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 116.00 to EUR 134.00.

Energiekontor (EKT) has sold a large Scottish wind farm project and raised 2023 EBT guidance to €80m – €100m (previously: ca. €69m – €75m). This means that EKT will top last year’s record EBT of €62.9m by ca. 30% – 60% and present another record result this year. We have raised our 2023 forecast. An updated sum-of-the-parts valuation yields a new price target of €134 (previously: €116). Given EKT’s growth prospects and high profitability, the company is attractively valued. We confirm our Buy rating.