Renewables firm PNE shares down after guidance misses expectations

PNE AG

29/03/2023 09:34

** Shares in the renewable energy firm PNE  PNEGn.DE  slip
4% after it released 2023 guidance below expectations
    ** German windfarm construction firm expects 2023 EBITDA to
be between 30-40 million euros ($32.50-43.34 million) vs
Refinitiv mean estimate of 58 million euros
    ** "In 2023 PNE will have further upfront expenditure in the
low single-digit million range for the strategic expansion of
the business model", the firm's CEO Markus Lesser says
    ** Warburg Research analyst Jan Bauer says the share
reaction is driven by guidance below expectations 
    ** He notes that high cost base for wind farms construction
might explain the gap between estimates and guidance, adding
that PNE is usually very cautious about forecasts 
    ** In 2022, PNE's EBITDA rose to 35.4 million euros ($38.32
million) vs its own target between 20-30 million euros 

($1 = 0.9237 euros)

 (Reporting by Andrey Sychev)
 ((Andrey.Sychev2@thomsonreuters.com))