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 maintained his EUR 102.00 price target.

Abstract
ABO Energy has won onshore wind tariffs for four German projects with a total capacity of 57 MW in the November tender. This brings the onshore wind volume, which ABO Energy successfully brought through the tenders in 2024, to around 200 MW after more than 150 MW in the previous year. In terms of onshore wind permits in Germany, ABO Energy’s performance is even more impressive: The company expects to break the 300 MW mark by the end of the year, which is almost double the prior year figure. The German wind market thus represents the backbone of the growth planned for the coming years. We therefore consider 2025 guidance (net income: €29m – €39m) to be very well underpinned and expect further net income growth in the subsequent years. An updated DCF model yields an unchanged €102 price target. We reiterate our Buy recommendation.