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34HQR Hidden Quality Radar - the silent alternative to the 10B model
Reading time: 9-10 minutes
The 10B model I presented a few days ago looks for small, high-growth companies with the potential to grow tenfold in the long term. The Hidden Quality Radar (HQR) takes a different, complementary approach. While the 10B model targets early, dynamic scaling phases, the HQR focuses on companies with proven operational strength, a high return on capital and a stable balance sheet that have so far been underestimated or overlooked by the market. The aim is to identify quality before it is reflected in the share price - in other words, those companies that are not loud but consistently create value. The HQR thus stands for a down-to-earth approach to investing: less momentum, more substance.
The evaluation model again comprises five dimensions with a total of 100 points:
1. profitability & return on capital (0-20 points) - operating margin, ROIC, free cash flow ratio
2. balance sheet quality & debt (0-15 points) - equity ratio, net cash, working capital efficiency
3. growth & resilience (0-15 points) - organic sales growth, rule of 40, cyclical tolerance
4. management & capital allocation (0-10 points) - investment discipline, buybacks, dividend policy
5. market observance & valuation (0-40 points) - analyst coverage, trading volume, institutional ownership, valuation multiples in peer comparison
The higher the operational quality and the lower the market attention, the stronger the signal. The model thus combines substance analysis with a perception gap - and shows where quality is present but not yet priced by the market. Similar to the 10B model, I use ChatGPT for screening and initial analysis. Potential candidates are identified on the basis of fundamental key figures, margin development and balance sheet strength, which are then analyzed manually in greater depth - with a focus on the business model, capital allocation and structural competitive advantages. The process is therefore data-driven, but deliberately not automated: Each share undergoes a qualitative assessment before it is included in the model.
Below are three current examples that illustrate the approach of the HQR model.
$EKT (-8.55%)
Energiekontor - 87 points (in the portfolio)
Profitability & return on capital (19/20): Energiekontor generates a double-digit operating margin and achieves returns on capital employed in excess of 15%. The integrated business model - from project development to the company's own portfolio - ensures stable cash flows regardless of short-term electricity price movements. Capital turnover is efficient and the return on capital is consistently high.
Balance sheet quality & debt (14/15): The balance sheet is conservatively structured, with a high equity ratio and manageable leverage. Debt remains sustainable even if interest rates rise, and new projects are generally financed without dilution for shareholders.
Growth & resilience (15/15): The company has a solid project pipeline in Germany, the UK and Portugal. The Rule of 40 is regularly above 40%, which underlines the combination of growth and profitability. The business model is largely independent of short-term market cycles and shows that stability and expansion need not be a contradiction in terms.
Management & capital allocation (9/10): The management pursues a long-term, value-oriented strategy with a consistent focus on own holdings and steadily increasing dividends. Capital is only deployed where sustainable returns are possible - a rarity in the renewable energy sector.
Market observation & valuation (30/40): Despite convincing fundamentals, the share is barely represented in international portfolios. Analyst coverage remains low, trading volume moderate. Valuation ratios remain below those of comparable European developers. Energiekontor is therefore a prime example of a high-quality but underestimated stock.
$RMD (-2.58%)
ResMed - 82 points (on the watchlist)
Profitability & return on capital (18/20): ResMed has been generating operating margins above 25% with high free cash flow conversion for years. The business model is capital-light and scaling is high - a combination that enables above-average returns on capital in the long term.
Balance sheet quality & debt (13/15): The company has a solid balance sheet structure, with sufficient liquidity and a moderate level of debt. This allows the company to invest heavily in research and digitalization without having to rely on external funding.
Growth & resilience (14/15): Demand in the area of sleep apnoea is growing structurally, while ResMed is systematically expanding its cloud and monitoring platform. Sales growth remains stable in the high single-digit range and the Rule of 40 is around 45 %. Temporary market fears surrounding GLP-1 drugs have not changed the quality of the business.
