First Berlin Maintains Buy Rating for Energiekontor AG Despite Lowered Earnings Forecast

First Berlin Equity Research has released an updated report on Energiekontor AG, maintaining a "Buy" rating while revising the price target from €120 to €116. The adjustment comes after Energiekontor lowered its 2024 EBT forecast to approximately €23-€27 million due to project delays.

Several transactions expected to close in 2024 are now postponed to Q1/2025, shifting earnings of around €40-€45 million to the next year. Despite this profit warning, the outlook remains favorable. Energiekontor has 370 MW under construction, expected to be operational within the next two years, and has approved building permits for projects totaling 1.1 GW over the next three to five years.

First Berlin’s adjustments reflect these developments, with projections for subsequent years being more optimistic as part of their sum-of-the-parts model update. The firm stands by its "Buy" recommendation.