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 ended 2024 with EBITDA of €69.0m, which was close to the upper end of revised guidance (€60m – €70m) and well above initial guidance of €40m to €50m. Net income amounted to €-13.4m due to the negative impact from KFW loan and swap valuations. Adjusted net income was €10.7m. For 2025, PNE is guiding towards EBITDA of €70m to €110m. The targeted 2025 EBITDA increase is to be achieved through a moderate increase in the volume of project sales. PNE is sticking to its strategy of adding wind and PV projects to its own green power plant portfolio, but at a slower pace. The 2027 target is now 1.1 GW of assets in operation or under construction (previously: 1.5 GW). Further 2027 targets are €140m group EBITDA (previously: €150m) and an equity ratio of at least 20%. We have raised our 2025E – 2027E forecasts, which mainly reflect a stronger project segment contribution. An updated sum-of-the-parts valuation confirms our €19 price target. A higher Project Development segment valuation is balanced by a lower Power Generation segment valuation. We reiterate our Buy rating. Upside: 28%.