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.

Energiekontor (EKT) has published its interim status report for Q1/24, which gives a qualitative update on business development. The project development business has developed very well (29 MW commissioned, 338 MW under construction, and 965 MW in building permits on hand in mid-May). The own green power portfolio generated around 200 GWh in Q1 and benefitted from favourable wind conditions. Energiekontor plans to expand portfolio capacity from 384 MW to 491 MW (two PV plants (72 MW) and two wind farms (35 MW)). EKT reiterated 2024 EBT guidance of €30m to €70m. We stick to our forecasts. An updated sum-of-the-parts valuation yields an unchanged €126 price target. We believe that investors have recovered from the shock of the lower than expected 2024 EBT guidance and will now focus on the very positive project development. The share’s upside potential remains high (>75%), and we reiterate our Buy recommendation.