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 30.00 to EUR 28.00.

Enapter has lowered guidance for 2022 due to the delayed production start of the new AEM Electrolyser 4.0. Instead of sales of €44.8m, the company now expects only €15.6m. EBITDA guidance drops from €-7m to €-10.5m. The reason for the delay is quality issues with supplier components, which should be resolved by the end of August. We have adjusted our estimates for 2022E, but maintain our forecast for 2023E, as the construction of the mass production facility in Saerbeck remains on schedule. An updated DCF model yields a new price target of €28 (previously: €30). We confirm our Buy recommendation.