PNE AG
ISIN: DE000A0JBPG2
WKN: A0JBPG
16 August 2024 10:36AM

Original-Research: PNE AG (von First Berlin Equity Research GmbH): Buy

PNE AG · ISIN: DE000A0JBPG2 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20517

Original-Research: PNE AG - from First Berlin Equity Research GmbH

16.08.2024 / 10:35 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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.


Classification of First Berlin Equity Research GmbH to PNE AG

Company Name: PNE AG
ISIN: DE000A0JBPG2
 
Reason for the research: Update
Recommendation: Buy
from: 16.08.2024
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 bestätigt sein Kursziel von EUR 21,00.

Zusammenfassung:
PNE meldete für Q2 ein Ergebnis, das unter unserer Prognose und den Vorjahreszahlen lag. Das EBITDA belief sich auf €0,2 Mio. gegenüber €9,6 Mio. in Q2/23. Der Hauptgrund dafür sind geringere Beiträge aus den Segmenten Projektentwicklung und Stromerzeugung. Nichtsdestotrotz stieg die operative Tätigkeit im Jahresvergleich mit 226 MW im Bau (H1/23: 186 MW). PNE hat seine Projektpipeline trotz des Verkaufs des US-Geschäfts (2,1 GW) im Jahresvergleich um 8% auf 17,9 GW ausgebaut. In H1 erweiterte das Unternehmen sein eigenes Windparkportfolio um 61 MW, das eine Kapazität von 412 MW erreichte. Die Stromproduktion stieg im ersten Halbjahr J/J um 17% auf 380 GWh. Obwohl das EBITDA im ersten Halbjahr nur €8,7 Mio. betrug, gehen wir weiterhin davon aus, dass PNE die EBITDA-Guidance (€40 Mio. - €50 Mio.) und unsere Prognose (€43 Mio.) aufgrund weiterer Projektverkäufe in H2 und eines weiteren starken EBITDA-Beitrags des Segments Stromerzeugung (H1: €31,5 Mio.) erreichen wird. Auf Basis unveränderter Schätzungen ergibt eine aktualisierte Sum-of-the-parts-Bewertung ein unverändertes Kursziel von €21. Wir 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.

Abstract:
PNE reported Q2 earnings which were below our forecast and prior year figures. EBITDA amounted to €0.2m versus €9.6m in Q2/23. The main reason for the lower numbers is smaller contributions from both the Project Development and the Electricity Generation segments. Nevertheless, operating activity increased y/y with 226 MW under construction (H1/23: 186 MW). PNE expanded its project pipeline by 8% y/y to 17.9 GW despite the sale of the US business (2.1 GW). In H1, the company added 61 MW to its own wind farm portfolio, which reached a capacity of 412 MW. H1 power production rose by 17% y/y to 380 GWh. Although H1 EBITDA amounted to only €8.7m, we still believe that PNE will reach EBITDA guidance (€40m - €50m) and our forecast (€43m) due to further project sales in H2 and another strong EBITDA contribution from the Electricity Generation segment (H1: €31.5m). Based on unaltered forecasts, an updated sum-of-the-parts valuation yields an unchanged €21 price target. We confirm 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/30517.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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1969721  16.08.2024 CET/CEST

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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
Quelle: boersengefluester.de and Company information
Explanation

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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,08 0,08 0,04 0,37%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,19%
10,70 €
ATH 39,98 €
-6,53% -16,93% -22,69% -21,90% +0,00%

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