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 increased the price target from EUR 106.00 to EUR 110.00.

ABO Wind achieved a preliminary net profit of €27.3m in 2023, exceeding guidance of €22m – €26m. After the excellent 2022 net result of €24.6m, the company again achieved a record result, which beat the prior year figure by 11%. Our net profit forecast of €24.0m was also topped by 14%. For 2024, the company is guiding towards a net profit of €25m to €31m. We have slightly increased our forecasts for 2024 and the subsequent years to reflect regulatory improvements in the wind and solar sector in Germany and the EU as well as the sharp drop in solar module prices. Both should boost ABO Wind’s business. An updated DCF model yields a slightly higher price target of €110 (previously: €106). We reiterate our Buy recommendation.