Original-Research: PNE AG (von First Berlin Equity Research GmbH): Buy
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Original-Research: PNE AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to PNE AG
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 19,00. Zusammenfassung: PNE schloss das Jahr 2024 mit einem EBITDA von €69,0 Mio. ab, was nahe am oberen Ende der revidierten Guidance (€60 Mio. bis €70 Mio.) und deutlich über der ursprünglichen Guidance von €40 Mio. bis €50 Mio. liegt. Der Nettogewinn belief sich auf €-13,4 Mio. aufgrund der negativen Auswirkungen der KFW-Kredit- und Swap-Bewertungen. Der bereinigte Nettogewinn betrug €10,7 Mio. Für 2025 strebt PNE ein EBITDA von €70 Mio. bis €110 Mio. an. Die für 2025 angestrebte EBITDA-Steigerung soll durch eine moderate Erhöhung des Projektumsatzes erreicht werden. PNE hält an ihrer Strategie fest, das eigene Grünstrom-Portfolio um Wind- und PV-Projekte zu erweitern, allerdings in einem langsameren Tempo. Das Ziel für 2027 liegt nun bei 1,1 GW in Betrieb oder im Bau befindlicher Anlagen (vorher: 1,5 GW). Weitere Ziele für 2027 sind ein Konzern-EBITDA von €140 Mio. (vorher: €150 Mio.) und eine Eigenkapitalquote von mindestens 20 %. Wir haben unsere Prognosen für 2025E - 2027E angehoben, was hauptsächlich einen stärkeren Beitrag des Projektsegments widerspiegelt. Eine aktualisierte Sum-of-the-Parts-Bewertung bestätigt unser Kursziel von €19. Eine höhere Bewertung des Projektentwicklungssegments wird durch eine niedrigere Bewertung des Stromerzeugungssegments ausgeglichen. Wir bekräftigen unser Kaufen-Rating. Kurspotenzial: 28%. 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 19.00 price target. Abstract: PNE ended 2024 with EBITDA of €69.0m, which was close to the upper end of revised guidance (€60m - €70m) and well above initial guidance of €40m to €50m. Net income amounted to €-13.4m due to the negative impact from KFW loan and swap valuations. Adjusted net income was €10.7m. For 2025, PNE is guiding towards EBITDA of €70m to €110m. The targeted 2025 EBITDA increase is to be achieved through a moderate increase in the volume of project sales. PNE is sticking to its strategy of adding wind and PV projects to its own green power plant portfolio, but at a slower pace. The 2027 target is now 1.1 GW of assets in operation or under construction (previously: 1.5 GW). Further 2027 targets are €140m group EBITDA (previously: €150m) and an equity ratio of at least 20%. We have raised our 2025E - 2027E forecasts, which mainly reflect a stronger project segment contribution. An updated sum-of-the-parts valuation confirms our €19 price target. A higher Project Development segment valuation is balanced by a lower Power Generation segment valuation. We reiterate our Buy rating. Upside: 28%. 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/32302.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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2121570 22.04.2025 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 | 132,80 | 109,69 | 117,73 | 126,17 | 121,53 | 210,40 | 250,00 | |
| EBITDA1,2 | 31,56 | 26,35 | 32,65 | 35,39 | 39,91 | 69,00 | 92,00 | |
| EBITDA-Margin3 | 23,77 | 24,02 | 27,73 | 28,05 | 32,84 | 32,80 | 36,80 | |
| EBIT1,4 | 18,96 | 8,17 | 9,27 | 6,17 | 5,74 | 35,10 | 64,60 | |
| EBIT-Margin5 | 14,28 | 7,45 | 7,87 | 4,89 | 4,72 | 16,68 | 25,84 | |
| Net Profit (Loss)1 | -0,11 | 0,90 | 26,66 | 14,09 | -8,18 | -12,70 | 39,00 | |
| Net-Margin6 | -0,08 | 0,82 | 22,65 | 11,17 | -6,73 | -6,04 | 15,60 | |
| Cashflow1,7 | 35,41 | -68,50 | 23,78 | -9,01 | -166,16 | -176,60 | 0,00 | |
| Earnings per share8 | 0,01 | 0,02 | 0,33 | 0,20 | -0,13 | -0,18 | 0,26 | |
| Dividend per share8 | 0,04 | 0,04 | 0,08 | 0,08 | 0,08 | 0,08 | 0,08 | |
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: KPMG
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| INVESTOR-INFORMATION | ||||||
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| PNE | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0JBPG | DE000A0JBPG2 | AG | 796,68 Mio € | 15.12.1998 | Halten | 9F5CVP26+7R |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 22,13 | 20,27 | 1,09 | 54,45 | 5,17 | -4,51 | 3,79 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,08 | 0,08 | 0,08 | 0,77% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 19.05.2026 | 13.05.2026 | 13.08.2026 | 13.11.2025 | 26.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -10,07% | -24,03% | -6,14% | -4,76% | +0,00% |
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