First Berlin Equity Research has published a research update on ABO Energy KGaA (ISIN: DE0005760029). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 110.00 to EUR 102.00.

Abstract
ABO Energy has lowered 2024 net result guidance from €25m – €31m to €20m – €25m. This is mainly attributable to delays in wind and PV projects in several countries. For 2025E, management is guiding towards net income of €29m to €39m, in particular owing to positive developments in France and Germany. We have lowered our net income forecast for the current year from €28m to €22m. We see our net income forecast of €31m for 2025E confirmed by 2025 guidance. Despite the profit warning, ABO Energy remains a profitable company (net margin 2024 FBe: 7.1%) with good growth prospects for the coming years. After the share price decline in recent months, the share is attractively valued with a 2025E P/E ratio of 10x. An updated DCF model yields a new price target of €102 (previously: €110). We confirm our Buy recommendation.