Montega raises Private Assets price target to EUR 4.5

• Montega raised its 12-month price target on Private Assets to EUR 4.5 from EUR 4, maintaining a buy recommendation.
• Research highlighted the merger of Kieler Maschinenwerke, Pro-Valve into Kiel Power Systems, positioned for AI-driven demand from data-center power projects.
• Kiel Power Systems reported EUR 110 million firm backlog, about EUR 150 million soft backlog, projecting revenue above EUR 90 million by 2027.
• Capacity expansion under review, including about EUR 30 million capex, potential equity or debt financing, possible IPO for Kiel Power Systems.
• H1 2026 revenue rose 18.9% to EUR 90.1 million, EBITDA stayed negative at EUR -0.9 million, NAV per share fell to EUR 3.19.

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