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
Enapter has successfully completed its capital increase against cash contributions. The issue of almost 1.9m shares at a price of €4.26 per share generated gross proceeds of around €8m. The funds will be used to finance ongoing business activities. This means that Enapter will have sufficient liquid funds to finance its planned growth in the coming months. The strategic pivot announced in the spring is beginning to bear fruit. Enapter is focussing on its core competence, the production of electrolysis stacks, and partners are producing electrolysers designed by and with Enapter. Both the Chinese joint venture with Wolong and the German partner H2 Core have started series production of electrolysers. We have adjusted our EPS forecasts to reflect the increased number of shares. An updated DCF model yields an unchanged €11 price target. We confirm our Buy recommendation.