First Berlin Reaffirms Buy Rating for PNE AG with Adjusted Price Target

First Berlin Equity Research has reaffirmed its Buy recommendation for PNE AG, while adjusting the target price from €20 to €19. This change follows the sale of six wind and photovoltaic projects in 2024, totaling 751.3 MW/MWp. The fourth quarter is expected to be particularly strong due to the sales of Papenrode and Lütau wind farms in Germany.

The sale of the Swedish business has allowed PNE to enhance its regional focus, exiting a challenging market. Interim CEO Pedersen emphasized the need for a solid balance sheet and short-term profitability. The new CEO Wuttke is set to lay out his strategy with the 2024 annual report in March 2025, indicating a possible shift between project sales and portfolio expansion.

With 13 wind farms (totaling 289 MW) under construction in Germany and France, and new awards for 156 MW in German onshore wind tenders, PNE anticipates robust performance from 2025 to 2027.