First Berlin Equity Research has published a research update on Energiekontor AG (ISIN: DE0005313506). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and increased the price target from EUR 115.00 to EUR 116.00.
Energiekontor (EKT) has published its interim status report for Q3/22, which gives a qualitative update on business development. In Q3, the company expanded its own plant portfolio from 329 MW to 367 MW. Nine wind farms and one solar park with a total capacity of 171 MW are under construction. Since the beginning of 2022, six wind farms (66 MW) have been sold and eight wind farms and one solar park (total capacity: 77 MW) have been commissioned. Despite the many risks (supply chain, higher material costs, higher interest rates and looming taxation of so-called windfall profits), Energiekontor sticks to its full-year guidance of a 10% to 20% higher EBT y/y. We see EKT on track to reach our unchanged 2022 forecast. An updated sum-of-the-parts valuation yields a slightly higher price target of €116 (previously: €115). We confirm our Buy recommendation.