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 11.00 to EUR 6.00.

Abstract
Enapter has lowered 2024 sales guidance from €34m to between €22m and €24m. The reasons for this are delays in the production of Nexus electrolysers and postponements of customer projects. Despite the significant reduction in sales guidance, Enapter is maintaining its EBITDA guidance (€-7m – €-8m). We attribute this to a higher gross margin and cost discipline. Following the 2024 sales warning, we have significantly lowered our forecasts for subsequent years. The current order backlog of some €50m ensures strong growth for 2025 (FBe: +136% y/y). Overall, however, the ramp-up of the hydrogen economy is progressing much more slowly than anticipated. Geopolitical challenges and weak growth in Europe are further stress factors. An updated DCF model yields a new price target of €6.00 (previously: €11.00). We confirm our Buy recommendation.