Management & capital allocation (9/10): The management acts long-term, focused and with clear priorities. Capital is deployed efficiently, acquisitions are targeted and made from a position of strength.
Market observation & valuation (28/40): Despite global market leadership, ResMed is underrepresented in many portfolios. Valuation multiples are significantly below the large US medtech stocks, although margin and cash flow quality are comparable. The market is currently ignoring the structural strength - a typical HQR case.
$KID (-4%)
Kid ASA - 80 points (on the watchlist)
Profitability & Return on Capital (17/20): Kid ASA is the leading supplier of home textiles, interior design and household goods in Scandinavia. The company achieves stable operating margins of between 13% and 15% and has a free cash flow ratio of over 80%. The own-brand ratio is high, which ensures pricing power and stable gross margins.
Balance sheet quality & debt (13/15): The balance sheet is solid, the gearing ratio is moderate and the equity ratio is comfortable. Thanks to the high cash flow, investments and dividends are financed entirely from current funds.
Growth & Resilience (13/15): Kid is growing steadily, driven by store expansion, e-commerce and market share gains in the premium segment. The company remains profitable even in weaker consumer phases - proof of the pricing power and loyalty of its customers. The Rule of 40 is regularly above 40%.
Management & capital allocation (9/10): The management acts in a long-term and disciplined manner, combining growth with continuous dividend increases. Capital allocation is conservative and growth-oriented at the same time - a balance that strengthens the stability of the business model.
Market Observation & Valuation (28/40): Despite a strong market position, Kid is hardly noticed outside Scandinavia. Analyst coverage is limited, institutional ownership is low. The valuation level is below international retail stocks of comparable quality. Kid thus fulfills all HQR criteria: high operating strength, reliable cash flow, low visibility.
The 10B model looks for dynamism, the HQR for substance. While one focuses on early growth phases with higher risk, the other concentrates on consistent value creation and capital discipline. Both models complement each other: the 10B model provides the accelerators, the HQR the foundations. Especially in an environment where market sentiment and narratives change in ever shorter cycles, it is crucial to understand both - when risk is rewarded and when consistency brings returns.
Which strategy convinces you more in the long term - growth through scaling or returns through quality? And which companies would you currently put on the HQR radar yourself?

Great analysis and approach.
I really liked the multiples of Energiekontor in 2023. I then added the share to my portfolio. Now in 2025 I am in the red with the share.
So good multiples aren't everything. There is more to generating performance. Like a healthy political environment. And not uncertainty about which path energy policy will take.
Without momentum, it often takes a long time. And requires a lot of patience.
During this time, it is perhaps more effective to be invested in momentum stocks
SachsenEnergie acquires Würselen wind farm from Energiekontor
Bremen, September 30, 2025 - Energiekontor AG ("Energiekontor"; $EKT (-8.55%) ), one of Germany's leading project developers and operators of wind and solar
and solar parks based in Bremen, has sold the Würselen wind farm, which went into operation in May 2025
Würselen to the German energy supplier SachsenEnergie.
The onshore wind farm sold is the repowered Würselen wind farm in the district of Aachen in North Rhine-Westphalia with a total generation capacity of 18.0 megawatts. The wind farm is eligible for an EEG feed-in tariff and was commissioned in May 2025. The buyer of the Würselen wind farm is SachsenEnergie NaturKraft GmbH, a subsidiary of the Dresden-based energy supplier SachsenEnergie AG. After the transaction, the wind farm will continue to benefit from Energiekontor's many years of operational management experience and optimization support.
Energiekontor planned and built the wind farm more than 20 years ago. Energiekontor replaced the three previous GE wind turbines with a generation capacity of 1.5 megawatts each with three new, more powerful wind turbines from Vestas, each with a rated output of 6.0 megawatts, at the site of the former Aachen coalfield. The hub height of the new V150 turbines is around 125 meters and the rotor diameter is approximately 150 meters. The average expected annual yield of the repowered wind farm is more than 41 million kilowatt hours per year - enough to supply more than 12,500 households in Germany with renewable electricity and save more than 31,000 tons of CO2 per year.
