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 126.00 price target.

Abstract
As expected, Energiekontor’s (EKT) H1 earnings figures were significantly below the prior year numbers (EBT: €17m, -40% y/y). Group EBT lagged 11% behind our forecast due mainly to a weaker Project segment result. But the segment’s future earnings potential is huge given the 31 building permits on hand that totalled ca. 1,000 MW at the end of H1 (YE/23: 748 MW). The Power Production segment was again the cash cow (segment EBT: €14m). EKT confirmed 2024 guidance (EBT: €30m – €70m) and the medium-term growth outlook (2028 EBT: €120m). We confirm our 2024 forecasts (EBT: €52m). The stock is currently very attractively valued at a 2025 consensus P/E of 11x. An updated sum-of-the-parts valuation yields an unchanged €126 price target. We stick to our Buy recommendation.