First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and increased the price target from EUR 104.00 to EUR 105.00.

Abstract
Energiekontor (EKT) has sold a 46 MW Scottish wind farm project to Uniper UK. We expect the transaction to generate EBT of at least €15m. This is an important contribution to 2025 EBT guidance of €70m – €90m. Scottish wind farms benefit from excellent wind conditions (close to offshore wind conditions), but only have to bear onshore wind construction costs. This is the reason for the high profitability of EKT’s Scottish projects. For 2025, we expect at least one more sale of a similar wind farm project in Scotland. EKT has 17 approved wind farm projects with a total capacity of ca. 800 MW in Scotland and a total UK project pipeline of 3.5 GW. The stock remains attractively valued with a consensus 2026E P/E of 8x and EV/EBIT of 6x. Based on unchanged forecasts, an updated sum-of-the-parts valuation yields a €105 price target (previously: €104). We confirm our Buy recommendation. Upside: >140%.