Eniro Group AB Class A (ENRO) AI Stock Analysis

• Market Cap: kr390.99M
• Dividend Yield: N/A
• Average Volume (3M): 708.98K
• Price to Earnings (P/E): 8.2
• Beta (1Y): 0.53
• Revenue Growth: -0.21%
• EPS Growth: 33.33%
• Country: SE
• Employees: 905
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): 0.01
• Shares Outstanding: 746,182,500
• 10 Day Avg. Volume: 919,265
• 30 Day Avg. Volume: 708,983
• PEG Ratio: -0.19
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 0.30
• P/FCF Ratio: 3.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.1
• Revenue Forecast (FY): kr1.11B

• Rating: 69 Neutral
• Price Target: kr0.59 ▲(44.15% Upside)
• Action: Downgraded Date: 02/27/26
• Date: Action: Downgraded 02/27/26

Score is driven primarily by improving fundamentals (profitability recovery, lower leverage, and continued positive free cash flow) but tempered by volatility in margins and cash conversion (notably the 2025 free-cash-flow drop). Technically, price momentum is strong and above key moving averages, though overbought readings add near-term pullback risk. Valuation is supportive given the low P/E.

Positive Factors

Profitability turnaround since 2022

Net income turned positive in 2022 and strengthened through 2024–2025, indicating the company moved from loss-making to consistent profitability. This durable improvement supports reinvestment, reduces solvency risk, and provides a stronger base for sustained subscription revenue and margin recovery over the next 2–6 months.

Conservative, improving leverage and balance sheet

Debt metrics show a material decline in leverage and a growing equity base, reflecting a healthier capital structure. Lower leverage increases financial flexibility, reduces refinancing risk, and means the company can better withstand market shocks or fund investments in product and sales initiatives over the medium term.

Recurring SME-focused digital marketing business model

A subscription and managed-services model selling digital visibility to local SMEs creates recurring revenue and higher customer lifetime value. This structural revenue mix supports predictable cash flow, easier forecasting, and scalable sales economics in the Nordics, underpinning durable revenue generation beyond short-term cycles.

Negative Factors

Volatile margins and uneven earnings quality

Profitability has swung materially year-to-year, including a loss in 2023 and a sizable gross-profit drop in 2025 despite revenue growth. Such margin volatility undermines confidence in sustainable unit economics and makes long-term margin planning, pricing power assessment, and profit durability less certain over the coming months.

Free cash flow instability and sharp 2025 decline

A notable -31.8% YoY drop in free cash flow in 2025, coupled with low cash-to-net-income coverage, points to working-capital swings or timing issues. Persistent FCF variability can constrain investment, increase reliance on external financing, and raise risk to capital returns and debt service over the medium term.

Historical balance-sheet stress and equity variability

The balance sheet shows meaningful variability and a recovery from very weak equity in 2021, indicating past financial stress. Historical capital weakness can reflect operational or market sensitivity and suggests limited tolerance for another adverse cycle without dilutive recapitalization or strategic restructuring.

Eniro Group AB Class A Business Overview & Revenue Model

Company Description

Eniro Group AB Class A (ENRO) is a leading digital marketing company based in Sweden, specializing in search and local advertising. The company operates primarily in the digital media sector, providing services that include online directories, search engine optimization (SEO), and targeted local advertising solutions for businesses. Eniro serves various industries, helping companies improve their visibility and reach in the digital landscape through its innovative platforms and tools.

How the Company Makes Money

Eniro generates revenue through multiple streams, including digital advertising services, subscription-based listings, and performance-based marketing solutions. The primary revenue model is based on charging businesses for advertising space on its platforms, where companies can create and promote their business profiles. Additionally, Eniro offers performance-based advertising solutions, where businesses pay based on the effectiveness of their ads, such as clicks or leads generated. The company also has strategic partnerships with various local businesses and organizations, enhancing its service offerings and expanding its customer base. The growth in digital marketing and the shift towards online consumer behavior are significant factors contributing to Eniro's earnings.

