sur PNE WIND AG (isin : DE000A0JBPG2)
First Berlin Equity Research Confirms BUY Rating for PNE AG
First Berlin Equity Research GmbH has released an updated report on PNE AG (ISIN: DE000A0JBPG2), affirming its BUY recommendation with an unchanged target price of EUR 21.00. Analyst Dr. Karsten von Blumenthal stated that despite a drop in PNE's Q2 earnings compared to last year, the company's future outlook remains strong.
PNE's EBITDA for Q2 amounted to €0.2 million, down from €9.6 million in Q2/23, mainly due to lower contributions from the Project Development and Electricity Generation segments. Nonetheless, operational activity rose with 226 MW under construction versus 186 MW in H1/23, and the project pipeline expanded by 8% to 17.9 GW despite the sale of the US business.
In the first half of the year, PNE added 61 MW to its wind farm portfolio and saw a 17% increase in power production to 380 GWh. Despite a first-half EBITDA of €8.7 million, PNE is expected to achieve its EBITDA guidance of €40-50 million, driven by further project sales and strong contributions from Electricity Generation.
R. H.
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