Rankings Utilities & power ABO Energy
ABO Energy
23
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Restructuring and dilution−17
- Margin−12
- Price vs debt and history−10
Strengths
- Restructurable according to the expert opinion+2
How the score is built
From 100 to 23, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 3.00 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −91%
- P/E (trailing)
- 1.2
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−29 of −30
- −12MarginFrom a profit of 25.6 m EUR in 2024 to an expected group loss of about 170 m EUR in 2025 (EBIT about −167 m according to First Berlin) due to project delays and write-downs on projects. A positive result is not expected for 2026 either, and positive EBITDA is only expected in 2027.
- −7Quality of growthRevenue is expected to fall approx. 43% from EUR 446m in 2024 to approx. 255m in 2025 because sales of wind and battery projects have been postponed. Earnings rest on a few large project sales and rising inventories (EUR 229m in projects in progress), not on recurring revenue.
- −7Capital allocationFCF has been negative every year since 2021 (-19, -68, -7 and about -EUR 77m), but the company paid dividends (5.5m in 2024), expanded to 16 countries and financed growth with debt. The net debt ratio rose from 55% (2022) to 112% (2024) and about 800% (2025e).
- −3MoatProject development of wind and solar is a competitive market without a strong moat. Lower auction prices and investors pulling out of the German market pressed sale prices and triggered the write-downs.
Price
Today's multiples against the company's own history and its peers. · 1 finding−10 of −35
- −10Price vs debt and historyThe market cap is only approx. EUR 26m, but net debt was approx. 336m at the end of 2025 (First Berlin), so EV is approx. 360m. That corresponds to approx. 12x expected 2027 EBITDA (29m) vs 9-18x in 2020-2024 for a healthy company. Equity is almost gone, so the share is an option, not cheap.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−34 of −35
- −17Restructuring and dilutionThe standstill agreement with banks and lenders has been extended to 30/11-2026, but there is still no binding restructuring financing or term sheet. BCG has been brought in to strengthen equity. A debt conversion or a large capital increase will leave the old shareholders with a small stake.
- −7Financial reporting and repeated downward revisionsThe forecast for 2025 was a profit of 29–39m EUR (March 2025); it became an expected loss of approx. 95m (November 2025) and approx. 170m (January 2026). In May 2026 the loss of half the share capital was reported under § 92 AktG. The 2025 annual accounts have not yet been audited and published.
- −5The bond is pricing in defaultThe subordinated bond of EUR 80m (7.75%, 2024/2029) fell from a price of 103 in November 2025 to 17 in January 2026 and had a yield of about 116% in August 2026. The bondholders have waived their termination rights and the negative pledge clause until 31/12-2026.
- −3Divestments under pressureThe subsidiaries in Poland and Hungary (about 2 GW pipeline and 82 MW of solar parks in operation) are being sold to PPC, and Canadian wind rights and the Großenlüder wind farm have been sold to raise liquidity. Prices are not stated, and sales under a standstill agreement typically happen at a discount.
- −2Liquidity in the stockOn average about 3,500 shares trade per day (about DKK 49,000 on Nordnet), and the founding families and Mainova own 62%. It is hard to trade larger amounts without moving the price.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Restructurable according to the expert opinionThe draft restructuring opinion from May 2026 assesses that ABO Energy can fundamentally be restructured, and the bondholders voted in March 2026 by a large majority to support the restructuring. The pipeline is approx. 30 GW, of which over a third in Germany and France.
Caveats
What the score does not capture, or where the data is weak.
ABO Energy IS in restructuring: not a formal StaRUG case but an out-of-court restructuring with a standstill agreement with banks and Schuldschein lenders (extended to 30/11-2026), a restructuring opinion, a Chief Restructuring Officer (Britta Hübner), Rothschild and BCG as advisers and a vote among bondholders under SchVG. The restructuring calibration has therefore been used. The stockanalysis figures stop at 30/6-2025 and are outdated; the 2025 annual report has not been published (delayed to Q3 2026). Cash, debt and loss for 2025 are therefore First Berlin's estimates from January 2026 (loss about EUR 170m, net debt about 336m, cash about 5m, equity about 42m) and not audited figures. The 2026 half-year report (planned 1/9-2026) was not found. Market value is calculated at EUR 26.0m (9.22m shares × EUR 2.82, about DKK 194m) vs Nordnet's DKK 209m. Industry: developer of wind, solar and battery projects, classified as Utilities & power. Short interest has not been investigated. Several news sources (boerse-express, trading-treff) are automatically generated and used with caution.
Also in Utilities & power
The highest scores in the same industry.
