First Berlin Equity Research Confirms Buy Rating for Energiekontor AG

First Berlin Equity Research GmbH has published an updated research note on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reaffirms his BUY recommendation with a target price of EUR 126.00, maintaining the previous evaluation.

Energiekontor AG's Q1/24 interim report highlights continued positive developments. The project development business achieved significant progress with 29 MW commissioned, 338 MW under construction, and 965 MW in building permits as of mid-May. The company’s green power portfolio generated around 200 GWh in Q1, benefiting from favorable wind conditions.

The company plans to expand its portfolio capacity from 384 MW to 491 MW by adding two photovoltaic plants totaling 72 MW and two wind farms with a combined capacity of 35 MW. Energiekontor reiterated the 2024 EBT guidance of €30 million to €70 million. First Berlin's valuation remains consistent, reaffirming the target price of €126.00.

Despite previous concerns about lower than expected 2024 EBT guidance, investor sentiment is expected to improve given the strong project developments. The stock's upside potential remains substantial, exceeding 75%, supporting the continued BUY rating.