First Berlin – ABO Invest AG Research Update (01/10/2019)

First Berlin Equity Research has published a research update on ABO Invest AG (ISIN: DE000A1EWXA4). Analyst Dr. Karsten von Blumenthal downgraded the stock to ADD and maintained his EUR 2.10 price target.

Abstract
ABO Invest presented figures for the first half of the year which, thanks to better wind conditions and exceptional items, were well above the previous year's figures and exceeded our expectations. Sales increased slightly to €17.2m, while pre-tax earnings rose significantly from €0.2m to €1.8m. Assuming average wind conditions in Q4, ABO Invest expects an annual turnover of just under €33m and a pre-tax result including exceptional items of €1.7m. We have adjusted our forecast for 2019 accordingly. The price target remains at €2.10. Following the share price appreciation in recent months, we have downgraded the stock from Buy to Add, as the upside potential to our price target is now less than 25%.