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 137.00 to EUR 138.00.
Energiekontor (EKT) has published its interim status report for Q1/23, which gives a qualitative update on business development. During the first quarter the company commissioned two wind farms with a total capacity of ca. 56 MW, which were handed over to the buyers. EKT also sold two projects (30 MW) and concluded sales agreements for two wind farms (86 MW) which are currently being finalised. This is a very strong start to the year, as EKT commissioned 94 MW and sold 96 MW in FY 2022 in total. At the time of report publication, the total generation capacity of EKT’s own green power portfolio was unchanged since the start of the year and amounted to 384 MW. Compared to the prior year period (329 MW), the capacity of the own plant portfolio rose by 17% or 55 MW. Meteorological conditions, in particular wind volume, have so far been roughly at the level of the long-term average and thus above the level of the prior year period. We see EKT as well on track to reach guidance (2023 EBT: +10% – 20% y/y). An updated sum-of-the-parts valuation yields a €138 price target (previously: €137). We confirm our Buy rating.
Stay In Touch