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.

Abstract
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.