First Berlin – PNE WIND AG Research Update (14/05/2018)

First Berlin Equity Research has published a research update on PNE WIND AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 3.80 price target.

PNE Wind reported Q1 figures and held a conference call. Q1 EBIT of €-0.2m met our expectation. Both German and international wind projects made significant operational progress. In April, the company placed a €50m bond with a 4% coupon. PNE reiterated 2018 guidance (EBIT €10-16m, EBITDA €20-26m). We stick to our 2018 forecasts. The rating remains Buy at an unchanged price target of €3.80.