FRANKFURT (dpa-AFX) - An increase in business targets catapulted SMA Solar shares to their highest level in around 13 years on Thursday. The papers of the inverter manufacturer for the solar industry jumped 18 percent to 92.80 euros in the late morning. Traders and analysts pointed out that the SDax group had published its targets for 2023 only three weeks ago in the course of its presented annual figures.

"In view of a very good first quarter, SMA Solar already raised its recently published forecasts," said one trader appreciatively. In doing so, he highlighted that the preliminary figures for the opening quarter of 2023 were "significantly" above analysts' current sales and earnings estimates. "Very solid reporting, which should boost investor confidence in the stock," he praised.

The forecast for the midpoint of the 2023 Ebitda range has been raised by a strong 30 percent, specified analyst Constantin Hesse of Jefferies. In this context, he also praised the order backlog of around 2.1 billion euros at the end of December - and this "with strong demand in all segments."

The solar technology manufacturer announced that sales in the current year are expected to climb to between 1.45 and 1.6 billion euros, 100 million euros higher at both ends of the forecast range than previously envisaged.

Operating earnings before interest, taxes, depreciation and amortization (Ebitda) are expected to reach 135 to 175 million euros. At both ends of the range, this represents an increase of 35 million euros compared with the forecast made three weeks ago by the Executive Board under CEO Jürgen Reinert. The higher targets were justified by a significant improvement in delivery capability compared with the previous year and higher production capacity utilization. In addition, the product mix is good.

Overall, the solar industry has been benefiting for a while from the prospect of a significant expansion of renewable energies. Since February 2022, SMA shares have gained around 270 percent./ck/tih/mis