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PNE

DB:PNE3
Snowflake Description

Fair value with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PNE3
DB
€303M
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

PNE AG engages in the development, planning, realization, financing, operation, and sales of wind farms and transformer stations in Germany and internationally. The last earnings update was 146 days ago. More info.


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  • PNE has significant price volatility in the past 3 months.
PNE3 Share Price and Events
7 Day Returns
2%
DB:PNE3
9.2%
DE Electrical
9.9%
DE Market
1 Year Returns
64.1%
DB:PNE3
-8.2%
DE Electrical
-17.5%
DE Market
PNE3 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PNE (PNE3) 2% -13.8% 0.8% 64.1% 51.9% 73.4%
DE Electrical 9.2% -20.6% -35.2% -8.2% -43.7% -44.1%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • PNE3 outperformed the Electrical industry which returned -8.2% over the past year.
  • PNE3 outperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
PNE3
Industry
5yr Volatility vs Market
Related Companies

Value

 Is PNE undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of PNE to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for PNE.

DB:PNE3 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:PNE3
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Electrical Unlevered Beta Simply Wall St/ S&P Global 1.12
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.118 (1 + (1- 30%) (90.03%))
1.552
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.55
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.552 * 5.44%)
8.05%

Discounted Cash Flow Calculation for DB:PNE3 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for PNE is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:PNE3 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 8.05%)
2020 135.14 Analyst x4 125.07
2021 -1.76 Analyst x3 -1.50
2022 -56.40 Analyst x2 -44.71
2023 59.50 Analyst x2 43.65
2024 89.90 Analyst x2 61.04
2025 113.31 Est @ 26.04% 71.20
2026 133.82 Est @ 18.11% 77.83
2027 150.63 Est @ 12.56% 81.08
2028 163.69 Est @ 8.67% 81.54
2029 173.44 Est @ 5.95% 79.96
Present value of next 10 years cash flows €575.00
DB:PNE3 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €173.44 × (1 + -0.39%) ÷ (8.05% – -0.39%)
€2,046.85
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €2,046.85 ÷ (1 + 8.05%)10
€943.67
DB:PNE3 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €575.00 + €943.67
€1,518.67
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,518.67 / 76.34
€19.89
DB:PNE3 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:PNE3 represents 1.0126x of XTRA:PNE3
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.0126x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 19.89 x 1.0126
€20.14
Value per share (EUR) From above. €20.14
Current discount Discount to share price of €4.02
= -1 x (€4.02 - €20.14) / €20.14
80%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price PNE is available for.
Intrinsic value
>50%
Share price is €4.02 vs Future cash flow value of €20.14
Current Discount Checks
For PNE to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • PNE's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • PNE's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for PNE's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PNE's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:PNE3 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in EUR €-0.06
XTRA:PNE3 Share Price ** XTRA (2020-03-31) in EUR €3.97
Germany Electrical Industry PE Ratio Median Figure of 6 Publicly-Listed Electrical Companies 22.57x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of PNE.

DB:PNE3 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:PNE3 Share Price ÷ EPS (both in EUR)

= 3.97 ÷ -0.06

-65.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PNE is loss making, we can't compare its value to the DE Electrical industry average.
  • PNE is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does PNE's expected growth come at a high price?
Raw Data
DB:PNE3 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -65.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
5.1%per year
Germany Electrical Industry PEG Ratio Median Figure of 5 Publicly-Listed Electrical Companies 1x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for PNE, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on PNE's assets?
Raw Data
DB:PNE3 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in EUR €2.99
XTRA:PNE3 Share Price * XTRA (2020-03-31) in EUR €3.97
Germany Electrical Industry PB Ratio Median Figure of 14 Publicly-Listed Electrical Companies 1.69x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:PNE3 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:PNE3 Share Price ÷ Book Value per Share (both in EUR)

= 3.97 ÷ 2.99

1.33x

* Primary Listing of PNE.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PNE is good value based on assets compared to the DE Electrical industry average.
X
Value checks
We assess PNE's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electrical industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electrical industry average (and greater than 0)? (1 check)
  5. PNE has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is PNE expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PNE expected to grow at an attractive rate?
  • PNE's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • PNE's earnings growth is positive but not above the Germany market average.
  • PNE's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:PNE3 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:PNE3 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 5.1%
DB:PNE3 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 3%
Germany Electrical Industry Earnings Growth Rate Market Cap Weighted Average 69.2%
Germany Electrical Industry Revenue Growth Rate Market Cap Weighted Average 12.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:PNE3 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:PNE3 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 185 35 30 3
2023-12-31 168 82 23 3
2022-12-31 145 -25 11 3
2021-12-31 140 27 15 4
2020-12-31 232 79 62 4
2020-04-01
2019-12-31 112 -4 2 3
DB:PNE3 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-09-30 124 2 -5
2019-06-30 129 -6 3
2019-03-31 108 -29 4
2018-12-31 91 -28 -1
2018-09-30 73 9 -1
2018-06-30 103 23 23
2018-03-31 105 3 16
2017-12-31 114 23 17
2017-09-30 253 81 88
2017-06-30 243 68 70
2017-03-31 257 77 71
2016-12-31 249 64 69

