First Berlin – Energiekontor AG Research Update (26/10/2017)

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 24.90 to EUR 25.00.

Energiekontor's wind projects look set to be completed on schedule by the end of 2017. In a best case scenario, the company will commission wind farms with a total capacity of 76.4 MW this year, which would exceed our forecast of 70 MW by 9%. Energiekontor has transferred two projects with a total capacity of almost 14 MW to its own wind farm portfolio, thereby increasing it to 252 MW. A 10 MW solar project however faces module delivery delays and is now unlikely to be completed until Q1/18. We have thus reduced our 2017 estimates slightly. An updated sum of the parts valuation yields a slightly increased price target of €25.00 (previously: €24.90). We reiterate our Buy rating.