Takeover offer

Following intensive talks, the management board of PNE AG with the approval of the supervisory board signed an investment agreement with Photon Management GmbH on October 10, 2019. On the same day, Photon Management GmbH announced its intention to make a public takeover offer for PNE AG at a price of EUR 4,00 per share in cash. Pursuant to the provisions of the WpÜG, the offer document will be released at a later time by Photon, following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin). 

Further information on the intended voluntary public takeover offer by Photon Management GmbH are available on a designated website which has been established by the bidder company, Photon Management GmbH, at https://www.photon-offer.com. The offer document will be provided on this website once it has been made public. Photon Management GmbH is solely responsible for the presentation, updating and contents of this deal website. PNE AG does not accept any liability for information onto this deal website and the therein embedded contents.
Please take also notice on information provided with the ad-hoc publication and press release from October 10, 2019.

Share Price

The performance of the PNE share

Basic information
Basic information about our shares
Number of shares76,603,334
Market segmentPrime Standard
IndicesCDAX Technology, ÖkoDAX
Designated SponsorsCommerzbank, Baader Bank



The management's explicit intention is to have shareholders participate in successful corporate developments. The payment of dividends is of course invariably dependent on the concern's growth plans and the associated liquidity requirements.

In EUR2020201920182017201620152014

Dividend payment

Special dividend

Shareholder structure*
  • Morgan Stanley holds 39.80%
  • Active Ownership Fund SCS holds 8.99%
  • Samson Rock Capital holds 4.82%
  • JPMorgan Chase & Co. holds 4.60%
  • Dimensional Holdings Inc. holds 3.37%
  • GS&P Kapitalanlagegesellschaft S.A. holds 3.02%
  • All other shares are in free float

Figures in the diagram may contain rounding values / *According to published notifications regarding voting rights and directors´ dealings: March 1, 2021


