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PNE3

PNE XTRA:PNE3 Stock Report

Last Price

€13.00

Market Cap

€992.4m

7D

-3.6%

1Y

73.8%

Updated

24 Jun, 2022

Data

Company Financials +
PNE3 fundamental analysis
Snowflake Score
Valuation5/6
Future Growth5/6
Past Performance3/6
Financial Health2/6
Dividends0/6

PNE3 Stock Overview

PNE AG engages in the development, planning, realization, financing, operation, and sales of wind and photovoltaic (PV) farms and transformer stations in Germany and internationally.

PNE Competitors

 

 

 

 

 

 

 

 

 

 

 

 

Price History & Performance

Summary of all time highs, changes and price drops for PNE
Historical stock prices
Current Share Price€13.00
52 Week High€13.66
52 Week Low€6.58
Beta0.69
1 Month Change-1.52%
3 Month Change40.09%
1 Year Change73.80%
3 Year Change422.09%
5 Year Change411.01%
Change since IPO-68.11%

Recent News & Updates

Shareholder Returns

PNE3DE ElectricalDE Market
7D-3.6%-0.4%-0.1%
1Y73.8%-34.6%-22.0%

Return vs Industry: PNE3 exceeded the German Electrical industry which returned -35.9% over the past year.

Return vs Market: PNE3 exceeded the German Market which returned -23% over the past year.

Price Volatility

Is PNE3's price volatile compared to industry and market?
PNE3 volatility
PNE3 Average Weekly Movement4.5%
Electrical Industry Average Movement6.4%
Market Average Movement5.6%
10% most volatile stocks in DE Market10.0%
10% least volatile stocks in DE Market2.8%

Stable Share Price: PNE3 is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: PNE3's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1995495Markus Lesserhttps://www.pne-ag.com

PNE AG engages in the development, planning, realization, financing, operation, and sales of wind and photovoltaic (PV) farms and transformer stations in Germany and internationally. The company develops, constructs, and sells onshore and offshore wind farms under the PNE and WKN brand names, as well as PVs; provides technical and commercial operations management services for wind farms, PV plants, and transformer stations; and generates electricity from wind and biomass power plant. It is also involved in the development photovoltaics and hybrid solutions.

PNE Fundamentals Summary

How do PNE's earnings and revenue compare to its market cap?
PNE3 fundamental statistics
Market Cap€992.37m
Earnings (TTM)€34.09m
Revenue (TTM)€131.14m

29.1x

P/E Ratio

7.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PNE3 income statement (TTM)
Revenue€131.14m
Cost of Revenue€39.47m
Gross Profit€91.67m
Other Expenses€57.59m
Earnings€34.09m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 10, 2022

Earnings per share (EPS)0.45
Gross Margin69.90%
Net Profit Margin25.99%
Debt/Equity Ratio181.6%

How did PNE3 perform over the long term?

See historical performance and comparison

Dividends

0.3%

Current Dividend Yield

9%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is PNE3 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PNE3?

Other financial metrics that can be useful for relative valuation.

PNE3 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue10.3x
Enterprise Value/EBITDA41.4x
PEG Ratio0.9x

Price to Earnings Ratio vs Peers

How does PNE3's PE Ratio compare to its peers?

PNE3 PE Ratio vs Peers
The above table shows the PE ratio for PNE3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average3047.5x

Price-To-Earnings vs Peers: PNE3 is good value based on its Price-To-Earnings Ratio (29.1x) compared to the peer average (3047.5x).


Price to Earnings Ratio vs Industry

How does PNE3's PE Ratio compare vs other companies in the Electrical Industry?

Price-To-Earnings vs Industry: PNE3 is good value based on its Price-To-Earnings Ratio (29.1x) compared to the German Electrical industry average (30.1x)


Price to Earnings Ratio vs Fair Ratio

What is PNE3's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PNE3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio29.1x
Fair PE Ratio29.4x

Price-To-Earnings vs Fair Ratio: PNE3 is good value based on its Price-To-Earnings Ratio (29.1x) compared to the estimated Fair Price-To-Earnings Ratio (29.4x).


