New CEO announced

Growth in the right things

16% organic growth for Security is good

Momentum picking up steam - up to BUY

Still-low visibility limits upside, down to HOLD

Strong Q2, with 13% organic growth due to recent 5G deal. We cut '24e EBITDA-capex by 3% on slightly higher opex. Stock +77% L3M & market outlook remains still: down to HOLD (Buy).

Strong quarter, driven by the 5G deal

New software deal drives robust Q2e

USD 2.9m 5G order to drive a robust Q2e. We lift '24e EBITDA-capex by 11% due to the recent order. Reiterate BUY at 8x '24e EBITDA-capex and 8% FCF yield

Supportive 5G deal

A lot to like now organic growth has turned

Q1e: earnings beat as Network Solutions returned to org. growth. We raise '24e-'26e adj. EBITDA-capex by 3-4% on 3-4% higher sales. Low valuation, fruitful cost savings and easy comps: up to BUY (Hold).

Tough comps, but solid underlying progress

Enea AB: 1 director

A director at Enea AB bought 10,000 shares at 39.900SEK and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

Enea (No_rec, TP: SEK) - Discontinuing coverage

We have discontinued our regular coverage of Enea, and our last published recommendation, target price and estimates should no longer be relied upon. Going forward, we plan to cover Enea ‘powered by Redeye’.

Northern Lights

Enea (Hold, TP: SEK95.00) - Underlying business still shrinking

Enea’s business momentum improved in Q4 and is set for a seemingly strong Q1e as well, thanks to a large one-off order in the legacy OS business, which we believe to be from Nokia. Apart from the ensuing pull-in boost, not much has changed recently, we believe. While we understand the pipeline is expanding, we remain on the sidelines for Enea ahead of the Q1 results but have raised our target price to SEK95 (90).

Northern Lights

Northern Lights

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 potential...

ENEA - A step in the right direction

Sequential improvements, but still on the softer side We reduce ‘22e-‘24e adj. EBIT by 0-5% Organic growth needed for share price gains: HOLD

ENEA - Sequential improvements, but still not out

Sales +1/-1%, adj. EBIT -2/-15% vs. ABGSCe/cons. Expect cons to cut ‘23e EBIT by 2-5% Share to trade up 3-5% initially, but then come down

ENEA - Raising Q3 estimates on new order

CAD 4.4m 5G traffic management order announced… …of which CAD 3.3m SW licenses will be booked in Q3e We raise ’22e adj. EBIT by 8% and reiterate HOLD