First Berlin Equity Research has published a research update on PNE AG (ISIN: DE000A0JBPG2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 25.00 price target.

After reporting H1 EBITDA of €18.1m (+4% y/y), PNE, now a TecDAX company with a market cap of ca. €1bn, is well on track to reach confirmed full year guidance of €30m – €40m. The main H1 EBITDA contribution came from the Electricity Generation segment (€28.3m). Project development activity was high with 183 MW of wind farm projects under construction. PNE expanded its project pipeline by 83% y/y to 16.6 GW due mainly to the expansion of its PV and offshore wind project pipeline. The company’s own wind farm portfolio expanded to almost 350 MW and is scheduled to grow further with 308 MW either under construction or in the pre-construction phase. We stick to our 2023 forecasts (EBITDA of €41.3m). Our recommendation remains Buy at an unchanged price target of €25.