Share Price vs Fair Value

What is the Fair Price of PNE3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PNE3 (€13) is trading below our estimate of fair value (€13.74)

Significantly Below Fair Value: PNE3 is trading below fair value, but not by a significant amount.


Price to Earnings Growth Ratio

PEG Ratio: PNE3 is good value based on its PEG Ratio (0.9x)


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Future Growth

How is PNE forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


31.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PNE3's forecast earnings growth (31.1% per year) is above the savings rate (-0.05%).

Earnings vs Market: PNE3's earnings (31.1% per year) are forecast to grow faster than the German market (8.3% per year).

High Growth Earnings: PNE3's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: PNE3's revenue (20.8% per year) is forecast to grow faster than the German market (4.8% per year).

High Growth Revenue: PNE3's revenue (20.8% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PNE3's Return on Equity is forecast to be low in 3 years time (1.8%).


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Past Performance

How has PNE performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-49.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PNE3 has a high level of non-cash earnings.

Growing Profit Margin: PNE3's current net profit margins (26%) are higher than last year (2.3%).


Past Earnings Growth Analysis

Earnings Trend: PNE3's earnings have declined by 49.3% per year over the past 5 years.

Accelerating Growth: PNE3's earnings growth over the past year (1267.3%) exceeds its 5-year average (-49.3% per year).

Earnings vs Industry: PNE3 earnings growth over the past year (1267.3%) exceeded the Electrical industry 77.3%.


Return on Equity

High ROE: PNE3's Return on Equity (14.5%) is considered low.


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Financial Health

How is PNE's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: PNE3's short term assets (€401.3M) exceed its short term liabilities (€109.8M).

Long Term Liabilities: PNE3's short term assets (€401.3M) do not cover its long term liabilities (€514.3M).


Debt to Equity History and Analysis

Debt Level: PNE3's net debt to equity ratio (109.2%) is considered high.

Reducing Debt: PNE3's debt to equity ratio has increased from 52.7% to 181.6% over the past 5 years.

Debt Coverage: PNE3's debt is not well covered by operating cash flow (4.8%).

Interest Coverage: PNE3's interest payments on its debt are well covered by EBIT (3.5x coverage).


Balance Sheet


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Dividend

What is PNE current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


0.31%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PNE3's dividend (0.31%) isn’t notable compared to the bottom 25% of dividend payers in the German market (1.47%).

High Dividend: PNE3's dividend (0.31%) is low compared to the top 25% of dividend payers in the German market (4.57%).


Stability and Growth of Payments

Stable Dividend: PNE3 is not paying a notable dividend for the German market, therefore no need to check if payments are stable.

Growing Dividend: PNE3 is not paying a notable dividend for the German market, therefore no need to check if payments are increasing.


Earnings Payout to Shareholders

Earnings Coverage: PNE3 is not paying a notable dividend for the German market.


Cash Payout to Shareholders

Cash Flow Coverage: PNE3 is paying a dividend but the company has no free cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

2.6yrs

Average board tenure


CEO

Markus Lesser (57 yo)

11.17yrs

Tenure

€1,054,000

Compensation

Mr. Markus Lesser has been the Chief Executive Officer of PNE AG (Formally known as PNE Wind AG) since May 26, 2016 and as its Member of Management Board since April 01, 2011. Mr. Lesser serves as the Chai...


CEO Compensation Analysis

Compensation vs Market: Markus's total compensation ($USD1.11M) is about average for companies of similar size in the German market ($USD1.34M).

Compensation vs Earnings: Markus's compensation has been consistent with company performance over the past year.


Board Members

Experienced Board: PNE3's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

PNE AG's employee growth, exchange listings and data sources


Key Information

  • Name: PNE AG
  • Ticker: PNE3
  • Exchange: XTRA
  • Founded: 1995
  • Industry: Heavy Electrical Equipment
  • Sector: Capital Goods
  • Implied Market Cap: €992.375m
  • Shares outstanding: 76.34m
  • Website: https://www.pne-ag.com

Number of Employees


Location

  • PNE AG
  • Peter-Henlein-Strasse 2-4
  • Cuxhaven
  • Lower Saxony
  • 27472
  • Germany

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/24 00:00
End of Day Share Price2022/06/24 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.