First Berlin – ABO Wind AG Research Update (06/09/2021)

First Berlin Equity Research has published a research update on ABO Wind AG (ISIN: DE0005760029). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and increased the price target from EUR 66.00 to EUR 73.00.

ABO Wind has presented H1 figures. The net result of €6.5m was slightly above the previous year's figure and our forecast (€6.3m). Management confirmed its guidance and still expects to exceed the previous year's net result of €13.1m. In the first half of the year, ABO Wind expanded its project pipeline by approximately 2 GW to 17 GW and has thus further strengthened its medium and long-term growth potential. Based on the half-year figures and the construction activity planned for the second half of the year, we see ABO Wind on track to reach our forecasts. We have taken the expanded project pipeline into account in our DCF model and increase our price target to €73 (previously: €66). We confirm our Buy recommendation.