"Repowering wind farms is an important lever for achieving the expansion targets in Germany. Replacing old wind turbines with new, more powerful models increases electricity production, reduces the impact on people and nature and makes wind farms fit for the future again. With this transaction, we and SachsenEnergie are sending out a strong signal for sustainable renewable energies for the first time. Together we are striving for further cooperation," says Peter Szabo, CEO of Energiekontor AG. "Including this wind farm, we have already sold five projects with a total nominal output of around 115 megawatts in the current financial year. Others are at an advanced stage of the sales process."
For the energy supplier SachsenEnergie, the acquisition of the wind farm is an important building block in the expansion of green generation capacities. This is also emphasized by CEO Dr. Frank Brinkmann: "We are pleased to expand our wind portfolio geographically with the Würselen wind farm and to diversify with a new partner through further wind regions. At the same time, the wind farm supports our ambitions in the further expansion of renewable energy generation." Jens-Patric Hirtz, Head of the NaturKraft business division, adds: "We are still open to cooperations. These help us to stabilize our planned growth and diversify. But what is important to us is that we want to achieve growth through our own projects. That's why we are continuing to go full throttle in project development in Saxony and beyond."
Update: My latest purchases💸
Over the past few days, I have made several share purchases. I have taken the opportunity to diversify my portfolio and selectively add stocks that I consider to be promising in the long term. My focus was on a balanced mix of stable companies and opportunities with growth potential. This allowed me to consistently pursue my investment strategy and further strengthen the basis for the future development of my portfolio.
Energiekontor $EKT (-8.55%) (subsequent purchase)
Novo Nordsik $NOVO B (-3.44%) (subsequent purchase)
LVMH $MC (-2.5%) (subsequent purchase)
Pernod Ricard $RI (-2.24%) (subsequent purchase)
Frosta AG $NLM (+0.96%) (first position)
Adobe $ADBE (-3.29%) (Subsequent purchase)
Nestle $NESN (+0.61%) (Subsequent purchase)
Occidental Petrolium $OXY (-6.15%) (first position)
Sixt Vz $SIX2 (-1.61%) (Subsequent purchase)
Realty Income $O (-1.42%) (Subsequent purchase)
Ping An Insurance (Subsequent purchase)
Volkswagen $VOW3 (-2.24%) (Subsequent purchase)
The Trade Desk $TTD (-5.03%) (subsequent purchase)
Daikin $6367 (-3.05%) (subsequent purchase)
Danaher $DHR (-1.97%) (subsequent purchase)
Have a great rest of the week!
Let's see what the next few days bring🧐
Energiekontor commissions Königsfeld solar park and expands its own portfolio - PPA cooperation with Currenta
Bremen, September 24, 2025 - Energiekontor AG ("Energiekontor"; $EKT (-8.55%) ), one of Germany's leading project developers and operators of wind and solar parks based in Bremen, has commissioned the recently completed Königsfeld solar park and is expanding its steadily growing proprietary park portfolio. The power purchaser is Currenta GmbH & Co. OHG ("Currenta"), which will sustainably supply further energy services in the future via the PPA agreed with Energiekontor.
The Königsfeld solar park was built in the district of Schwarzwald-Baar-Kreis in Baden-Württemberg and was recently put into operation. With a total nominal output of around 4.6 megawatt peak, the average expected annual yield of the solar park is around 5.5 million kilowatt hours - sufficient to supply around 1,700 average households in Germany with regeneratively generated electricity and save around 3,800 tons of CO2 per year.
