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 26.00 to EUR 20.00.

Enapter expects revenue of €30m and EBITDA of €-8.5m for 2023. These figures are far below our forecast of €115m in revenue and EBITDA of €7.3m. The reason for the weaker than expected guidance is that Enapter now expects sales from its new factory in Saerbeck no earlier than 2024. The main reason for the delay in Saerbeck is a change in production strategy. Instead of producing small electrolysers (input power: 2.4 kW) in Saerbeck as originally planned, the factory will be geared towards the large AEM Multicore electrolyser (input power: 1 MW = 1,000 kW). Even if this leads to delays in factory output, we believe this to be the right strategy, given the very high demand for the AEM Multicore and the weaker than expected interest in the small electrolysers. We have lowered our estimates for 2023E and subsequent years. An updated DCF model yields a new price target of €20 (previously: €26). We confirm our Buy recommendation.