First Berlin – PNE AG Research Update (15/05/2019)

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 had a very good start to the year with Q1 EBIT amounting to €4.3m versus €-0.2m in Q1/18. The company benefited from strong onshore construction activity and milestone payments for wind farms sold in 2018. All three segments, Project Development, Electricity Generation, and the new Services segment generated positive EBIT contributions. International project rights' sales, new permits (31 MW) & two awards (FBe: 24 MW) in the May tender in Germany bode well for the remainder of the year. Management reiterated 2019 guidance (EBITDA: €25-30m, EBIT €15-20m). We confirm our Buy rating and €3.60 price target.