First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 120.00 to EUR 116.00.

Abstract
Energiekontor (EKT) has lowered 2024 EBT guidance from €30m – €70m to ca. €23m – €27m. The reason for this is project delays. Specifically, the close of several transactions will probably not be finalised until Q1/25. This will result in a shift in earnings of ca. €40m to €45m from 2024 to 2025. Despite the profit warning, the prospects for the subsequent years are very good as EKT has 370 MW under construction, most of which will be commissioned within the next two years. Furthermore, the company has building permits for projects totalling 1.1 GW, which are to be realised within the next three to five years. We have lowered our 2024E forecast and raised estimates for the following years. An updated sum-of-the-parts model yields a new price target of €116 (previously: €120). We confirm our Buy recommendation.