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Enea AB
(ENEA)
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Rating:56Neutral
Price Target:
kr61.00
▼(-19.21% Downside)
Action:Reiterated
Date:07/17/26
The score is driven primarily by improving profitability and a solid balance sheet, tempered by weak/negative revenue momentum and softer recent free-cash-flow conversion. Technically, the stock is in a pronounced downtrend (well below major moving averages with negative MACD), which materially drags the score despite oversold readings. Valuation is reasonable on P/E, and the earnings call supported the outlook via reiterated guidance, but near-term growth and margin headwinds remain.
Positive Factors
Profitability rebound & margin sustainability
Enea's trailing EBITDA (~28%) and EBIT (~15%) reflect a durable recovery from the 2023 loss year, demonstrating sustainable operating leverage in core products. Consistent margins provide internal funding for R&D and sales expansion, underpinning the company's multi‑year margin targets and strategic investments.
Negative Factors
Top-line stagnation and negative revenue trend
Revenue has been essentially flat or declining for several years and the recent Q2 decline underscores persistent demand or timing headwinds. Sustained top-line stagnation limits scalability, caps return on invested capital, and makes achievement of long-term CAGR targets reliant on successful portfolio transition and deal execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability rebound & margin sustainability
Enea's trailing EBITDA (~28%) and EBIT (~15%) reflect a durable recovery from the 2023 loss year, demonstrating sustainable operating leverage in core products. Consistent margins provide internal funding for R&D and sales expansion, underpinning the company's multi‑year margin targets and strategic investments.
Read all positive factors
Enea AB (ENEA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.12B
Dividend YieldN/A
Average Volume (3M)30.12K
Price to Earnings (P/E)10.5
Beta (1Y)0.58
Revenue Growth-1.56%
EPS Growth59.96%
CountrySE
Employees455
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)5.62
Shares Outstanding20,560,581
10 Day Avg. Volume20,407
30 Day Avg. Volume30,123
Financial Highlights & Ratios
PEG Ratio-0.44
Price to Book (P/B)0.83
Price to Sales (P/S)1.54
P/FCF Ratio14.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)9.28
Revenue Forecast (FY)kr931.75M
Enea AB Business Overview & Revenue Model
Company Description
Enea AB (publ) is a global provider of software solutions catering to industries such as telecommunications, cybersecurity, medical devices, and aerospace. Their product suite encompasses 5G data management offerings like Enea Stratum Network Data...
How the Company Makes Money
Enea makes money primarily by selling software and related services to customers in telecom and networking.
Key revenue streams typically include:
- Software licensing (and/or subscriptions): Revenue from licensing Enea’s software products used i...
Enea AB Earnings Call Summary
Earnings Call Date:Jul 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presented a mix of strong operational and strategic positives — notably robust Q2 operational cash flow (SEK 88m), growth-portfolio momentum (11% Q2 growth and 29% funnel growth YoY), H1 currency-adjusted sales growth of 6%, EPS turnaround, and effective deleveraging (net debt down to SEK 192m). Offsetting these are near-term revenue flatness (Q2 reported -3%), margin pressure from planned strategic investment (Q2 adjusted EBITDA 25%), weakness in the classic portfolio (Network Access Control -31% in the quarter), deal timing risk from Middle East geopolitical uncertainty (estimated slippages of SEK 7–10m) and a QoQ dip in recurring revenue (~8%). Management reiterates full-year guidance (single-digit growth, adjusted EBITDA >30%) and a three-year ambition (10%+ CAGR and >35% EBITDA by 2028), framing short-term pain as deliberate investment for future growth.Positive Updates
Growth Portfolio Acceleration
Growth portfolio revenue increased 11% in Q2; total funnel for the growth portfolio expanded 29% year-over-year (Q2 vs Q2), indicating stronger future pipeline and product-market fit.
