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 19.00 to EUR 17.00.

Abstract
Enapter has published its H1 report. Sales increased 45% y/y to €4.8m, 21% below our estimate. The operating loss widened to €-8.6m (H1/22: €-7.6m) and was below our forecast (FBe: €-7.8m). Net income amounted to €-9.9m. Management confirmed its 2023 guidance (sales: €30m, EBITDA: €-10m to €-11m, EBIT: €-14m to €-15m). We still think achievement of guidance is possible, but are taking a more cautious stance ourselves and lowering our forecast for the current year. An updated DCF model yields a new price target of €17 (previously: €19). We confirm our Buy recommendation.