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • PNE's earnings are expected to grow by 5.1% yearly, however this is not considered high growth (20% yearly).
  • PNE's revenue is expected to grow by 3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:PNE3 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from PNE Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PNE3 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 0.39 0.58 0.19 2.00
2023-12-31 0.31 0.50 0.11 2.00
2022-12-31 0.14 0.15 0.13 2.00
2021-12-31 0.19 0.23 0.17 4.00
2020-12-31 0.82 0.88 0.71 3.00
2020-04-01
2019-12-31 0.02 0.04 0.00 2.00
DB:PNE3 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-09-30 -0.06
2019-06-30 0.03
2019-03-31 0.05
2018-12-31 -0.01
2018-09-30 -0.02
2018-06-30 0.30
2018-03-31 0.21
2017-12-31 0.22
2017-09-30 1.15
2017-06-30 0.92
2017-03-31 0.92
2016-12-31 0.90

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • PNE is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess PNE's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
PNE has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has PNE performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare PNE's growth in the last year to its industry (Electrical).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • PNE does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare PNE's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare PNE's 1-year growth to the DE Electrical industry average as it is not currently profitable.
Earnings and Revenue History
PNE's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from PNE Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PNE3 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 124.09 -4.56 32.81
2019-06-30 128.60 2.58 31.61
2019-03-31 108.40 3.54 31.42
2018-12-31 91.38 -1.04 30.55
2018-09-30 72.70 -1.23 28.81
2018-06-30 103.04 23.28 28.55
2018-03-31 104.60 16.09 26.58
2017-12-31 114.08 17.08 27.29
2017-09-30 252.72 88.05 28.17
2017-06-30 243.23 70.27 28.02
2017-03-31 257.06 70.66 28.25
2016-12-31 248.58 68.97 29.06
2016-09-30 106.16 -9.05 28.11
2016-06-30 82.39 -22.74 31.09
2016-03-31 106.28 8.99 31.81
2015-12-31 109.52 3.47 31.77
2015-09-30 107.59 -3.13 31.48
2015-06-30 165.29 7.81 29.25
2015-03-31 193.52 -17.00 28.70
2014-12-31 211.27 -12.99 28.79
2014-09-30 284.58 49.91 30.02
2014-06-30 240.22 44.03 29.39
2014-03-31 164.81 36.24 26.47
2013-12-31 144.04 37.58 23.11
2013-09-30 47.09 -17.48 17.52
2013-06-30 93.87 16.02 15.35

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if PNE has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • PNE used its assets less efficiently than the DE Electrical industry average last year based on Return on Assets.
  • It is difficult to establish if PNE improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess PNE's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electrical industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
PNE has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is PNE's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up PNE's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PNE is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • PNE's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of PNE's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from PNE Company Filings, last reported 6 months ago.

DB:PNE3 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 212.65 229.55 143.11
2019-06-30 217.35 194.67 140.03
2019-03-31 218.24 176.17 125.45
2018-12-31 216.27 162.13 129.07
2018-09-30 221.73 161.58 117.30
2018-06-30 229.70 140.03 114.89
2018-03-31 229.49 188.66 189.29
2017-12-31 235.22 179.25 193.98
2017-09-30 234.47 149.66 162.59
2017-06-30 212.05 132.92 122.12
2017-03-31 226.78 119.81 146.79
2016-12-31 229.39 127.28 147.69
2016-09-30 158.13 297.45 66.36
2016-06-30 152.77 258.65 39.42
2016-03-31 161.24 260.39 76.94
2015-12-31 165.93 260.03 86.08
2015-09-30 178.67 267.14 111.73
2015-06-30 187.88 243.06 105.83
2015-03-31 152.94 226.67 69.71
2014-12-31 160.20 186.81 72.18
2014-09-30 145.70 200.21 40.97
2014-06-30 142.13 191.65 46.59
2014-03-31 145.18 216.11 60.02
2013-12-31 147.25 210.95 77.40
2013-09-30 98.50 217.95 59.17
2013-06-30 64.86 142.55 97.36
  • PNE's level of debt (107.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (137.2% vs 107.9% today).
  • Debt is not well covered by operating cash flow (0.9%, less than 20% of total debt).
  • PNE is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess PNE's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. PNE has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is PNE's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.01%
Current annual income from PNE dividends. Estimated to be 2.08% next year.
If you bought €2,000 of PNE shares you are expected to receive €20 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • PNE's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • PNE's dividend is below the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:PNE3 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Germany Electrical Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:PNE3 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31 0.05 4.00
2020-12-31 0.12 4.00
2020-04-01
2019-12-31 0.04 4.00
DB:PNE3 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-05-22 0.040 1.146
2018-03-28 0.040 1.616
2017-04-05 0.040 1.463
2017-03-30 0.040 1.536
2016-04-14 0.040 1.825
2015-11-10 0.040 2.124
2015-03-27 0.040 1.807
2015-01-15 0.040 1.703
2014-03-31 0.150 5.726
2014-01-15 0.150 5.731
2013-05-22 0.080 2.819
2012-03-26 0.040 2.034
2012-01-16 0.040 2.222
2011-08-08 0.040 2.438
2011-03-15 0.040 1.807

