PNE Analysts Slash Targets as Delayed Wind Projects Push Profit Into 2027

Two brokerage houses have now trimmed their price targets on PNE, with Münchmeyer Petersen Capital Markets (MPCM) cutting its view to 7.60 euros from 12.00 euros on 21 October while keeping its buy recommendation intact. The revision followed a profit warning from the wind developer earlier in the month, but MPCM's rethink goes beyond the reduced guidance itself: the broker also dialled back its assumptions for 2027, pencilled in lower expected project sales and applied stricter valuation multiples.

The scale of the downgrade at PNE became clear on 13 October, when the company cut its forecast for the 2026 financial year. Consolidated EBITDA is now expected at 60 to 75 million euros, down from a prior range of 90 to 120 million euros. On a normalised basis, the company guided to 65 to 80 million euros, having previously held out 110 to 140 million euros.

Management blamed delays in completing and selling projects, slower permitting procedures and a decision to retain certain wind farms in its own portfolio that had been earmarked for disposal. Some earnings contributions originally slated for 2026 will now land in 2027 instead. dpa-AFX reported on 14 October that the shares fell by nearly a fifth in the wake of the announcement.

A Second Broker Follows Suit

First Berlin Equity Research had already reaffirmed its buy rating roughly two weeks earlier while lowering its target to 8.30 euros from 10.00 euros. The firm pointed to the reduced earnings guidance, longer sales processes, permitting hold-ups and a higher interest rate environment.

Behind the analyst revisions, the shareholder register has been shifting. Union Investment Management disclosed on 20 October that its attributed voting rights had slipped to 2.96%, crossing below the 3% threshold on 19 October. The position had previously stood at 4.83% including instruments.

Morgan Stanley, by contrast, moved in the opposite direction. Its total position including instruments climbed to 52.15% from 50.07%, with the threshold date given as 8 October. The filing attributes the increase to the acquisition of client securities over which Morgan Stanley & Co. International plc holds a usage right. Goldman Sachs, meanwhile, reported a decline in its aggregate position including instruments to 4.79% from 6.36%, with the threshold breach also dated 8 October.

Investors will get a fuller picture of the damage on 12 November, when PNE publishes its quarterly statement for the third quarter of 2026.