First Berlin Equity Research has published a research update on Enapter AG (ISIN: DE000A255G02). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 5.00 price target.

Abstract
At its information day in Pisa, Enapter presented two important new products, the Stack T and the Nexus 2500 electrolyser. These two products significantly extend Enapter’s technological lead in anion exchange membrane (AEM) technology. In terms of cost, we believe that the Nexus 2500 is fully competitive with European manufacturers’ alkaline electrolysers. Alkaline electrolyser technology (A-EL) is known to be cheaper (CapEx) than PEM technology, but takes up a lot of space and is relatively inflexible in operation. Enapter’s AEM technology, on the other hand, requires significantly less space than A-EL and can be operated very flexibly thanks to its modular design (the Nexus 2500 has more than 100 stacks). It can therefore adapt very well to fluctuating electricity feed-in from wind and solar power plants. With the new products, we believe that Enapter is very well positioned relative to the international competition and will continue its strong growth. An updated DCF model yields an unchanged €5 price target. We reiterate our Buy recommendation. Upside: 98%.