Another amendment to the German renewable energy law could provide opportunities for KTG, either through sector consolidation or additional support for its plant. While we still see margin expansion, we have reduced our EBITDA margin forecast following the publication of the full annual report to reflect guidance more closely. On this basis, FY16e EPS declines to €0.67 (€0.75). Our fair value of €18/share remains unchanged as lower working capital requirement compensates.
26 Apr 2016
Steady strength defies sector challenges
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Steady strength defies sector challenges
KTG Energie (KB7:ETR) | 0 0 0.0%
- Published:
26 Apr 2016 -
Author:
Catharina Hillenbrand-Saponar -
Pages:
4
Another amendment to the German renewable energy law could provide opportunities for KTG, either through sector consolidation or additional support for its plant. While we still see margin expansion, we have reduced our EBITDA margin forecast following the publication of the full annual report to reflect guidance more closely. On this basis, FY16e EPS declines to €0.67 (€0.75). Our fair value of €18/share remains unchanged as lower working capital requirement compensates.