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 21.00 price target.

Abstract
PNE reported Q2 earnings which were below our forecast and prior year figures. EBITDA amounted to €0.2m versus €9.6m in Q2/23. The main reason for the lower numbers is smaller contributions from both the Project Development and the Electricity Generation segments. Nevertheless, operating activity increased y/y with 226 MW under construction (H1/23: 186 MW). PNE expanded its project pipeline by 8% y/y to 17.9 GW despite the sale of the US business (2.1 GW). In H1, the company added 61 MW to its own wind farm portfolio, which reached a capacity of 412 MW. H1 power production rose by 17% y/y to 380 GWh. Although H1 EBITDA amounted to only €8.7m, we still believe that PNE will reach EBITDA guidance (€40m – €50m) and our forecast (€43m) due to further project sales in H2 and another strong EBITDA contribution from the Electricity Generation segment (H1: €31.5m). Based on unaltered forecasts, an updated sum-of-the-parts valuation yields an unchanged €21 price target. We confirm our Buy recommendation.