First Berlin Equity Research Reiterates Buy Rating for PNE AG

First Berlin Equity Research GmbH has released an update on PNE AG, maintaining its previous "Buy" recommendation. Analyst Dr. Karsten von Blumenthal has set a target price of €21.00 over the next 12 months. This update follows the latest assessment on May 21, 2024.

PNE AG reported earnings for Q1 2024, showing sales of €31.4 million and an EBITDA of €8.5 million. These figures are consistent with those from the previous year and align with the firm's forecasts. The company confirmed its guidance for 2024, with an EBITDA target range of €40 million to €50 million. Positive performance indicators include a 36% year-over-year increase in project business, with 276 MW currently under construction.

PNE AG has also expanded its wind farm portfolio capacity by 15% year-over-year to 370 MW. Significant EBITDA contributions came from both the Electricity Generation and Service segments. In light of these factors, First Berlin maintains its €21 price target and "Buy" rating for PNE AG.