Eniro Group AB Class A Financial Statement Overview

Summary

Turnaround in profitability with net income positive in 2022 and stronger in 2024–2025, plus conservative leverage and ongoing free-cash-flow positivity. Offsetting this, margins and earnings quality look uneven (loss in 2023, volatility in gross profit, and a sharp 2025 free-cash-flow decline despite strong revenue growth).

Income Statement

Profitability has improved materially versus the loss-making period in 2020–2021, with net income turning positive in 2022 and strengthening further in 2024–2025. Revenue growth is strong in 2025 (+52.6% YoY) after relatively flat performance in 2024, supporting the earnings recovery. That said, margins look volatile across the period (including a loss year in 2023 and a sharp drop in reported gross profit level in 2025 versus 2024), which adds uncertainty around the durability/quality of the improvement.

Balance Sheet

Leverage appears conservative and improving: total debt declines from 56M (2020) to 24M (2024) and remains modest at 56M (2025) versus a growing equity base (equity 344M in 2025). Debt relative to equity improved significantly from elevated levels in 2021 (0.60x) to low levels in 2023–2024 (0.16x to 0.08x), while returns on equity rebounded strongly in 2024. The key watch-out is some balance sheet variability over time (notably equity recovering from a very low 2021 level), which suggests the capital structure has been through stress historically.

Cash Flow

Cash generation is generally solid, with positive operating cash flow and free cash flow each year shown, including 90M operating cash flow and 75M free cash flow in 2025. Free cash flow conversion looked strong in 2024 (free cash flow matching net income), indicating good earnings quality that year. However, free cash flow declines sharply in 2025 (-31.8% YoY) despite the revenue surge, and the cash-flow-to-net-income coverage ratio shown for 2020–2024 is relatively low, pointing to potential working-capital or timing swings that can pressure near-term cash consistency.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	955.00M	951.00M	960.00M	930.00M	828.00M
Gross Profit	51.00M	851.00M	296.00M	846.00M	738.00M
EBITDA	119.00M	144.00M	85.00M	139.00M	16.00M
Net Income	46.00M	68.00M	-4.00M	48.00M	-105.00M
Balance Sheet
Total Assets	982.00M	951.00M	975.00M	1.08B	1.01B
Cash, Cash Equivalents and Short-Term Investments	189.00M	163.00M	164.00M	223.00M	239.00M
Total Debt	56.00M	24.00M	43.00M	45.00M	49.00M
Total Liabilities	637.00M	667.00M	705.00M	775.00M	921.00M
Stockholders Equity	344.00M	283.00M	269.00M	305.00M	81.00M
Cash Flow
Free Cash Flow	75.00M	109.00M	35.00M	42.00M	52.00M
Operating Cash Flow	90.00M	109.00M	52.00M	62.00M	71.00M
Investing Cash Flow	-32.00M	-49.00M	-16.00M	-57.00M	-19.00M
Financing Cash Flow	-29.00M	-62.00M	-91.00M	-31.00M	-27.00M

Eniro Group AB Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.41
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ENRO, the sentiment is Positive. The current price of 0.41 is below the 20-day moving average (MA) of 0.42, above the 50-day MA of 0.40, and below the 200-day MA of 0.42, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 71.77 is Negative, neither overbought nor oversold. The STOCH value of 77.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ENRO.

Eniro Group AB Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ENRO	69 Neutral	kr390.99M	8.24	23.97%	―	-0.21%	33.33%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
MAGI	56 Neutral	kr149.43M	-11.73	-3.04%	13.12%	-3.51%	-192.91%
TRAD	56 Neutral	kr412.24M	403.55	4.37%	―	6.67%	-7.93%
TOURN	51 Neutral	kr49.94M	-8.43	―	―	―	―
EMB	45 Neutral	kr170.79M	-56.93	-8.02%	―	―	―
SPEONE	45 Neutral	kr69.23M	-2.13	-32.53%	―	-57.04%	-161.67%

Eniro Group AB Class A Corporate Events

Qviberg Family Becomes Second-Largest Shareholder in Eniro After Major Stake Increase

Mats and Eva Qviberg have increased their stake in Eniro Group AB from 4.5 percent to 17.1 percent of the capital through the purchase of all Eniro shares previously held by Spectrum One, making the Qviberg family the company’s second-largest owner after Dutch firm Azerion. Eniro’s management interprets the entry of a financially strong, long-term owner as a vote of confidence in the company’s ongoing transformation, which has already yielded positive 2025 year-end results and supports continued strategic investments in efficiency, enhanced search and advertising services, and consolidation of its position in key markets.

