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 13.00 price target.

According to preliminary 2023 figures, Enapter generated sales of €31.5m, EBITDA of €0.4m and net income of €-7.1m. The main reason for the good performance is the sale of an exclusive US distribution licence to Solar Invest International (SII) for a total of €25m. We assume that Enapter was able to book around €15m of this as sales last year and generated around €16m in product sales. At the end 2023, the order backlog totalled €26m, of which €14m relate to 2024. We confirm our forecasts for 2024 and the following years, while maintaining our €13 price target. Our rating remains Buy.