As part of Energiekontor's own portfolio, the solar park will from now on contribute to the
Energiekontor's electricity generation income from the Group's own wind and solar parks. It has an EEG surcharge from the Federal Network Agency. Energiekontor and Currenta have also concluded a Power Purchase Agreement (PPA) for the first few years. For Currenta, one of Germany's largest chemical park operators, the PPA is another important building block in its own sustainability strategy. The green electricity from the solar park will be used specifically to make the energy applications at the Chempark sites sustainable and thus reduce the environmental impact.
This increases the total generation capacity of Energiekontor's own park portfolio to around 450 megawatts, spread over 36 wind and four solar parks. The solar share is now around 20 percent. Seven further parks with a total generation capacity of around 200 megawatts are currently under construction or in the construction preparation phase, which should increase Energiekontor's own park portfolio to at least 650 megawatts in the future.
"Following the realization of the Letschin solar park in the first quarter of 2025, we are continuing to consistently implement the expansion path for our own park portfolio with the commissioning of the Königsfeld solar park. The continuous expansion and diversification of our own electricity generation not only strengthens the resilience and profitability of our business model, but also makes an important contribution to the energy transition in Germany. We are particularly pleased to be able to make this contribution
to make this contribution through the renewed cooperation with Currenta in southern Germany," explains Peter Szabo, CEO of Energiekontor AG.
"We are delighted to be taking a further step in our sustainability strategy with Energiekontor AG and the new solar project in Königsfeld," explains Matthias Gasten, responsible for Energy Trading and Dispatching at Currenta. "With the PPA, we can supply further energy services, such as the e-charging infrastructure, in a sustainable manner."
Financial close for two further wind farm projects in the district of Verden achieved - start of construction ahead
Bremen, September 3, 2025 - Energiekontor AG, which is listed in the General Standard
("Energiekontor"; $EKT (-8.55%) ), one of the leading German project developers and operators of wind and solar parks based in Bremen, has reached financial close for the Haberloh and Heidkrug wind farm projects in the district of Verden in Lower Saxony and has thus successfully brought the projects
the projects ready for construction.
After Energiekontor received the building permits for the Haberloh and Heidkrug projects in the district of Verden in Lower Saxony with a total nominal capacity of around 94 megawatts in August 2024 and successfully participated in the EEG tender of the Federal Network Agency with both projects in May 2025, they have now reached financial close and are thus ready for construction.
and therefore ready for construction. According to the current planning status, both wind farms are scheduled to go into operation in 2027.
The neighboring sites are located between the existing and sold Völkersen wind farm and the Holtumer Moor wind project, which is currently under construction for the company's own portfolio. Eleven Vestas wind turbines with a rated output of 7.2 megawatts each are to be erected on site for the Haberloh project and two further identical turbines for the Heidkrug project.
will be erected. The hub height of the V162-7.2 turbines is 169 meters, the rotor diameter is
The rotor diameter is 162 meters. The average expected annual yield of both wind farms will total around 217 gigawatt hours from the first full year of operation - enough to supply more than 66,000 average households with renewable electricity and more than
and save more than 160,000 tons of CO2 per year.
In this context, the region benefits from the added value generated by broadly distributed
lease income, part of which is donated to charitable causes,
municipal taxes from future electricity production, trade tax revenue and the opportunity for direct citizen participation. In addition, numerous measures are being implemented to compensate for the impact on the natural environment, such as various new plantings, the conversion of former arable land into extensive grassland, the restoration of a still water body
or the creation of specially managed feeding habitats for birds of prey.
"Including these two projects, we have already brought nine wind and solar projects with more than 250 megawatts to construction maturity in the current financial year. This means that 17 projects with more than 540 megawatts are now under construction - including several projects with a total of more than 200 megawatts for our own portfolio, as well as several sold turnkey projects in Germany, which will contribute to Group earnings in the coming years once they are commissioned as planned. We are still examining the intended use of individual projects," says Peter Szabo, CEO of Energiekontor AG. "What is certain is that we are now at a historically high level of construction, which we intend to expand over the rest of the year in addition to the ongoing sales negotiations on further financial closings.
financial closings that are currently underway."
