PNE AG (PNE3) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of PNE AG stock €0.78, price €5.16, that is 84.9% below the price, quality 28 out of 100. Rating: strongly overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range €5.16 – €23.61 · fair‑value band €0.5800 – €1.17 · the €5.16 price screens above the €0.7800 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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PNE AG engages in the planning, construction, and operation of wind farms and transformer stations in Germany and internationally. The company operates in three segments: Project Development, Power Generation, and Service Products.
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It is involved in the development and sale of onshore and offshore wind energy; photovoltaics (PV), providing hybrid solutions for wind, PV, battery, and hydrogen storage; technical and commercial management; construction management and grid connection; financial services; technical tests; and energy supply services.
The company was formerly known as PNE WIND AG and changed its name to PNE AG in June 2018. PNE AG was founded in 1995 and is based in Cuxhaven, Germany.
Stock analysis
PNE AG (PNE3) currently trades at €5.16, while our model-based Fair Value estimate is €0.7800, 85% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: €0.5800 (bear) to €1.17 (bull), the price of €5.16 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 28/100 (below-average quality), in the Utilities sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
PNE AG reported revenue of €230M in FY2025 versus €118M in FY2021, a compound +18.3%/yr. Reported net income was −€43.1M in FY2025.
Key figures
Market cap €395M Small · P/S ratio 1.65 · EPS (TTM) €−0.4000 · Dividend yield 0.8% · Net margin −10.7% · Return on equity −21.4% · Return on assets (EBIT) 1.4% (5-year average) · Operating margin −9.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).
What moves the price
The share trades about 54% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −52% fair-value upside, at −85%, PNE3 screens richer than that median.
Fair Value models
Bear€0.5800Fair Value €0.7800Bull€1.17
Price €5.16 · Downside -84.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.30/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+9.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.0%
Start year 2020 (pandemic). Over 10 years: +7.7% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.2%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
7.4% (2020) → 9.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Renewable · 197 stocks
Beats the industry median on 2/12 measures
Overall it trails its industry peers.
Valuation
Quality Score28 · Bottom 25%
Fair Value upside−84.9% · Bottom 25%
Profitability
Return on assets−3.6% · Bottom 25%
Net margin (12 months)−10.7% · Bottom 25%
Operating margin (12 months)−9.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−11.7% · Below median
Dividend yield (12 months)0.8% · Below median
Balance sheet
Debt / equity3.97× · Highest 25%
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
P/B2.54× · Priciest 25%
P/S (12 months)1.56× · Cheaper than median
EV/EBITDA10.5× · Pricier than median
PEG0.48× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 17
FUTURE (revenue growth)0· sector 14
PAST (return on equity)0· sector 12
HEALTH (low debt)0· sector 71
DIVIDEND (yield)16· sector 48
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "PNE AG Fair Value". https://www.fairvalue-calculator.com/stock/PNE3
Frequently asked questions
Is PNE AG (PNE3) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €0.7800 versus a price of €5.16, about 85% lower (overvalued).
What is the fair value of PNE3?
Our model-based fair value for PNE AG is €0.7800 (as of Nov 7, 2026), built from audited fundamentals. The current price: €5.16.
What is the quality score of PNE3?
PNE AG has a Quality Score of 28/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for PNE AG (PNE3)?
Our model-based price target is the fair value of €0.7800 (as of Nov 7, 2026) from 2 valuation models. Cautious scenario €0.5800, optimistic scenario €1.17. It is a calculation from audited fundamentals, not an analyst target.
What is the PNE AG stock forecast for 2026?
Our models put fair value at €0.7800, about 85% lower versus a price of €5.16 (overvalued). Cautious scenario €0.5800, optimistic scenario €1.17. The calculation is refreshed regularly with new filings.
What is the revenue of PNE AG (PNE3)?
PNE AG reported trailing-twelve-month revenue of about €253M (latest available figure, as of Nov 7, 2026).
Does PNE AG pay a dividend?
PNE AG currently shows a dividend yield of 0.78% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of PNE AG (PNE3) and when is the ex-dividend date?
PNE AG pays a dividend of €0.04 per share a year, a dividend yield of 0.8%. The last ex-dividend date was May 20, 2026. A dividend has been paid every year since 2011. Our assessment: Token dividend. At a yield of 0.8% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.8% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of PNE AG (PNE3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PNE AG it is €0.7800 per share (as of Nov 7, 2026), against a price of €5.16. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is PNE AG stock overvalued or undervalued in 2026?
As of Nov 7, 2026, PNE3 trades above its calculated fair value: price €5.16, fair value €0.7800, a gap of about −85% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PNE3?
No. The price is what the market pays today (€5.16); the fair value is what the company's own numbers justify (€0.7800). For PNE AG the two are €4.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is PNE AG worth?
The market values PNE AG at about €395M (market capitalisation, as of Nov 7, 2026). Per share that is €5.16; our models calculate a fair value of €0.7800 per share.
What do the bullish and bearish scenarios say about PNE3?
Our models span a range for PNE AG: cautious scenario €0.5800, base €0.7800, optimistic €1.17 per share (as of Nov 7, 2026, price €5.16). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of PNE3?
The PEG ratio of PNE AG is 0.48 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of PNE AG (PNE3)?
Balance-sheet figures for PNE AG (as of Nov 7, 2026): return on equity −21.4%, debt of 3.97 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is PNE3 from its 52-week high?
PNE AG trades at €5.16, about 54% below its 52-week high of €11.28 and at the low of €5.16 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €0.7800 is for.
Which stocks are comparable to PNE AG?
From the same area (Utilities) we also value China Yangtze Power Co, Huaneng Lancang River Hydropower Inc, Ørsted A/S, VERBUND AG, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is PNE AG stock attractive at the current price?
The data as of Nov 7, 2026: price €5.16, calculated fair value €0.7800 (−85%), Quality Score 28/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PNE3 calculated?
We run PNE AG through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of €0.7800 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. PNE AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of PNE AG (PNE3)?
The closing price on Nov 6, 2026 was €5.16. Our model-based fair value is €0.7800, about 85% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PNE AG right now?
The price sits above even our optimistic bull case (€1.17). The favourable scenario is already priced in. Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (€0.5800 to €1.17) leaves room in how you read the outcome.
Key figures of PNE AG
How large is the market capitalisation of PNE AG (PNE3)?
The market capitalisation of PNE AG is €395M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of PNE AG (PNE3)?
The price-to-sales ratio of PNE AG is 1.65 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of PNE AG (PNE3)?
Earnings per share at PNE AG are €−0.4000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PNE AG (PNE3)?
The dividend yield of PNE AG is 0.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of PNE AG (PNE3)?
The net margin of PNE AG is −10.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of PNE AG (PNE3)?
The return on equity (ROE) of PNE AG is −21.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of PNE AG (PNE3)?
On an EBIT basis the return on assets of PNE AG is 1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of PNE AG (PNE3)?
The operating margin of PNE AG is −9.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PNE AG (PNE3)?
Revenue at PNE AG is growing −11.7% versus a year earlier (3y avg +22.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at PNE AG (PNE3)?
Earnings per share at PNE AG are growing +130% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does PNE AG (PNE3) generate?
The free cash flow of PNE AG is −€154M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does PNE AG (PNE3) carry?
The net debt of PNE AG is €731M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 7, 2026