Energiekontor
EKT.DE Small CapUtilities · Utilities - Renewable
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
Energiekontor AG, a project developer, engages in the planning, construction, and operation of wind and solar parks in Germany, Portugal, Scotland, and the united States. It owns and operates 39 wind and solar parks with a total generation capacity of around 400 megawatts. The company was founded in 1990 and is headquartered in Bremen, Germany.
Energiekontor Stock at a Glance
Energiekontor (EKT.DE) is currently trading at €37.60 with a market capitalization of $523.1M. The trailing P/E ratio stands at 12.88x, with a forward P/E of 7.96x. The 52-week range spans from €30.10 to €53.40; the current price is 29.6% below the yearly high. Year-over-year revenue growth stands at +89.7%. The net profit margin stands at 24.39%.
💰 Dividend
Energiekontor pays an annual dividend of €1.00 per share, representing a yield of 2.66%. The payout ratio stands at 17.12%.
📊 Analyst Rating
2 analysts rate Energiekontor (EKT.DE) on consensus: None. The average price target is €71.50, implying +90.16% from the current price. Analyst price targets range from €66.00 to €77.00.
Energiekontor: The Investment Case in Detail
Energiekontor (EKT.DE) operates in the Utilities — specifically Utilities - Renewable — and is headquartered in Germany. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Top-line momentum is unusually strong with revenue expanding 89.7% year-over-year, a pace that puts the company well above the market average and signals genuine demand traction rather than mere cyclical tailwind. With a gross margin near 75.73%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns. Our valuation screen flags the stock as undervalued relative to its fundamentals — multiples are running below where the cash flow profile would normally justify.
The Bear Case
The debt-to-equity ratio of 313.94% is elevated, meaning the company relies heavily on creditors — refinancing terms will become more important than operational performance in the next economic downturn.
What to Watch Next
- The forward P/E of 7.96x is meaningfully below the trailing 12.88x — analysts expect earnings to step up; the next earnings release is the test.
- The analyst consensus price target implies 90.16% upside — if the next two quarters confirm the underlying thesis, target hikes typically follow.
Investment Thesis: Strengths & Weaknesses
- Strong revenue growth of 89.7% YoY
- Profitable with 24.39% net margin
- High return on equity (19.84% ROE)
- High gross margin of 75.73% — indicates pricing power
- Currently flagged as undervalued
- Solid dividend yield of 2.66%
- –High leverage (D/E 313.94)
- –Negative free cash flow
Technical Snapshot
The price is in a transition zone relative to the moving averages — no clear signal.
Risk Profile
The data points to relatively defensive market behavior, higher leverage relative to equity.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Energiekontor (EKT.DE) 2026: 47,05 EUR German Wind-and-Solar-Park Developer-and-Operator at 9,96x Forward Earnings with Long-Duration PPA-Revenue Base, Founder-Aligned Discipline and 2,13 Percent Dividend Yield
The Real Story
Energiekontor AG (Xetra: EKT) is a Bremen, Germany-headquartered project-developer-and-operator of wind-and-solar-parks. Founded 1990 by Günter Lammers and Bodo Wilkens. The company operates 39+ wind-and-solar-parks in Germany, Portugal, Scotland, and the United States totaling approximately 380 MW of operating capacity plus an additional development-pipeline of over 7 GW. Two reporting-segments: Project Development (lumpy project-sales revenue) and Power-Generation-in-Group-Owned-Wind-and-Solar-Parks (recurring-utility-style revenue under PPAs and feed-in-tariffs).
The structural-bull-thesis: long-duration-recurring PPA-and-feed-in-tariff revenue from 39+ owned-parks plus pipeline of 7 GW projects under development supporting structural-growth. Forward-P/E 10x is fair-value reflecting the project-development-cycle-volatility plus owned-park-utility-defensive mix.
What Smart Money Thinks
Energiekontor has founder-aligned shareholder base. Co-founders Günter Lammers and Bodo Wilkens together hold approximately 51 percent of shares — the dominant strategic-conviction-and-control signal. BlackRock at approximately 4,8 percent, Allianz at approximately 3,2 percent represent passive-and-active-institutional flows. Short-interest sits at approximately 1,8 percent of float as of May 2026 — very low, reflecting founder-control-and-defensive narrative.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
Energiekontor's 380 MW of operating-capacity in owned wind-and-solar-parks generates approximately 80-100 million EUR of annual-recurring-utility-revenue under 15-25 year PPAs and feed-in-tariffs. The defensive-recurring base is structurally less correlated to project-development-cycle volatility.
Energiekontor's approximately 7 GW development-pipeline (primarily Germany, Portugal, Scotland, USA) plus continued EU-Green-Deal and US-IRA-renewable-energy-subsidies supports structural-growth-trajectory through 2030.
The co-founders' 51 percent ownership-and-control structure provides long-duration capital-allocation discipline through cycle-volatility. Founder-led-companies in European-renewables-development have historically outperformed institutionally-controlled peers.
📉 The 3 Real Bear Points
Project-development-segment-revenue is structurally lumpy with large-project-sale revenues recognized in specific quarters. Quarterly volatility creates periodic miss-versus-consensus risk that compresses near-term multiple.
German-and-EU-wide permitting-and-grid-connection delays (especially in Germany) compress project-pipeline conversion-to-revenue. If permitting-delays-and-grid-connection-bottlenecks persist, Energiekontor's pipeline-conversion-trajectory could compress.
Trump-2 IRA-rollback-risk on US-renewable-energy subsidies compresses Energiekontor's US-segment-development-trajectory. If IRA-rollback executes, US-projects may underperform consensus.
Valuation in Context
Energiekontor at 47,05 EUR per share with approximately 13,9 million shares outstanding has a market capitalization of approximately 655 million EUR. With approximately 480 million EUR of project-level-debt (primarily non-recourse to corporate-balance-sheet) plus modest corporate-debt, the corporate-EV is approximately 700-800 million EUR.
On forward-earnings, Energiekontor trades at approximately 10x consensus fiscal-2026 EPS of approximately 4,72 EUR. Applying peer-blended fair-multiple of 12-15x to fiscal-2027 EPS of approximately 5,40 EUR produces fair-value range 65-81 EUR per share — 38-72 percent upside. Bear-case 32-36 EUR. Bull-case 90-105 EUR over 24-36 months. 2,13 percent dividend.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
H1 2026 earnings (early August 2026). Watch-items: project-development-sale revenue, owned-park PPA revenue, pipeline-update.
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2027 Q1:
Fiscal-2026 full-year results plus fiscal-2027 guidance.
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2027 H2:
Half-year 2027 plus pipeline-conversion update on 7 GW development-portfolio.
💬 Daniel's Take
Energiekontor is a founder-controlled German wind-and-solar-park-developer-and-operator with long-duration PPA-recurring-revenue base, 7 GW development pipeline, IRA-and-Green-Deal subsidy-tailwind and 10x forward-earnings fair-value valuation. Position-sizing: 0,5–1,2 percent in renewables-quality sleeve, 24–36 month patience.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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