Energiekontor - Strong project business ensures significantly improved consolidated earnings in the first half of 2025
Well @Tenbagger2024 and @Singulus is this the signal at $EKT (-8.55%) you have been waiting for?
Bremen, August 14, 2025 - Energiekontor AG ("Energiekontor"), one of Germany's leading project developers and operators of wind and solar parks based in Bremen and listed in the General Standard, significantly increased its consolidated earnings in the first half of 2025. The project business made a significant contribution. Further projects are to be sold. Energiekontor confirms both the forecast for the current 2025 financial year and the 2023 to 2028 growth strategy.
The first half of 2025 at a glance
In the first half of 2025, Energiekontor made strong progress in project development and the expansion of its own portfolio. Two wind projects were sold. Two additional purchase agreements were signed and recently confirmed by the buyer's local authority. The Group's own wind farm portfolio was noticeably expanded and further diversified in terms of technology. Many further projects are under construction for the Group's own portfolio. A large number of approved and subsidized projects, which are due to reach financial close next, provide further potential for sales and expansion. Energiekontor has also succeeded in expanding the valuable project pipeline (excluding US project rights) to around 11.4 gigawatts and at the same time further increasing the proportion of projects in the advanced development phases to more than 2.8 gigawatts. Energiekontor carefully reviewed the US wind business (most recently 333 megawatts) in the first half of 2025 and made the decision to discontinue it in light of the Trump administration's restrictive policy on wind energy.
The aforementioned progress already bore its first fruits in the first half of 2025, which are now also reflected in the Group's figures - although the very weak wind volume still slowed down the actual momentum of the overall development somewhat. In this context, Energiekontor was able to achieve consolidated revenue of EUR 76.0 million in the first half of 2025, roughly at the previous year's level (H1 2024: EUR 78.0 million). In contrast, consolidated earnings before taxes (EBT) rose by 69.5 percent to EUR 28.3 million (H1 2024: EUR 16.7 million). Energiekontor is therefore well on track to meet the annual forecast for the 2025 financial year.
Total Output amounted to EUR 171.5 million in the first half of 2025 (H1 2024: EUR 95.7 million). The 79.2% increase in this figure is mainly due to increased changes in inventories as a result of the many projects under construction. Other operating income decreased compared to the previous year's reporting date. Operating expenses increased, primarily as a result of higher material costs and increased personnel costs. Depreciation and amortization decreased. As a result, the operating result (EBIT) amounted to EUR 39.3 million (H1 2024: EUR 23.8 million). Adjusted for a reduction in net interest income, Energiekontor generated the aforementioned consolidated earnings before taxes (EBT) of EUR 28.3 million. The Group tax rate amounted to 15.1% (H1 2024: 29.5%), in particular due to favorable tax conditions abroad, which resulted in a doubling of consolidated earnings after taxes to EUR 24.1 million (H1 2024: EUR 11.8 million). Earnings per share increased accordingly to EUR 1.72 (H1 2024: EUR 0.85).
Project planning segment picks up speed
Energiekontor sold one Scottish and one German wind project in the first half of 2025. The purchase agreements for two additional transactions in Germany were signed at the end of June 2025. Final confirmation was recently given by the buyer's local authority. With significantly improved external sales revenue of EUR 43.3 million (H1 2024: EUR 33.6 million) and a noticeable increase in changes in inventories of finished goods and work in progress, the segment made a significant contribution to the positive development of the Group result. Compared to the weak first half of 2024, segment EBT amounted to EUR 22.9 million in the first half of 2025 (H1 2024: EUR 0.8 million).
