Enea (Buy, TP: SEK325.00) - Too early for material traction
For Q3e we will be looking for signs of further commercial traction in 5G Core and details on Enea’s strengthened position in mobile cybersecurity software. Post-pandemic reopening impetus is likely to unfold with a sales-cycle lag, but we see a re-rating potential in 2022e. We reiterate our BUY and note 45% upside potential from the share price to our unchanged SEK325 target price.
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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