Analyst opinions
DateBankJudgementTarget PriceAnalyst
31.05.2021Baader Helvea Equity ResearchAdd8.20€Peter Rothenaicher
14.05.2021M.M. Warburg ResearchBuy8.70€Jan Bauer
12.05.2021First BerlinAdd7.70€Dr. Karsten von Blumenthal
12.05.2021SMC ResearchBuy9.50€Dipl.-Kfm. Holger Steffen
20.04.2021M.M. Warburg ResearchBuy8.30€Jan Bauer
14.04.2021First BerlinAdd7.70€Dr. Karsten von Blumenthal
07.04.2021SMC ResearchBuy9.50€Dipl.-Kfm. Holger Steffen
06.04.2021M.M. Warburg ResearchBuy8.30€Jan Bauer
19.02.2021First BerlinAdd8.00€Dr. Karsten von Blumenthal
17.02.2021SMC ResearchBuy9.70€Dipl.-Kfm. Holger Steffen
16.02.2021M.M. Warburg ResearchBuy8.60€Jan Bauer
16.11.2020M.M. Warburg ResearchBuy8.50€Jan Bauer
13.11.2020SMC ResearchHold7.20€Dipl.-Kfm. Holger Steffen
13.11.2020First BerlinAdd7.20€Dr. Karsten von Blumenthal
11.11.2020Baader Helvea Equity ResearchReduce4.60€Peter Rothenaicher
14.08.2020SMC ResearchHold5.40€Dipl.-Kfm. Holger Steffen
13.08.2020M.M. Warburg ResearchBuy6.00€Jan Bauer
13.08.2020First BerlinReduce5.10€Dr. Karsten von Blumenthal
12.08.2020Baader Helvea Equity ResearchReduce4.60€Peter Rothenaicher
15.05.2020SMC ResearchHold4.90€Dipl.-Kfm. Holger Steffen
14.05.2020First BerlinAdd5.00€Dr. Carsten von Blumenthal
14.05.2020M.M. Warburg ResearchBuy5.00€Jan Bauer
13.05.2020Baader Helvea Equity ResearchReduce4.60€Laura Lopez Pineda
15.04.2020First BerlinAdd5.00€Dr. Carsten von Blumenthal
09.04.2020Baader Helvea Equity ResearchReduce4.60€Laura Lopez Pineda
02.04.2020SMC ResearchBuy4.60€Dipl.-Kfm. Holger Steffen
02.04.2020M.M. Warburg ResearchBuy5.00€Jan Bauer
31.03.2020Baader Helvea Equity ResearchReduce4.20€Laura Lopez Pineda
19.03.2020Baader Helvea Equity ResearchReduce4.20€Laura Lopez Pineda
19.03.2020M.M. Warburg ResearchHold4.30€Jan Bauer
10.01.2020SMC ResearchHold4.30€Dipl.-Kfm. Holger Steffen
08.01.2020M.M. Warburg ResearchHold4.30€Jan Bauer
18.12.2019Baader Helvea Equity ResearchReduce4.20€Laura Lopez Pineda
29.11.2019Baader Helvea Equity ResearchHold4.20€Laura Lopez Pineda
12.11.2019SMC ResearchHold4.00€Dipl.-Kfm. Holger Steffen
08.11.2019First BerlinAdd4.00€Dr. Karsten von Blumenthal
08.11.2019M.M. Warburg ResearchHold4.30€Jan Bauer
07.11.2019Baader Helvea Equity ResearchBuy3.90€Laura Lopez Pineda
14.10.2019First BerlinAdd4.00€Dr. Karsten von Blumenthal
11.10.2019M.M. Warburg ResearchHold4.30€Jan Bauer
11.10.2019SMC ResearchHold4.00€Dipl.-Kfm. Holger Steffen
16.09.2019Baader Helvea Equity ResearchBuy3.90€Laura Lopez Pineda
29.08.2019First BerlinAdd3.80€Dr. Karsten von Blumenthal
28.08.2019SMC ResearchBuy4.00€Dipl.-Kfm Holger Steffen
28.08.2019M.M. Warburg ResearchBuy4.30€Jan Bauer
13.08.2019SMC ResearchBuy3.60€Dipl.-Kfm Holger Steffen
09.08.2019First BerlinBuy3.80€Dr. Karsten von Blumenthal
09.08.2019M.M. Warburg ResearchBuy4.30€Jan Bauer
06.08.2019M.M. Warburg ResearchBuy4.30€Jan Bauer
05.08.2019M.M. Warburg ResearchBuy4.30€Jan Bauer
16.05.2019SMC ResearchBuy3.50€Dipl.-Kfm. Holger Steffen
15.05.2019First BerlinBuy3.60€Dr. Karsten von Blumenthal
02.04.2019SMC ResearchBuy3.50€Dipl.-Kfm. Holger Steffen
01.04.2019First BerlinBuy3.60€Dr. Karsten von Blumenthal
13.03.2019First BerlinBuy3.60€Dr. Karsten von Blumenthal
08.01.2019M.M. Warburg ResearchBuy3.70€Marina Manas Cháfer
06.12.2018M.M. Warburg ResearchBuy3.70€Marina Manas Cháfer
03.12.2018First BerlinBuy3.60€Dr. Karsten von Blumenthal
30.11.2018M.M. Warburg ResearchBuy3.50€Marina Manas Cháfer
12.11.2018SMC ResearchSpeculative Buy3.30€Dipl.-Kfm. Holger Steffen
09.11.2018First BerlinBuy3.60€Dr. Karsten von Blumenthal
09.11.2018M.M. Warburg ResearchBuy3.50€Marina Manas Cháfer
08.11.2018ODDO BHFBuy3.85€Anis Zgaya
14.08.2018M.M. Warburg ResearchBuy3.50€Arash Roshan Zamir
13.08.2018SMC ResearchSpeculative Buy3.30€Dipl.-Kfm. Holger Steffen
10.08.2018First BerlinBuy3.80€Dr. Karsten von Blumenthal
04.07.2018ODDO BHFBuy3.85€Stephan Wulf
24.05.2018ODDO BHFBuy3.85€Stephan Wulf
16.05.2018M.M. Warburg ResearchBuy2.50€Arash Roshan Zamir
15.05.2018SMC ResearchSpeculative Buy3.30€Dipl.-Kfm. Holger Steffen
14.05.2018First BerlinBuy3.80€Dr. Karsten von Blumenthal
12.04.2018First BerlinBuy3.80€Dr. Karsten von Blumenthal
11.04.2810M.M. Warburg ResearchBuy3.50€Arash Roshan Zamir
04.04.2018SMC ResearchSpeculative Buy3.30€Dipl.-Kfm. Holger Steffen
22.02.2018ODDO BHFBuy3.85€Stephan Wulf
09.01.2018M.M. Warburg ResearchBuy3.50€Arash Roshan Zamir
23.11.2017SMC ResearchSpeculative Buy3.40€Dipl.-Kfm. Holger Steffen
23.11.2017First BerlinBuy3.80€Dr. Karsten von Blumenthal
09.11.2017First BerlinBuy3.70€Dr. Karsten von Blumenthal
02.11.2017M.M. Warburg ResearchBuy3.30€Arash Roshan Zamir
23.08.2017ODDO BHFBuy3.80€Stephan Wulf
14.08.2017First BerlinBuy3.50€Dr. Karsten von Blumenthal
14.08.2017SMC ResearchSpeculative Buy3.20€Dipl.-Kfm. Holger Steffen
01.08.2017M.M. Warburg ResearchBuy3.30€Arash Roshan Zamir
13.07.2017First BerlinBuy3.50€Dr. Karsten von Blumenthal
11.05.2017M.M. Warburg ResearchBuy3.30€Arash Roshan Zamir
11.05.2017SMC ResearchSpeculative Buy3.20€Dipl.-Kfm. Holger Steffen
10.05.2017Oddo SeydlerBuy3.80€Stephan Wulf
10.05.2017First BerlinBuy3.40€Dr. Karsten von Blumenthal
13.04.2017M.M. Warburg ResearchBuy3.30€Arash Roshan Zamir
11.04.2017First BerlinBuy3.40€Dr. Karsten von Blumenthal
03.04.2017SMC ResearchHold2.80€Dipl.-Kfm. Holger Steffen
27.03.2017First BerlinBuy3.10€Dr. Karsten von Blumenthal
17.02.2017M.M. Warburg ResearchBuy3.80€Arash Roshan Zamir
15.02.2017Oddo SeydlerBuy3.80€Stephan Wulf
20.01.2017SMC ResearchSpeculative Buy2.60€Dipl.-Kfm. Holger Steffen
19.01.2017First BerlinBuy3.00€Dr. Karsten von Blumenthal
13.12.2016SMC ResearchSpeculative Buy2.60€Dipl.-Kfm. Holger Steffen
13.12.2016First BerlinBuy3.00€Dr. Karsten von Blumenthal
13.12.2016M.M. Warburg ResearchBuy3.80€Arash Roshan Zamir
12.12.2016Oddo SeydlerBuy3.80€Stephan Wulf
16.11.2016SMC ResearchSpeculative Buy2.45€Dipl.-Kfm. Holger Steffen
14.11.2016Oddo SeydlerBuy3.80€Stephan Wulf
14.11.2016M.M. Warbeug ResearchBuy3.80€Arash Roshan Zamir
11.11.2016First BerlinBuy3.00€Dr. Karsten von Blumenthal