First Berlin – PNE AG Research Update (03/12/2018)

First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 3.60 price target.

Abstract
PNE was awarded two projects in the recent tender in Poland. The total capacity of the projects is no less than 174 MW. This is a spectacular success for the company and significantly increases visibility for 2019E. We expect earnings amounting to a high single digit million Euro figure if PNE sells the project rights. This would make a substantial contribution to our 2019E EBIT forecast of ca. €16m. We reiterate our Buy rating and the €3.60 price target.