PNE AG
ISIN: DE000A0JBPG2
WKN: A0JBPG
11 November 2024 02:36PM

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

PNE AG · ISIN: DE000A0JBPG2 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 21263

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

11.11.2024 / 14:35 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: 11.11.2024
Target price: 20,00 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 senkt das Kursziel von EUR 21,00 auf EUR 20,00.

Zusammenfassung:
PNE hat die 9M-Zahlen berichtet und eine Telefonkonferenz abgehalten. Obwohl das EBITDA in den ersten neun Monaten nur €6,2 Mio. betrug gegenüber FBe von €9,6 Mio. und €16,5 Mio. in 9M/23, sind wir zuversichtlich, dass PNE die Guidance für 2024 (€40 Mio. - €50 Mio.) und unsere Prognose (€43 Mio.) erreichen wird, vor allem aufgrund des jüngsten Verkaufs des großen deutschen Repowering-Projekts Papenrode (59 MW). Darüber hinaus erwartet PNE Meilensteinzahlungen aus früheren Projektverkäufen. Das Management gab einen Strategiewechsel hin zu einer stärkeren Ausrichtung auf die Rentabilität bekannt. Wir erwarten daher mehr Projektverkäufe und ein langsameres Wachstum des eigenen Anlagenportfolios. Wir haben unsere Segment- und Konzernprognosen entsprechend angepasst. Auf Basis einer aktualisierten Sum-of-the-Parts-Bewertung ergibt sich ein neues Kursziel von € 20 (bisher: € 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 decreased the price target from EUR 21.00 to EUR 20.00.

Abstract:
PNE reported 9M figures and held a conference call. Although 9M EBITDA amounted to only €6.2m versus FBe of €9.6m and €16.5m in 9M/23, we are confident that PNE will reach 2024 guidance (€40m - €50m) and our forecast (€43m) due mainly to the recent sale of the large German repowering project Papenrode (59 MW). Furthermore, PNE expects milestone payments from earlier project sales. Management announced a shift in strategy towards a stronger focus on profitability. We thus expect more project sales and slower growth in the own plant portfolio. We have adjusted our segment and group forecasts accordingly. An updated sum-of-the-parts valuation yields a new price target of €20 (previously: €21). 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/31263.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


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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2027133  11.11.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=2027133&application_name=news&site_id=boersengefluester_html

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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