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 19.00 price target.

Abstract
PNE AG has reported Q2 figures and held a conference call. Although Q2 figures were somewhat weaker than expected (EBITDA of €1.1m versus FBe: €5.2m), we see PNE well on track to reach 2025 guidance of €70m to €110m, as the company targets milestone payments and project sales in H2. Construction activity was high with 14 wind farms (282 MW) under construction at the end of H1. Furthermore, PNE received 489 MW of new permits for onshore wind and PV plants in H1. The company expanded its own plant portfolio by 65 MW to 491 MW. Based on unchanged group forecasts, an updated sum-of-the-parts valuation still yields a €19 price target. We confirm our Buy rating. Upside: 35%.