erreichen. Das Projektgeschäft brummt mit 276 MW im Bau (+36% J/J). Das
Unternehmen hat die Kapazität seines eigenen Windparkportfolios auf 370 MW
erhöht (+15% J/J). Sowohl das Segment Stromerzeugung als auch das Segment
Service konnten ihren EBITDA-Beitrag deutlich steigern. Wir bestätigen
unsere EBITDA-Prognosen, halten an unserem Kursziel von €21 fest und
bestätigen 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 maintained his EUR 21.00 price target.
PNE has reported Q1 figures and held a conference call. Sales of €31.4m and EBITDA of €8.5m matched prior year figures and were roughly in line with our forecasts. The company confirmed 2024 guidance (EBITDA: €40m - €50m), which we see PNE well on track to reach. With 276 MW under construction (+36% y/y), the project business is humming. The company increased the capacity of its own wind farm portfolio to 370 MW (+15%y/y). Both the Electricity Generation and the Service segments significantly increased their EBITDA contributions. We confirm our EBITDA forecasts, stick to our €21 price target 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/29833.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 | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 91,38 | 132,80 | 109,69 | 117,73 | 126,17 | 121,53 | 0,00 | |
| EBITDA1,2 | 14,47 | 31,56 | 26,35 | 32,65 | 35,39 | 39,91 | 0,00 | |
| EBITDA-Margin3 | 15,84 | 23,77 | 24,02 | 27,73 | 28,05 | 32,84 | 0,00 | |
| EBIT1,4 | 7,79 | 18,96 | 8,17 | 9,27 | 6,17 | 5,74 | 0,00 | |
| EBIT-Margin5 | 8,53 | 14,28 | 7,45 | 7,87 | 4,89 | 4,72 | 0,00 | |
| Net Profit (Loss)1 | -2,41 | -0,11 | 0,90 | 26,66 | 14,09 | -8,18 | 0,00 | |
| Net-Margin6 | -2,64 | -0,08 | 0,82 | 22,65 | 11,17 | -6,73 | 0,00 | |
| Cashflow1,7 | -28,24 | 35,41 | -68,50 | 23,78 | -9,01 | -166,16 | 0,00 | |
| Earnings per share8 | -0,01 | 0,01 | 0,02 | 0,33 | 0,20 | -0,13 | 0,36 | |
| Dividend per share8 | 0,04 | 0,04 | 0,04 | 0,08 | 0,08 | 0,08 | 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 | 819,66 Mio € | 15.12.1998 | Halten | 9F5CVP26+7R |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 38,21 | 22,44 | 1,70 | 54,87 | 4,06 | -4,93 | 6,74 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,08 | 0,08 | 0,04 | 0,37% |
| 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 |
| -6,53% | -16,93% | -22,69% | -21,90% | +0,00% |
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