Energiekontor commissioned a solar park and a wind park in Germany in the first half of 2025. The Letschin solar park has since contributed to the earnings of the Power Generation segment. As of June 30, 2025, a total of 15 projects were under construction or financial close had been reached for these projects - including eight wind and solar projects that are expected to increase Energiekontor's own portfolio to at least 650 megawatts in the future. Further projects for sale and the company's own portfolio are expected to reach financial close in the current 2025 financial year, as Energiekontor received EEG awards for more than 320 megawatts for twelve wind projects and one solar project in this year's first tenders by the Federal Network Agency alone. In addition, 33 construction permits for more than 1.2 gigawatts had been granted as of the reporting date.
Power generation segment with potential for improvement due to weather conditions
In the first half of 2025, external revenue in the Electricity Generation segment from the Group's own wind and solar parks was below the previous year's level and amounted to EUR 30.7 million (H1 2024: EUR 41.8 million). Segment EBT decreased to EUR 4.8 million (H1 2024: EUR 14.3 million). Gross electricity production at the proprietary parks amounted to around 287 gigawatt hours in the first half of 2025 (H1 2024: 320 gigawatt hours). The total generation capacity of the Group's own portfolio of wind and solar parks amounted to around 444 megawatts as at June 30, 2025.
The reduction in electricity production in the first six months of 2025 is mainly due to the sharp year-on-year decline in wind and solar generation during this period. In addition, there was a slight decline in the level of electricity remuneration - particularly for the short-term hedged parks due to the fall in PPA market prices. The new Letschin solar park, which was transferred to the Group's own park portfolio at the end of March 2025, and the Alfstedt wind park, which has been fully operational again since May 2025, had a partially offsetting effect. There is potential for growth, particularly if weather conditions improve in the second half of 2025.
Decline in the Operating Development, Innovation and Other segment
As the Operational Development, Innovation and Other segment is dependent on income from the Power Generation segment as the basis for operational management revenue, it also recorded a decline in revenue and earnings in the first half of 2025. External sales amounted to EUR 2.1 million (H1 2024: EUR 2.7 million). Segment EBT fell to EUR 0.6 million (H1 2024: EUR 1.6 million).
Forecast for financial year 2025 and growth strategy 2023 to 2028 confirmed
The Management Board of Energiekontor AG is sticking to the target issued at the beginning of the year and expects Group EBT for the 2025 financial year to be significantly higher than the previous year's result in a range of EUR 70 to 90 million (2024: EUR 36.2 million). In the 2025 financial year, Group EBT is expected to be generated as planned and primarily from project sales in Germany, the UK and the United States (Solar). Ready-to-build sales in the UK account for the largest share of the planned EBT contributions. Several projects in Germany and abroad are currently in negotiations, some of which are at an advanced stage, and should be successfully concluded in the coming weeks and months.
The Management Board of Energiekontor AG remains very positive about the development of the company and the course of business over the next few years. With the help of the well-filled project pipeline, the large number of projects in late maturity phases and the projects that have already been approved and awarded, all the necessary steps are being taken to achieve the growth targets of the 2023 to 2028 strategy as planned. Assuming that the earnings trend will level out over the multi-year period of the growth strategy, the 2023 to 2028 growth strategy and the target EBT of around EUR 120 million for the 2028 financial year are once again confirmed.
"We have made very good progress in the first six months of 2025 and are working intensively on the further development and sale of our projects. Irrespective of this, we have realized that we are no longer only operating in a challenging market environment, but also in a socio-politically changed environment. The new skepticism towards climate change makes us an important player. Our task is to constantly help shape the inevitable shift towards renewable energies and make our contribution to a reliable, climate-friendly energy supply. Our continuous growth and the successful realization of our projects show that we can do this even under complex framework conditions," says Peter Szabo, CEO of Energiekontor AG.
The half-year report 2025 is available for download at https://www.energiekontor.de/investor-relations/finanzberichte.html available for download.

