First Berlin – ABO Wind AG Research Update (09/10/2018)

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 maintained his EUR 20.00 price target.

ABO Wind presented H1 figures. As expected, these were well below the previous year's figures but surprised positively regarding profitability. Revenues decreased 24% y/y to €56.4m, and EBIT fell by 36% to €8.3m. EBIT was well above our estimate and shows that ABO Wind remains highly profitable even in a challenging environment (EBIT margin 14.7%). After a H1 net profit of €5.5m, we see the company on track to achieve our full-year estimate of €11.3m, especially since the second half of the year is typically seasonally stronger. We confirm our Buy recommendation and €20.00 price target.