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 103.00 to EUR 104.00.

Abstract
Energiekontor (EKT) has published its interim status report for Q1/25, which gives a qualitative update on business development. EKT has vigorously driven project development and the expansion of its own park portfolio. A total of twelve projects with a total capacity of 359 MW reached financial close or were under construction. EKT has 36 building permits on hand for a total generation capacity of roughly 1.3 GW (end 2024: 1.1 GW), an all-time high for EKT. The only fly in the ointment was weak power production in Q1 (-27% y/y) due to a significant reduction in wind volumes. We expect positive newsflow as EKT announced the sale of first projects in the coming weeks. The company reiterated EBT guidance of €70m to €90m. An updated sum-of-the-parts valuation yields a slightly increased price target of €104 (previously: €103). The stock remains attractively valued with a consensus 2026E P/E of 8x. We see the recent share price drop as an excellent opportunity to buy a high-quality company with outstanding business prospects at a very attractive price. We confirm our forecasts and Buy recommendation. Upside: ~130%.