Rankings Grid & electrical equipment Enapter
Enapter
36
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Funding need and dilution−14
- Margin−10
- Capital allocation−8
Strengths
- Debt reduction+2
How the score is built
From 100 to 36, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.91 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −47%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−26 of −30
- −10MarginOperating result is −EUR 46.8m TTM on revenue of 27.8m (EBITDA −21.5m), and there have been losses every year since 2021. Even without write-downs, EBIT was −EUR 8.7m in H1 2026 on revenue of 10.8m.
- −8Capital allocationThe Saerbeck campus was built with bond-borrowed money and is now being handed over to the creditor after a write-down of EUR 19.8m. The EUR 12m issue in November 2025 was meant to deliver operating break-even in 2026, but cash was down to EUR 1.5m as of 30/6/2026.
- −4Quality of growthRevenue has swung from EUR 31.6m (2023) to 21.4 (2024) and 22.1 (2025). Growth in H1 2026 (+91%) came mainly from deliveries of MW plants for the Italian Hydrogen Valley program, i.e. a few large projects. The order backlog was EUR 28.8m at 30/6.
- −4Moat / segment of the futureAEM electrolysis is patented and differentiated, but the company is now moving most of production to partners in China and the US (asset-light). That reduces the production advantage, and Chinese producers are pressing prices.
Price
Today's multiples against the company's own history and its peers. · 2 findings−5 of −35
- −2Multiples vs own historyEV/Sales is 1.1 vs 3.9-66 in 2021-2025, so the stock looks cheap vs its own history. But P/TBV is 15.9 after the write-downs, and EV rises when the forced convertible and the planned issue are counted in.
- −3PeersNel trades at EV/Sales 2.9 with net cash of NOK 1.1bn, and thyssenkrupp nucera at 0.9 with EUR 655m in cash. Enapter's EV/Sales of 1.1 is not cheap for a company with no cash and with negative working capital (−EUR 18m).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−29 of −35
- −14Funding need and dilutionCash was EUR 1.5m at 30/6-2026, current ratio 0.76. The company lives off a EUR 3m bridge from the major shareholders and needs the planned EUR 10-12m issue from an unnamed strategic investor (requires regulatory approval). At the current price that equals 35-40% dilution on top of the mandatory convertible at EUR 1.58 from November 2025.
- −5Customer/partner riskThe exclusive US distributor Clean H2 has been terminated, and a receivable of about EUR 17m (over half of annual revenue) has been written down as uncollectible. US sales must be rebuilt with a new, non-exclusive partner.
- −4Execution / guidanceThe forecast for 2026 (approx. 29m EUR in revenue and operating break-even) was withdrawn in August 2026, only nine months after the capital raise was justified by break-even in 2026. A new forecast will come only once the 2026-2027 plan is validated.
- −3Governance / controlBluGreen, which is controlled by chairman and founder Sebastian-Justus Schmidt, had 45.4% of the votes in January 2025 and has lent out shares. The anchor investors in the 2025 raise are hedge funds (Svelland, CVI) via a mandatory convertible, and the new strategic investor is unknown.
- −3Market/sector riskThe green hydrogen market is weak: Nel loses NOK 1.3bn per year, and projects are being postponed across Europe. Share prices in the sector have fallen sharply, and Enapter is down 41% over a year.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Debt reductionBond debt of about EUR 26m falls away on the transfer of the campus to Patrimonium, and interest payments fall by about EUR 0.3m a month. Total debt is now only EUR 0.7m (before the bridge solution).
Caveats
What the score does not capture, or where the data is weak.
Enapter is NOT in a formal restructuring (no insolvency or StaRUG), but is doing an out-of-court restructuring: the bond debt of about EUR 26m is being settled by transferring the Saerbeck campus to the creditor Patrimonium against EUR 5m in cash and a Besserungsschein of up to EUR 2m, and the 2026 guidance has been withdrawn. The normal penny-stock calibration was used, but the financing risk is weighted heavily in T3. stockanalysis only has a Frankfurt page (quote/fra/H2O); the Xetra path (quote/etr/H2O) returns 404. The share count (32.07m) is from stockanalysis and appears to include part of the conversion of the forced convertible from November 2025; the remaining part and the planned issue of EUR 10-12m are not included. Market cap is calculated at EUR 30.5m (about DKK 227m), slightly below Nordnet's DKK 236m. The strategic investor is not named, and the issue requires regulatory approval. Quarterly burn is an estimate based on H1 EBITDA, capex and interest, because the H1 cash flow statement has not been reviewed line by line. Insider trades and short interest are not verified.
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