Enea (Hold, TP: SEK90.00) - Upbeat Q4e, mixed outlook
In our view, Enea’s earnings are likely to continue to recede in 2023. While H1 2022 was tough for the company, we believe H2 2022e was helped by greater demand for network cybersecurity and energy-saving 5G traffic management, in addition to increasingly pronounced seasonality structurally. With a positive Q4 outlook given following a constructive Q3 and solid ESG support, we have raised our target price to SEK90 (75). Still, organic growth is set to remain negative short-term. With a potentially challenging 2023, we reiterate our HOLD.
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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