PNE AG Secures "Buy" Rating Despite Price Target Adjustment

First Berlin Equity Research has reaffirmed its "Buy" recommendation for PNE AG, identified by ISIN DE000A0JBPG2, while adjusting the target price from EUR 21 to EUR 20. Despite PNE AG's lower-than-expected EBITDA of €6.2 million for the first nine months, the firm remains optimistic about meeting its 2024 financial guidance. This confidence is bolstered by the recent sale of the Papenrode project and anticipated milestone payments from previous sales.

The company has stated a strategic shift towards emphasizing profitability, indicating more project sales and a more gradual pace in expanding its portfolio. Adjustments to segment and group forecasts reflect this new direction. An updated sum-of-the-parts valuation has resulted in a downwards revision of the price target to €20. The "Buy" recommendation stands firm with these insights.