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 20.00 price target (English translation).
Enapter has issued a €25m bearer bond, thereby extending its cash runway into 2024. Due to the closing costs of the financing, EBITDA guidance announced in December 2022 for the current year (revenue: €30m, EBITDA: €-8.5m) has been adjusted downwards. Enapter now expects EBITDA of
€-10m to €-11m for 2023. In January, the company reported preliminary 2022 revenue of €14.7m. This is an increase of 75% compared to the prior year figure of €8.4m and is close to company guidance and our 2022 forecast of €15.6m. We have integrated the bond financing costs into our forecasts. An updated DCF model yields an unchanged €20 price target. We confirm our Buy recommendation.