Enea (Buy, TP: SEK305.00) - Soft patch offers opportunity
Enea’s share price has fallen amid harsh tech-stock sentiment, as earnings momentum shifted into reverse post-Q4. We see the current situation as a temporary soft patch and believe consensus underestimates execution on opex efficiencies. While we have lowered our 2022–2023e EPS by 12–10%, we reiterate our BUY given the de-rating. We have cut our target price to SEK305 (330).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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