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 11.00 price target.

Abstract
In H1, Enapter increased sales by 73% y/y to €8.3m and improved EBITDA from €-7.0m to €-3.0m, thus exceeding our forecasts. The main reason for this is the very positive gross margin development. While the gross margin was a meagre 11% in the same period of the previous year, it amounted to 32% in the first half of 2024. We see the high gross margin as clear evidence of the competitiveness of Enapter’s products. The company reduced its net loss by €2m to €-7.9m. Enapter has confirmed guidance for the current year (revenue: €34m, EBITDA between €-7m and €-8m). The company recently announced new orders from Italy for the delivery of large electrolysers with a total capacity of 5 MW, the total value of which we estimate at around €9m. We confirm our forecasts. An updated DCF model yields an unchanged €11 price target. We reiterate our Buy recommendation.