Enea AB (SE:ENEA)
:ENEA
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Enea AB
(ENEA)
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Rating:55Neutral
Price Target:
kr58.00
â–¼(-23.18% Downside)
Action:ReiteratedDate:02/01/26
The score is held back mainly by weakening cash-flow/FCF in the latest year and a bearish technical setup (price below major moving averages with negative MACD and very weak momentum). These are partly offset by a manageable balance sheet and a cautiously optimistic earnings outlook supported by profitability strength in Q4 and 2026 margin guidance.
Positive Factors
Product Momentum
Strong, above-market growth in DPI and Traffic Management reflects durable product-market fit in core telecom network functions. These offerings drive recurring license and service revenues, enable upsells and create a revenue tail that supports sustainable top-line expansion over the next 2–6 months and beyond.
Negative Factors
Weak Cash Generation
Deteriorating cash conversion and zero free cash flow in 2025 materially reduce financial headroom. This limits the company's ability to self-fund go-to-market investments and increases reliance on balance-sheet flexibility; persistent cash volatility can constrain execution over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Product Momentum
Strong, above-market growth in DPI and Traffic Management reflects durable product-market fit in core telecom network functions. These offerings drive recurring license and service revenues, enable upsells and create a revenue tail that supports sustainable top-line expansion over the next 2–6 months and beyond.
Read all positive factors
Enea AB (ENEA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.10B
Dividend YieldN/A
Average Volume (3M)30.12K
Price to Earnings (P/E)7.9
Beta (1Y)0.64
Revenue Growth0.86%
EPS Growth73.68%
CountrySE
Employees480
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)2.20
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 Ratio0.00
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)6.59
Revenue Forecast (FY)kr929.85M
Enea AB Business Overview & Revenue Model
Company Description
Enea AB (publ) provides software products for telecommunication, cybersecurity, medical device, and aerospace industries worldwide. It offers 5G data management products, such as Enea Stratum Network Data Layer, Enea Unified Data Manager, Enea Dig...
How the Company Makes Money
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Enea AB Earnings Call Summary
Earnings Call Date:Jan 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call presents a cautiously optimistic view: underlying business momentum and product-led growth (notably DPI and Traffic Management) plus the strongest Q4 profitability in four years and strategic initiatives (AI, government wins, sales investments) are material positives. However, material near-term headwinds remain from currency translation (strong SEK vs USD) which depressed reported revenue and EPS, cash-flow volatility from financial net swings, and working-capital/payment pattern pressures. Management has concrete plans to invest in sales and product packaging to accelerate growth and has reduced FX exposure on the balance sheet—supporting a positive outlook if constant-currency trends continue to convert to reported growth over 2026–2028.Positive Updates
Constant-Currency Revenue Growth
Net sales grew in constant currency: Q4 +1% (reported SEK 239m, reported -5% YoY) and full year +2% in constant currency (reported full-year net sales SEK 889m, reported -2% YoY), indicating underlying demand is expanding despite FX headwinds.
Negative Updates
FX Headwind Impacting Reported Results
A strong Swedish krona vs USD (approx. 20% strengthening over 12 months) materially reduced reported revenue and contributed to a reported Q4 decline of 5% YoY and full-year reported decline of 2% despite constant-currency growth.
Read all updates
Q4-2025 Updates
Positive
Negative
Constant-Currency Revenue Growth
Net sales grew in constant currency: Q4 +1% (reported SEK 239m, reported -5% YoY) and full year +2% in constant currency (reported full-year net sales SEK 889m, reported -2% YoY), indicating underlying demand is expanding despite FX headwinds.
