Photon Energy N.V.: Kalliwoda issues "Buy"-Rating for Photon Energy Shares

Photon Energy shares receive "Buy"-Rating by the German research house

Amsterdam (pta035/27.11.2013/19:35 UTC+1) In their report, published on 27 November 2013, Kalliwoda back Photon Energy's new global strategy and send a clear, positive signal to investors.

Amsterdam, 27 November 2013 - Shares of global solar power solutions provider Photon Energy N.V. were highlighted by the independent German research agency Dr. Kalliwoda Research GmbH. "Investors have the unique opportunity to back one of the most experienced management teams in this industry (...) at a substantial discount to its global peers", the report, titled "Promising play on the solar age" states.

Kalliwoda Research back the new global strategy, which Photon Energy's management presented recently and which focuses on delivering energy directly to customers and not expanding its business based on government-run feed-in-tariff schemes. According to the report, the strategy "strikes a good balance between low risk and substantial global growth potential that we expect to be reflected in dynamic increases of EBITDA and operating cash flow in the coming years".

The report continues to describe Photon Energy as "an attractive opportunity for investors with a long-term view towards one of the fastest growing industries over the next few decades". Based on results for Q3 2013 (which are available on www.photonenergy.com) Kalliwoda research argue that "Photon Energy has reached an inflexion point" and expect revenues to pick up substantially over the next two years.

The report can be downloaded on www.photonenergy.com

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Emitter:	Photon Energy N.V. Barbara Strozzilaan 00201 1083 HN Amsterdam Netherlands
Contact Person:	Jan Krcmar
Phone:	+420 277 002 910
E-Mail:	jan.krcmar@photonenergy.com
Website:	www.photonenergy.com
ISIN(s):	NL0010391108 (Share)
Stock Exchange(s):	-
Other Stock Exchanges:	Warschau