Negative Updates
Flat/Declining Q2 Net Sales
Net sales in Q2 were SEK 218 million, a reported decline of 3% year-over-year and a currency-adjusted decline of 0.8% (essentially flat quarter), reflecting near-term softness versus the strong Q1 start.
Read all updates
Q2-2026 Updates
Positive
Negative
Growth Portfolio Acceleration
Growth portfolio revenue increased 11% in Q2; total funnel for the growth portfolio expanded 29% year-over-year (Q2 vs Q2), indicating stronger future pipeline and product-market fit.
Read all positive updates
Company Guidance
Enea reiterated its 2026 guidance: single‑digit revenue growth and an adjusted EBITDA margin above 30%, while continuing to invest for growth; its three‑year ambition (2026–2028) is a ≥10% CAGR and an EBITDA margin >35% by exit‑2028. Key numbers referenced: Q2 net sales SEK 218m (−3% reported, −0.8% currency‑adjusted), growth portfolio +11% in Q2, H1 currency‑adjusted sales +6% (reported +1%), adjusted EBITDA Q2 25% (adjusted EBIT 9%, reported EBITDA 11%), H1 EBITDA 30% vs 29% a year earlier, operating cash flow SEK 88m, net debt SEK 192m (down from ~SEK 240), EPS Q2 improved from −SEK 0.46 to +SEK 0.66, funnel +29% YoY in the growth portfolio, five new customers added, four sales hires added (plus two planned), recurring revenue down 8% QoQ, and SEK 7–10m of deal slippage tied to Middle East geopolitical unpredictability—but management said these risks do not change the stated guidance and the full effect of the sales ramp is expected by end‑2027/2028 given 12–18 month sales cycles.Enea AB Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
74
Positive
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 888.80M | 889.00M | 920.19M | 912.68M | 951.24M | 975.62M |
| Gross Profit | 460.60M | 528.20M | 724.44M | 697.68M | 737.56M | 624.96M |
| EBITDA | 254.90M | 214.60M | 390.24M | 240.00M | 294.08M | 372.83M |
| Net Income | 107.90M | 49.40M | 143.06M | -550.72M | 108.95M | 200.26M |
Balance Sheet | ||||||
| Total Assets | 2.48B | 2.29B | 2.54B | 2.58B | 3.32B | 3.03B |
| Cash, Cash Equivalents and Short-Term Investments | 93.00M | 97.60M | 161.52M | 261.79M | 231.30M | 211.37M |
| Total Debt | 327.40M | 333.39M | 303.47M | 509.44M | 587.80M | 776.46M |
| Total Liabilities | 768.70M | 648.30M | 693.68M | 900.98M | 1.03B | 1.26B |
| Stockholders Equity | 1.71B | 1.64B | 1.85B | 1.68B | 2.29B | 1.78B |
Cash Flow | ||||||
| Free Cash Flow | 52.90M | 95.97M | 272.31M | 251.60M | 28.63M | 193.18M |
| Operating Cash Flow | 167.90M | 106.60M | 279.20M | 258.89M | 166.84M | 333.74M |
| Investing Cash Flow | -110.70M | -98.90M | -92.68M | -95.22M | 34.81M | -517.78M |
| Financing Cash Flow | -48.60M | -49.00M | -300.72M | -126.01M | -205.83M | 191.54M |
Enea AB Technical Analysis
Negative
75.50
Price Trends
72.38
Negative
70.16
Negative
69.28
Negative
Market Momentum
-3.91
Negative
41.55
Neutral
87.36
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ENEA, the sentiment is Negative. The current price of 75.5 is above the 20-day moving average (MA) of 60.54, above the 50-day MA of 72.38, and above the 200-day MA of 69.28, indicating a neutral trend. The MACD of -3.91 indicates Negative momentum. The RSI at 41.55 is Neutral, neither overbought nor oversold. The STOCH value of 87.36 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ENEA.
