Financials PNE AG Deutsche Boerse AG

Equities

Market Closed - Deutsche Boerse AG Other stock markets 03:44:14 2024-07-12 am EDT			5-day change	1st Jan Change
13.84 ^EUR	-0.43%		+2.37%	+1.17%

Jul. 09	Survey: Sentiment in the wind energy sector has improved	DP
Jul. 04	PNE Wins Contracts for Four Onshore Wind Projects in Germany	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	303.2	610.7	645	1,630	1,056	1,050	-	-
Enterprise Value (EV) ¹	432.2	871.2	1,014	2,081	1,742	1,774	1,920	2,010
P/E ratio	402 x	400 x	25.6 x	107 x	-106 x	-103 x	-129 x	318 x
Yield	1%	0.5%	0.47%	0.19%	0.29%	0.39%	0.39%	0.68%
Capitalization / Revenue	2.28 x	5.57 x	5.48 x	12.9 x	8.69 x	6.36 x	5.46 x	4.34 x
EV / Revenue	3.25 x	7.94 x	8.61 x	16.5 x	14.3 x	10.7 x	9.97 x	8.31 x
EV / EBITDA	13.7 x	33.1 x	31 x	58.8 x	43.6 x	36.2 x	28.9 x	20.8 x
EV / FCF	-10.2 x	-10.5 x	-11.4 x	-19.9 x	-9.09 x	-11.8 x	-8.25 x	-9.85 x
FCF Yield	-9.85%	-9.53%	-8.78%	-5.03%	-11%	-8.51%	-12.1%	-10.1%
Price to Book	1.29 x	2.94 x	2.81 x	6.86 x	4.99 x	4.64 x	4.97 x	5.18 x
Nbr of stocks (in thousands)	75,420	76,337	76,337	76,337	76,337	76,337	-	-
Reference price ²	4.020	8.000	8.450	21.35	13.84	13.76	13.76	13.76
Announcement Date	3/31/20	3/31/21	3/30/22	3/29/23	3/27/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	132.8	109.7	117.7	126.2	121.5	165.1	192.4	242
EBITDA ¹	31.64	26.3	32.7	35.4	39.9	49.05	66.52	96.86
EBIT ¹	18.96	8.17	9.265	6.173	5.738	5.206	20.28	39.71
Operating Margin	14.28%	7.45%	7.87%	4.89%	4.72%	3.15%	10.54%	16.41%
Earnings before Tax (EBT) ¹	7.312	-2.708	3.028	23.86	-8.599	-14.83	-12.72	-3.106
Net income ¹	0.692	1.621	25.13	14.9	-9.554	-10.01	-8.196	-3.882
Net margin	0.52%	1.48%	21.34%	11.81%	-7.86%	-6.06%	-4.26%	-1.6%
EPS ²	0.0100	0.0200	0.3300	0.2000	-0.1300	-0.1333	-0.1067	0.0433
Free Cash Flow ¹	-42.56	-83.03	-89.05	-104.6	-191.6	-151	-232.8	-204
FCF margin	-32.05%	-75.7%	-75.64%	-82.94%	-157.68%	-91.42%	-120.95%	-84.3%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0400	0.0400	0.0400	0.0400	0.0400	0.0533	0.0533	0.0933
Announcement Date	3/31/20	3/31/21	3/30/22	3/29/23	3/27/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	129	261	369	451	685	724	869	960
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.076 x	9.905 x	11.28 x	12.75 x	17.17 x	14.75 x	13.07 x	9.91 x
Free Cash Flow ¹	-42.6	-83	-89.1	-105	-192	-151	-233	-204
ROE (net income / shareholders' equity)	0.3%	0.76%	11.5%	6.38%	-4.25%	-5.1%	-4.75%	-1.85%
ROA (Net income/ Total Assets)	0.14%	-	3.37%	1.71%	-	-	-	-
Assets ¹	509.9	-	745.4	873.7	-	-	-	-
Book Value Per Share ²	3.120	2.720	3.000	3.110	2.770	2.970	2.770	2.660
Cash Flow per Share ²	0.4700	-0.9000	0.3100	-0.1200	-2.180	0.4500	0.6400	0.4100
Capex ¹	78	14.5	113	95.6	25.5	189	286	261
Capex / Sales	58.71%	13.25%	95.84%	75.8%	20.97%	114.16%	148.57%	107.75%
Announcement Date	3/31/20	3/31/21	3/30/22	3/29/23	3/27/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

13.76 EUR

Average target price

20.43 EUR

Spread / Average Target

+48.50%

	1st Jan change	Capi.
VESTAS WIND SYSTEMS A/S	-21.40%	24.85B
SUZLON ENERGY LIMITED	+43.01%	8.92B
SANY RENEWABLE ENERGY CO.,LTD.	-13.59%	4.15B
GOLDWIND SCIENCE AND TECHNOLOGY CO., LTD.	-13.25%	3.65B
INOX WIND LIMITED	+37.47%	2.68B
TITAN WIND ENERGY (SUZHOU) CO.,LTD	-32.16%	1.95B
DAJIN HEAVY INDUSTRY CO.,LTD.	-23.33%	1.8B
CENTURY WIND POWER CO., LTD.	+58.81%	1.73B
CS WIND CORPORATION	-29.49%	1.49B