Energiekontor AG Maintains Buy Rating Despite Project Delays, Says First Berlin Equity Research

First Berlin Equity Research GmbH recently updated its investment stance on Energiekontor AG, retaining its buy recommendation but lowering the target price from €134.00 to €126.00. This revision follows the publication of Energiekontor's annual report for 2023, which showcased a record Earnings Before Tax (EBT) of €95.5 million, a 52% increase compared to the previous year. This performance aligned with the company’s raised guidance and exceeded analyst expectations by 16%.

However, project postponements in both the UK and Germany have led to a downward revision of the 2024 EBT guidance to €30 million to €70 million, falling short of market anticipations. Despite this, the firm's management has indicated potential for a high EBT in 2025, attributing this to the rescheduling of project sales initially planned for 2024.

The reassessment comes alongside a notable increase in the volume of projects either under construction or ready to be built, which surged by 92% year-over-year from 165 MW to 316 MW. This expansion is expected to positively influence EBT projections for 2025 and 2026. In light of these developments, First Berlin Equity Research continues to endorse Energiekontor AG with a buy rating.