Energiekontor AG Secures Positive Outlook, Despite Q1 Challenges

First Berlin Equity Research GmbH has issued an update on Energiekontor AG, maintaining a "Buy" rating and slightly raising the price target from EUR 103 to EUR 104. The company shared its Q1/25 report, highlighting ongoing project development and portfolio growth. Energiekontor secured financial close or commenced construction on twelve projects, totaling 359 MW. Moreover, it holds 36 building permits for 1.3 GW capacity, marking an all-time high.

However, the quarter wasn't without setbacks. Power production fell by 27% year-on-year, attributed to reduced wind volumes. Despite this, positive developments are anticipated, as Energiekontor plans to sell some projects soon. The company maintains its EBT projection of €70m to €90m, with an updated valuation putting the stock's consensus P/E ratio at an attractive 8x for 2026.