First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 116.00 price target.

Abstract
Energiekontor (EKT) received more than 220 MW in new building permits in January. The permits are for three wind projects in Scotland with a total capacity of 209 MW and a 15 MW wind project in Germany. These permits come on top of the ca. 1.100 MW pipeline of permitted wind and solar projects the company reported in December. We thus expect EKT to deliver strong results due to project execution (timeline: 3-5 years). Furthermore, ca. 370 MW are under construction, which is a good basis for strong 2025E & 2026E results. Not to be overshadowed, we forecast that EKT’s cash cow, its own wind and PV plant portfolio (395 MW), will generate 2025E EBT of some €26m. As project delays in 2024 result in an earnings shift of ca. €40m-€45m from 2024 to 2025, we expect strong EBT (€86m) for the current financial year. Given the very good earnings prospects over the short and medium terms (management reiterated the 2028 EBT target of €120m), we believe that EKT is attractively valued with a consensus 2025E P/E of 10x. We stick to our forecasts and reiterate our €116 price target and Buy rating.