Enea AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | kr1.12B | 10.50 | ― | ― | -1.56% | 59.96% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | kr2.12B | -1.09 | -59.01% | ― | -14.28% | -2243.88% | |
51 Neutral | kr766.40M | -14.82 | -31.37% | ― | -0.61% | -11.33% | |
51 Neutral | kr3.25B | -22.31 | ― | ― | 22.58% | 39.84% |
* General Sector Average
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Enea AB Corporate Events
Enea balances flat Q2 sales with stronger cash flow and bets on security-led growth
Jul 16, 2026
Enea reported a marginal year-on-year decline in second-quarter net sales to SEK 218 million, with currency-adjusted revenue down 0.8 percent as geopolitical tensions in the Middle East delayed deals worth an estimated SEK 7–10 million. Desp...
Enea Delivers Solid Cash Flow and Strategic Progress Amid Flat Q2 Sales
Jul 15, 2026
Enea AB reported a broadly flat second quarter, as currency-adjusted net sales slipped 1% to SEK 218 million while adjusted EBITDA margin fell to 25.4%, but earnings per share swung to a profit and operating cash flow surged to SEK 87.8 million on...
Enea Wins USD 1.8 Million Asian Government Contract for Traffic Management
Jun 30, 2026
Enea AB has secured a traffic management contract worth USD 1.8 million with a new government customer in Asia, centered on the Enea Integra Traffic Management Platform to enhance the reliability and security of mobile network infrastructure. The ...
Enea Schedules Webcast and Call for Q2 2026 Report Presentation
Jun 24, 2026
Enea has invited investors, analysts, and media to a presentation of its second-quarter 2026 report, to be hosted in English by CEO Teemu Salmi and CFO Ulf Stigberg. The event, scheduled for July 15, 2026 at 08:30 a.m. CEST, will be accessible via...
Enea Names Veteran Tech Executive Sophie Reinius as New CFO
Jun 5, 2026
Enea AB has appointed Sophie Reinius as its new Chief Financial Officer, with her taking up the role in the fourth quarter of 2026 to succeed current CFO Ulf Stigberg, who will remain in place until then. Reinius brings more than 20 years of exper...
Enea Cuts Share Count After Cancelling Over 1.3 Million Repurchased Shares
May 29, 2026
Enea has reduced its share capital by cancelling 1,312,619 ordinary shares that were previously repurchased under its buyback program, following a resolution at the 2026 Annual General Meeting. After the cancellation, the company’s total num...
Enea Cancels Over 1.3 Million Treasury Shares, Tightening Capital Structure
May 26, 2026
Enea AB has cancelled 1,312,619 of its own ordinary shares that were previously repurchased under a shareholder-authorized buyback program, following approval at the company’s 2026 annual general meeting. After this cancellation, Enea holds ...
Enea Delays Share Buyback to Support New Growth Strategy
May 13, 2026
Enea AB, a global provider of advanced telecom and cybersecurity software, develops solutions that secure, optimize, and monetize communications for more than 300 customers in over 100 countries. Headquartered in Stockholm and listed on Nasdaq Sto...
Enea AGM backs share buyback mandate and appoints new chairman
May 7, 2026
Enea AB’s annual general meeting in Kista approved the 2025 accounts and decided to retain SEK 604 million in earnings, opting against a dividend to bolster the company’s financial flexibility. Shareholders also granted the board autho...
Enea Concludes Share Buyback Program With Additional Repurchases
May 6, 2026
Enea AB has completed repurchases of 6,500 of its own shares on Nasdaq Stockholm between May 4 and 6, 2026, under a share buyback authorization granted by the 2025 Annual General Meeting. The transactions, executed by DNB Carnegie, form part of a ...
Enea Continues Share Buybacks to Optimize Capital Structure
May 4, 2026
Enea has repurchased 12,000 of its own shares on Nasdaq Stockholm between April 27 and 30, 2026, under a previously announced buyback program of up to SEK 50 million. The transactions, executed by DNB Carnegie, are intended to optimize the company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.