Energiekontor and the town of Elsdorf conclude purchase agreements for two German wind farm projects
Bremen, August 13, 2025 - Energiekontor AG ("Energiekontor"; $EKT (-8.55%) ), one of the leading German project developers and operators of wind and solar parks based in Bremen, has sold two German wind farm projects with a total nominal capacity of 40 megawatts to the city of Elsdorf, thus successfully concluding two further transactions in the current financial year 2025.
The two onshore wind farm projects sold are the Elsdorf-Frankeshoven and Elsdorf-Tollhausen projects in the Rhine-Erft district of North Rhine-Westphalia. The projects have a total generation capacity of around 40 megawatts. The transactions took place at municipal level. The buyer of the two turnkey projects is the town of Elsdorf.
The Elsdorf-Frankeshoven and Elsdorf-Tollhausen wind farms will have a nominal output of around 17 and 23 megawatts respectively. A total of seven Nordex N149 wind turbines are planned at the two sites. The individual turbines have a hub height of approx. 164 meters and a rotor diameter of 149 meters. The average expected annual yield of both wind farms from the first full year of operation is around 90 gigawatt hours - sufficient to supply more than 27,000 average households with renewable electricity and save around 68,000 tons of CO2 per year. The projects are eligible for an EEG surcharge, which was awarded by the Federal Network Agency as part of this year's February tender.
"We are very pleased about the joint commitment with the town of Elsdorf. Collaborations like this strengthen regional value creation from renewable energies. We are thus making an important contribution to the energy transition at municipal level," says Peter Szabo, CEO of Energiekontor AG. "Including these two transactions, we have already completed four sales in the current financial year. Further projects in Germany and abroad are currently at an advanced stage of the sales process and should be successfully completed in the coming weeks and months."
"Through the acquisition, the town of Elsdorf will benefit financially from the wind farm projects for the benefit of all citizens. At the same time, the expansion of wind power will help Elsdorf to become more independent in its energy supply and make an important contribution to the energy transition in the region," emphasizes Andreas Heller, Mayor of the town of Elsdorf.
But I can't yet see a clear course from the federal government. recognize a clear course.
And Reiche is not really a wind energy fan either.
But Energiekontor is also active internationally.
What's going on at $EKT today?
Anyone have any idea what's $EKT (-8.55%) is going on? Saw that GLS Crowd is doing a crowd-investing for Energiekontor, but does that explain the downward momentum?
Energiekontor: Profit to more than double
Volatile business figures - risk or opportunity?
What seems to put investors off, however, is the unsteady development of the business figures.
In the last financial year, for example, turnover slumped by 47.7% to 126.5 million euros and earnings even fell by 72.9% to 1.62 euros per share.
However, the trend is clearly pointing upwards, with the highest consolidated turnover and profit achieved in 2023.
The high fluctuations are mainly due to the project business. Depending on the grid connection date, funds flow in one financial year or the other.
However, Energiekontor also had to contend with external challenges. The limited availability of wind turbines and large components led to delays and higher costs. In addition, there were delays in grid expansion.
The company responded to this with a whole series of strategic measures. These include technical and commercial optimization measures, securing attractive electricity tariffs for existing turbines and additional procurement measures outside Europe.
These measures and the completion of several projects should contribute to an increase in earnings before taxes (EBT) from EUR 36.2 million to EUR 70 - 90 million this year.
According to estimates, earnings of EUR 4.27 per share are expected. New record earnings of over EUR 6.00 per share are expected in the coming financial year.
If the forecasts are correct, the share price is likely to rise. Energiekontor currently has a P/E ratio of 11.1. KGV around a value of 20
Energiekontor share: Chart from 22.07.2025, price: EUR 47.20 - symbol: EKT | source: TWS
The share could be in the process of forming a bottom. If it now manages to break out above EUR 50, a procyclical uptrend will ensue Kaufsignal with possible price targets at 55 and 60 euros. The chart picture brightens sustainably above this level.
If, on the other hand, the share falls below EUR 40, the bulls will have lost their chance for the time being
Source:

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