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 1.40 to EUR 1.30.

Abstract
Enapter has released preliminary H1/26 KPIs. The company increased revenue by 91% y/y to €10.8m and improved EBITDA from €-8.1m to €-4.5m. However, the operating loss widened significantly to -€28.5m due to a €19.8m write-down on the Enapter Campus in Saerbeck, which the company is transferring to Patrimonium in exchange for substantial debt relief. After US distribution partner Clean H2 failed to meet its payment obligations, Enapter terminated the partnership for cause and is fully writing off the receivable from Clean H2 (ca. €17m) in the second half of the year. This should conclude the balance sheet clean-up. We have adjusted our forecasts accordingly. An updated DCF model, which takes the higher interest rate environment into account, yields a new price target of €1.30 (previously: €1.40). We reiterate our Buy recommendation (upside: 28%).