The most recent analyst rating on (SE:ENRO) stock is a Buy with a SEK0.50 price target. To see the full list of analyst forecasts on Eniro Group AB Class A stock, see the SE:ENRO Stock Forecast page.

Eniro Builds on Record 2025 Sales as It Positions for AI-Driven Nordic Growth

Eniro reported 2025 net sales of SEK 955 million, its strongest revenue year to date, and modest profit despite margin pressure and weaker performance at its Dynava unit. The group’s Marketing Partner business reached SEK 537 million in annual recurring revenue, and the board proposed resuming an ordinary dividend of SEK 0.05 per share, signalling confidence in cash flow and balance sheet strength.

During the year Eniro closed acquisitions of Medialuotsi Oy and Qwamplify Nordics and, after year-end, Mainostoimisto SST Oy to bolster its Nordic digital marketing footprint. Management highlighted a strategic shift from transformation to growth positioning, including a review of a potential separate listing of Dynava and a 2026 focus on investment in sales capacity, product development, partnerships, marketing and AI-driven innovation.

The most recent analyst rating on (SE:ENRO) stock is a Buy with a SEK0.40 price target. To see the full list of analyst forecasts on Eniro Group AB Class A stock, see the SE:ENRO Stock Forecast page.

Eniro Wins Supreme Court Dismissal After Settlement With Kapatens

Eniro Group AB has secured a decisive legal resolution after the Swedish Supreme Court overturned earlier rulings from the Svea Court of Appeal and the Solna District Court, dismissing the case following a settlement with Kapatens. Under the settlement, Kapatens withdraws all appeals and waives any further claims against Eniro or its board, removing a significant legal overhang and providing greater certainty for the company and its stakeholders.

The conclusion of this dispute allows Eniro to focus more fully on its core operations in digital marketing and customer service solutions for small and medium-sized businesses across the Nordic region. With the legal risk now resolved, the company is better positioned to concentrate resources on growth, operational execution and strengthening its role as a key partner to SMEs in a competitive digital advertising landscape.

The most recent analyst rating on (SE:ENRO) stock is a Buy with a SEK0.40 price target. To see the full list of analyst forecasts on Eniro Group AB Class A stock, see the SE:ENRO Stock Forecast page.

Eniro Reaches SEK 17 Million Settlement to End Share-Class Dispute With Kapatens

Eniro Group AB has agreed a settlement with Kapatens Investment AB that will see the parties jointly ask Sweden’s Supreme Court to overturn lower court rulings tied to Kapatens’ challenge of Eniro’s 2022 decision to redeem preference shares and move to a single share class. If the Supreme Court sets aside the prior judgments, Eniro will pay SEK 17 million in settlement compensation, Kapatens will withdraw all ongoing appeals and claims, and Eniro’s one-class share structure will remain as resolved at the 2022 annual general meeting.

The long-running dispute has constrained Eniro’s strategic flexibility, including its ability to distribute dividends despite strong profitability and a solid balance sheet, and has contributed to uncertainty in trading of its shares. Backed by shareholders representing about 70 percent of the share capital, the board judged that a negotiated settlement is preferable to continued legal proceedings, viewing the agreed compensation as a reasonable cost to remove legal overhang and restore operational and capital-allocation freedom.

The most recent analyst rating on (SE:ENRO) stock is a Buy with a SEK0.40 price target. To see the full list of analyst forecasts on Eniro Group AB Class A stock, see the SE:ENRO Stock Forecast page.