First Berlin Equity Research has published a research update on Enapter AG (ISIN: DE000A255G02). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 1.90 to EUR 1.40.

Abstract
Enapter AG has decided on a comprehensive strategic and financial restructuring. This includes realigning the business model, restructuring financial liabilities, securing €3m in bridge financing from major shareholders, and preparing for a capital increase in which a strategic investor intends to commit €10m – €12m. The company has withdrawn guidance for the current year. We welcome the focus on the core competency of chemically manufacturing the electrodes essential for AEM technology in Pisa, while stacks and electrolysers will be produced by partner companies. The planned transfer of the Enapter Campus in Saerbeck (book value: ca. €50m) to Patrimonium would allow Enapter to divest itself of an unused asset. In return, Patrimonium would waive a significant portion of its claims arising from the €26m bond, saving Enapter €3.6m in annual interest expenses going forward. At the same time, the substantial book loss (estimated at ca. €24m) would significantly reduce equity (€49m at the end of 2025). We have lowered our forecasts for 2026E and adjusted our estimates for the coming years to reflect the new business model. An updated DCF model yields a new price target of €1.40 (previously: €1.90). We reiterate our Buy recommendation (upside: 39%).