Original-Research: Enapter AG (von First Berlin Equity Research GmbH): Hinzufügen
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Original-Research: Enapter AG - von First Berlin Equity Research GmbH
Einstufung von First Berlin Equity Research GmbH zu Enapter AG
First Berlin Equity Research hat ein Research Update zu Enapter AG (ISIN: DE000A255G02) veröffentlicht. Analyst Dr. Karsten von Blumenthal stuft die Aktie auf ADD herab und senkt das Kursziel von EUR 5,00 auf EUR 2,10. Zusammenfassung: Enapter hat ihre Guidance für das laufende Jahr deutlich gesenkt. Das Unternehmen erwartet nunmehr einen Umsatz zwischen €20 Mio. - €22 Mio. (bisher: €39 Mio. bis €42 Mio.) und ein EBITDA zwischen €-9 Mio. bis €-10 Mio. (bisher: €-2 Mio. bis €0 Mio.). Als Grund nennt Enapter längere Produktions- und Abnahmeprozesse beim Joint Venture in China, die zu einer Verschiebung von Umsätzen ins nächste Jahr führen. Der H1-Umsatz fiel um 32% J/J auf €5,6 Mio. und das EBITDA betrug €-8,1 Mio. nach €-3,0 Mio. im Vorjahr. Beide Werte lagen deutlich unter unseren Schätzungen. Nach der Guidancesenkung, den schwachen Halbjahresergebnissen und dem niedrigen Auftragseingang senken wir unsere Prognosen für 2025E und die Folgejahre. Ein aktualisiertes DCF-Modell ergibt neues Kursziel von €2,10 (bisher: €5,00). Wir stufen unser Rating von Kaufen auf Hinzufügen herab (Kurspotenzial: 16%). First Berlin Equity Research has published a research update on Enapter AG (ISIN: DE000A255G02). Analyst Dr. Karsten von Blumenthal downgraded the stock to ADD and decreased the price target from EUR 5.00 to EUR 2.10. Abstract: Enapter has significantly lowered guidance for the current year. The company now expects revenue of between €20m and €22m (previously: €39m to €42m) and EBITDA of between €-9m and €-10m (previously: €-2m to €0m). Enapter cites longer production and acceptance processes at its joint venture in China, which will lead to a shift in revenues to next year, as the reason for the reduced guidance. H1 revenues fell by 32% y/y to €5.6m and EBITDA amounted to €-8.1m after €-3.0m in H1/24. Both figures were significantly below our forecasts. Following the lowered guidance, weak half-year results and low order intake, we have reduced our forecasts for 2025E and the following years. An updated DCF model yields a new price target of €2.10 (previously: €5.00). We have downgraded our rating from Buy to Add (upside: 16%). Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: H2O_GR-2025-09-24_DE Kontakt für Rückfragen: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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2203138 24.09.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 0,93 | 2,07 | 8,44 | 14,67 | 31,61 | 21,44 | 21,00 | |
| EBITDA1,2 | -1,26 | -2,92 | -7,62 | -10,58 | 1,49 | -6,93 | -9,50 | |
| EBITDA-Margin3 | -135,48 | -141,06 | -90,28 | -72,12 | 4,71 | -32,32 | -45,24 | |
| EBIT1,4 | -1,50 | -5,00 | -8,62 | -12,86 | -2,68 | -12,95 | -13,60 | |
| EBIT-Margin5 | -161,29 | -241,55 | -102,13 | -87,66 | -8,48 | -60,40 | -64,76 | |
| Net Profit (Loss)1 | -1,52 | -3,57 | -8,70 | -12,98 | -7,16 | -20,74 | -17,00 | |
| Net-Margin6 | -163,44 | -172,46 | -103,08 | -88,48 | -22,65 | -96,74 | -80,95 | |
| Cashflow1,7 | -1,15 | -2,14 | -8,00 | -15,46 | -14,07 | -8,49 | -5,00 | |
| Earnings per share8 | -0,48 | -1,23 | -0,38 | -0,51 | -0,26 | -0,75 | -0,56 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: MSW
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Enapter | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A255G0 | DE000A255G02 | AG | 72,11 Mio € | 19.02.2020 | Halten | 9F5GH233+CJ |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -39,33 | 0,00 | 0,00 | -3,82 | 1,09 | -8,49 | 3,36 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 03.07.2025 | 22.09.2025 | 30.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +26,54% | -7,31% | -47,47% | -44,95% | -0,91% |
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