First Berlin – aventron AG Research Update (08/03/2018)

First Berlin Equity Research has published a research update on aventron AG (ISIN: CH0023777235). Analyst Dr Karsten von Blumenthal reiterated his BUY rating and maintained his CHF 13.00 price target.

aventron has released preliminary figures that slightly exceeded our estimates. Sales increased by 59% to CHF 77.1m and EBIT grew even more strongly (+73%) to CHF 23.9m. In 2017, the company increased the capacity of its green power portfolio by 40 MW to 386 MW. aventron expects the 2020 target of a 500 MW portfolio volume be achieved in 2019. The company has set a new growth target and plans to increase its portfolio capacity to 1 GW in the medium term. We leave our estimates unchanged until the final numbers are published on 27 March 2018. An updated DCF model still yields a price target of CHF 13.00. We confirm our Buy recommendation.