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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 bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 5,00. Zusammenfassung: Auf dem Informationstag in Pisa hat Enapter zwei wichtige neue Produkte vorgestellt, den Stack T und den Nexus 2500 Elektrolyseur. Mit diesen beiden Produkten baut Enapter ihre Technologieführerschaft in der Anionen Exchange Membrane (AEM) -Technologie deutlich aus. Kostenseitig ist der Nexus 2500 nach unserer Einschätzung absolut konkurrenzfähig mit alkalischen Elektrolyseuren europäischer Hersteller. Die alkalische Elektrolyseurtechnologie (A-EL) ist bekanntlich günstiger (CapEx) als die PEM-Technologie, braucht allerdings viel Raum und ist im Betrieb relativ unflexibel. Enapters AEM-Technologie braucht dagegen deutlich weniger Raum als die A-EL und ist durch ihre modulare Bauweise (der Nexus 2500 hat gut 100 Stacks) sehr flexibel betreibbar. Sie kann sich dadurch sehr gut an fluktuierende Stromeinspeisung aus Wind- und Solarkraftwerken anpassen. Wir sehen Enapter mit den vorgestellten Produktneuheiten im internationalen Wettbewerb als sehr gut aufgestellt an, um weiter kräftig zu wachsen. Ein aktualisiertes DCF-Modell ergibt weiterhin ein Kursziel von €5. Wir bekräftigen unsere Kaufempfehlung. Aufwärtspotenzial: 98%. 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 5.00 price target. Abstract: At its information day in Pisa, Enapter presented two important new products, the Stack T and the Nexus 2500 electrolyser. These two products significantly extend Enapter's technological lead in anion exchange membrane (AEM) technology. In terms of cost, we believe that the Nexus 2500 is fully competitive with European manufacturers' alkaline electrolysers. Alkaline electrolyser technology (A-EL) is known to be cheaper (CapEx) than PEM technology, but takes up a lot of space and is relatively inflexible in operation. Enapter's AEM technology, on the other hand, requires significantly less space than A-EL and can be operated very flexibly thanks to its modular design (the Nexus 2500 has more than 100 stacks). It can therefore adapt very well to fluctuating electricity feed-in from wind and solar power plants. With the new products, we believe that Enapter is very well positioned relative to the international competition and will continue its strong growth. An updated DCF model yields an unchanged €5 price target. We reiterate our Buy recommendation. Upside: 98%. 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-2025-07-09_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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2167518 09.07.2025 CET/CEST
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