Read all positive updates
Company Guidance
The company’s 2026 guidance is for single‑digit reported revenue growth (guidance includes FX) and an adjusted EBITDA margin above 30%, acknowledging planned investments in 2026 to accelerate growth; longer‑term ambitions remain an average annual growth above 10% for 2026–2028 and an exit‑2028 adjusted EBITDA margin above 35%. For context, Q4 2025 net sales were SEK 239m (reported -5% y/y, +1% in constant currency) with Q4 adjusted EBITDA at 40% (highest Q4 in four years) and EPS of SEK 2.21, full‑year 2025 net sales were SEK 889m (reported -2%, +2% cc) with a 33% adjusted margin and operating cash flow SEK 107m (Q4 op. cash flow SEK 45m); management warns of a Q1 2026 comparability headwind from USD/SEK movements, net debt stood at SEK 208m and a share buyback of 166,000 shares (SEK 11.8m) was executed in Q4.Enea AB Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
68
Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 889.00M | 920.19M | 912.68M | 927.67M | 975.62M |
| Gross Profit | 528.20M | 724.44M | 697.68M | 713.99M | 624.96M |
| EBITDA | 214.60M | 390.24M | 240.00M | 295.23M | 372.83M |
| Net Income | 49.40M | 143.06M | -550.72M | 108.95M | 200.26M |
Balance Sheet | |||||
| Total Assets | 2.29B | 2.54B | 2.58B | 3.32B | 3.03B |
| Cash, Cash Equivalents and Short-Term Investments | 97.60M | 161.52M | 261.79M | 231.30M | 211.37M |
| Total Debt | 352.70M | 303.47M | 509.44M | 587.80M | 776.46M |
| Total Liabilities | 648.30M | 693.68M | 900.98M | 1.03B | 1.26B |
| Stockholders Equity | 1.64B | 1.85B | 1.68B | 2.29B | 1.78B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 272.31M | 166.91M | 28.63M | 193.18M |
| Operating Cash Flow | 106.60M | 279.20M | 263.46M | 166.84M | 333.74M |
| Investing Cash Flow | -98.90M | -92.68M | -95.22M | 34.81M | -517.78M |
| Financing Cash Flow | -49.00M | -300.72M | -126.01M | -205.83M | 191.54M |
Enea AB Technical Analysis
Neutral
75.50
Price Trends
59.68
Negative
65.41
Negative
69.62
Negative
Market Momentum
-1.03
Negative
50.07
Neutral
57.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ENEA, the sentiment is Neutral. The current price of 75.5 is above the 20-day moving average (MA) of 57.22, above the 50-day MA of 59.68, and above the 200-day MA of 69.62, indicating a neutral trend. The MACD of -1.03 indicates Negative momentum. The RSI at 50.07 is Neutral, neither overbought nor oversold. The STOCH value of 57.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:ENEA.
Enea AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | kr1.10B | 7.94 | ― | ― | 0.86% | 73.68% | |
55 Neutral | kr1.30B | 2.92 | ― | 1.92% | -8.38% | -38.17% | |
52 Neutral | kr1.47B | -0.52 | -50.59% | ― | -21.66% | ― | |
45 Neutral | kr663.77M | -11.79 | -36.30% | ― | 2.08% | -168.70% | |
44 Neutral | kr2.04B | -17.17 | ― | ― | 10.25% | -698.93% |
* Technology Sector Average
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Enea AB Corporate Events
Enea Firewall Helps Liberty Costa Rica Slash SMS Spam by 99%
Apr 8, 2026
Enea has strengthened its position in telecom cybersecurity through a partnership with Liberty Costa Rica that uses its Adaptive Messaging Firewall and threat intelligence services to combat SMS fraud. The deployment underscores Enea’s role ...
Enea Advances SEK 50 Million Share Buyback to Refine Capital Structure
Apr 7, 2026
Enea has continued its share buyback programme, repurchasing 11,547 shares on Nasdaq Stockholm between March 30 and April 2, 2026, under an authorization from its 2025 annual general meeting. The buybacks, executed by DNB Carnegie, form part of a ...
Enea Sets April 23 Presentation for Q1 2026 Results
Apr 7, 2026
Enea has invited investors, analysts, and media to a presentation of its first-quarter 2026 report, to be held on April 23, 2026 at 08:30 a.m. CEST and led by CEO Teemu Salmi and CFO Ulf Stigberg. The event, accessible via webcast and conference c...
Enea Wins Five-Year Global CPaaS Messaging Security Contract
Apr 1, 2026
Enea has secured a five-year contract to provide messaging security software and services to a global communications platform-as-a-service (CPaaS) provider, in a deal valued at an estimated USD 3.4 million. Around USD 1.9 million will be recognize...
Enea Increases Treasury Stock with New Share Buybacks Under SEK 50m Program
Mar 30, 2026
Enea AB has continued its ongoing share buyback program, repurchasing 17,500 shares on Nasdaq Stockholm between March 23 and 27, 2026, under a mandate granted by its 2025 annual general meeting. The purchases, executed by DNB Carnegie, form part o...
Enea Wins Global InfoSec Award for Innovative Embedded Security Probe
Mar 24, 2026
Enea has strengthened its profile in embedded cybersecurity by winning the Most Innovative Embedded Security category at the 2026 Global InfoSec Awards for its Qosmos Probe network sensor. The software-based probe delivers deep network visibility ...
Enea Continues Share Buybacks Ahead of 2026 AGM
Mar 23, 2026
Enea AB has continued its ongoing share buyback program, repurchasing 17,492 of its own shares on Nasdaq Stockholm between March 16 and 20, 2026, under a mandate granted by the 2025 annual general meeting. The initiative is intended to optimize th...
Enea Nomination Committee Backs Robert Andersson as New Chairman
Mar 18, 2026
Enea’s Nomination Committee has proposed Robert Andersson as the new Chairman of the Board, to be elected at the company’s Annual General Meeting on 7 May 2026, following current Chairman Kjell Duveblad’s decision not to stand fo...