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PNE has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • PNE has only been paying a dividend for 9 years, and since then there has been no growth.
Current Payout to shareholders
What portion of PNE's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess PNE's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can PNE afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PNE has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of PNE's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Markus Lesser
COMPENSATION €878,000
AGE 55
TENURE AS CEO 3.8 years
CEO Bio

Mr. Markus Lesser has been the Chief Executive Officer of PNE Wind AG since May 26, 2016 and as its Member of Management Board since May 01, 2011. Mr. Lesser serves as the Chairman of Management Board of PNE Wind AG. Mr. Lesser serves as Managing Director at CSO Energy GmbH. He served as the Chief Operating Officer of PNE Wind AG from March 31, 2011 to May 26, 2016. Mr. Lesser served as an Interim Chief Executive Officer of PNE Wind AG from November 11, 2015 to November 30, 2015. He served as the Chief Operating Officer at renergys GmbH. He served as Quality Engineer and later as Business Unit Manager for safety valves and fittings for Sempell. After nine years, he served as the Head of Sales of wind turbines of Nordex AG. He served as Second Managing Director at EPURON Holding GmbH & Co. KG since September 2009. He serves as the Chairman of Supervisory Board at WKN Windkraft Nord AG. Mr. Lesser has a Degree in Mechanical Engineering. He studied at Aachen University.

CEO Compensation
  • Markus's compensation has increased whilst company is loss making.
  • Markus's remuneration is about average for companies of similar size in Germany.
Management Team

Markus Lesser

TITLE
Chairman of Management Board & CEO
COMPENSATION
€878K
AGE
55
TENURE
3.8 yrs

Jörg Klowat

TITLE
CFO & Member of Management Board
COMPENSATION
€803K
AGE
51
TENURE
8.9 yrs

Christopher Rodler

TITLE
Head of Investor Relations

Rainer Heinsohn

TITLE
Head of Corporate Communication

Thorsten Fastenau

TITLE
Head of Offshore Wind
Board of Directors Tenure

Average tenure and age of the PNE board of directors in years:

2.8
Average Tenure
57.5
Average Age
  • The average tenure for the PNE board of directors is less than 3 years, this suggests a new board.
Board of Directors

Per Pedersen

TITLE
Chairman of Supervisory Board
COMPENSATION
€158K
AGE
66
TENURE
2.8 yrs

Jens Kruse

TITLE
Deputy Chairman of the Supervisory Board
COMPENSATION
€121K
AGE
61
TENURE
2.8 yrs

Andreas Rohardt

TITLE
Member of Supervisory Board
COMPENSATION
€78K
TENURE
4.4 yrs

Marcel Egger

TITLE
Member of Supervisory Board
COMPENSATION
€106K
AGE
54
TENURE
2.8 yrs

Florian Schuhbauer

TITLE
Member of Supervisory Board
COMPENSATION
€77K
AGE
44
TENURE
2.8 yrs

Susanna Zapreva

TITLE
Member of the Supervisory Board
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess PNE's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. PNE has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

PNE AG engages in the development, planning, realization, financing, operation, and sales of wind farms and transformer stations in Germany and internationally. The company develops, constructs, and sells offshore and onshore wind farms under the PNE and WKN brand names, as well as photovoltaics; provides technical and commercial operational management services for wind farms and transformer stations; and produces electricity from wind and timber biomass resources. It is also involved in the development of power-to-gas and hybrid solutions. The company was formerly known as PNE WIND AG and changed its name to PNE AG in June 2018. PNE AG was founded in 1994 and is headquartered in Cuxhaven, Germany.

Details
Name: PNE AG
PNE3
Exchange: DB
Founded: 1994
€303,056,028
76,336,531
Website: http://www.pne-ag.com
Address: PNE AG
Peter-Henlein-Strasse 2-4,
Cuxhaven,
Lower Saxony, 27472,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA PNE3 Registered Shares XETRA Trading Platform DE EUR 15. Dec 1998
DB PNE3 Registered Shares Deutsche Boerse AG DE EUR 15. Dec 1998
LSE 0KUY Registered Shares London Stock Exchange GB EUR 15. Dec 1998
BATS-CHIXE PNE3D Registered Shares BATS 'Chi-X Europe' GB EUR 15. Dec 1998
ETLX PNE3 Registered Shares Eurotlx IT EUR 15. Dec 1998
Number of employees
Current staff
Staff numbers
386
PNE employees.
Industry
Heavy Electrical Equipment
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 00:11
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/31
Last earnings filing: 2019/11/07
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.