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 6.00 to EUR 5.00.

Abstract
Enapter has reported preliminary 2024 KPIs and provided 2025 guidance. Revenue in 2024 amounted to €21.3m. This was below our €22.2m estimate and the guidance range which Enapter lowered to €22m to €24m in November. The same applies to EBITDA: at €-8.6m, it fell short of guidance (€-7m to €-8m) and our forecast of €-8.0m. For 2025, Enapter is guiding towards revenue of €39m to €42m, which is also below our previous forecast of €52m. At least in terms of EBITDA, our forecast of €-1.7m is in line with guidance of €-2m to €0m. In view of weaker than expected global demand for electrolysers and green hydrogen as well as numerous project postponements and cancellations, we have lowered our forecasts for 2025 and subsequent years. Although Enapter cannot escape the industry trend, a comparison with its most important European competitors shows that the company is well positioned and should post a significant increase in sales and substantially improved earnings in 2025. An updated DCF model results in a new price target of €5 (previously: €6). We confirm our Buy recommendation.