Enea Advances Share Buyback Program With New Repurchases
Mar 16, 2026
Enea AB has continued its ongoing share buyback program, repurchasing 20,000 of its own shares on Nasdaq Stockholm between March 9 and 13, 2026, under the authorization granted by the 2025 Annual General Meeting. The program, capped at SEK 50 mill...
Enea Strengthens Executive Team With New Chief Commercial Officer
Mar 11, 2026
Enea has appointed Mathias Johansson as Chief Commercial Officer, tasking him with strengthening customer relationships and driving profitable growth in line with the company’s existing strategy. Johansson brings 28 years of experience from ...
Enea Continues Share Buybacks to Optimize Capital Structure
Mar 9, 2026
Enea AB has repurchased 21,000 of its own shares on Nasdaq Stockholm between March 2 and 6, 2026, under a previously announced buyback program of up to SEK 50 million. The transactions, executed by DNB Carnegie, are intended to adjust the company&...
Enea Steps Up Share Buybacks to Optimize Capital Structure
Mar 2, 2026
Enea AB has repurchased 25,000 of its own shares on Nasdaq Stockholm between February 23 and 27, 2026, under a share buyback program of up to SEK 50 million authorized by the 2025 Annual General Meeting. The transactions, executed by DNB Carnegie ...
Enea Steps Up Share Buybacks to Optimize Capital Structure
Feb 23, 2026
Enea AB has repurchased 22,326 of its own shares on Nasdaq Stockholm between 16 and 20 February 2026 under an existing buyback mandate of up to SEK 50 million. The company aims to adjust its capital structure over time and intends to cancel the re...
Enea Steps Up Share Buybacks to Adjust Capital Structure
Feb 16, 2026
Enea has continued its ongoing share buyback programme, repurchasing 19,385 of its own shares on Nasdaq Stockholm between 9 and 13 February 2026 under a mandate from the 2025 annual general meeting. The initiative is designed to fine-tune the comp...
Enea Steps Up Share Buybacks to Optimize Capital Structure
Feb 9, 2026
Enea AB has repurchased 20,000 of its own shares on Nasdaq Stockholm between 2 and 6 February 2026, under a buyback mandate of up to SEK 50 million authorized by shareholders. The programme is aimed at adjusting the company’s capital structu...
Enea Continues Share Buyback Program, Tightens Capital Structure
Feb 2, 2026
Enea AB has repurchased 19,851 of its own shares on Nasdaq Stockholm between January 26 and 30, 2026 under its previously announced share buyback program of up to SEK 50 million. Conducted via DNB Carnegie and in line with EU Safe Harbour rules, t...
Enea Secures Five-Year DPI Deal with Tier-1 MENA Mobile Operator
Feb 2, 2026
Enea has clarified details of a newly announced five-year Deep Packet Inspection (DPI) project in partnership with Digis Squared for a Tier-1 mobile network operator in the Middle East and North Africa, with the contract valued at USD 1.8 million ...
Enea and Digis Squared Win Major DPI Deal with Tier‑1 MENA Mobile Operator
Feb 2, 2026
Enea and managed services and systems integrator Digis Squared have secured a major deep packet inspection and traffic management project with a Tier‑1 mobile network operator in the Middle East and North Africa, leveraging Enea’s Inte...
Enea Delivers Strong Margins but Weaker Earnings and Cash Flow in 2025
Jan 30, 2026
Enea AB reported a soft fourth quarter of 2025, with net sales declining 5.1% year-on-year to SEK 238.7 million, though currency-adjusted revenue grew slightly by 0.9%, as all three segments—network, security, and operating systems—reg...
Enea Continues Share Buyback Program with 20,000 Shares Repurchased
Jan 26, 2026
Enea has repurchased a total of 20,000 of its own shares on Nasdaq Stockholm between January 19 and 23, 2026, under the share buyback program of up to SEK 50 million authorized by its 2025 Annual General Meeting. The transactions, executed by DNB ...
Enea Continues Share Buyback to Optimise Capital Structure
Jan 19, 2026
Enea has continued its ongoing share buyback programme, repurchasing 19,461 of its own shares on Nasdaq Stockholm between 12 and 16 January 2026 under a mandate from the 2025 Annual General Meeting. The transactions, executed by DNB Carnegie and c...
Enea Continues Share Buyback Program, Repurchases 10,500 Shares in Early January 2026
Jan 12, 2026
Enea AB has repurchased 10,500 of its own shares on Nasdaq Stockholm between 5 and 9 January 2026 under a previously announced buyback program of up to SEK 50 million, authorized by the 2025 Annual General Meeting. The transactions, executed by DN...
Enea Schedules Webcast and Call for Q4 2025 Report Presentation
Jan 9, 2026
Enea has invited investors, analysts, and media to a presentation of its fourth-quarter 2025 report, to be held on January 30, 2026, at 08:30 a.m. CEST via webcast and conference call, led by CEO Teemu Salmi and CFO Ulf Stigberg and followed by a ...
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.