olivLaw · European equity research
Enad Global 7 AB (publ) EG7.ST
Sweden · Nasdaq Stockholm · ISIN SE0010520106 · Vertical: Listed companies from Sweden
Enad Global 7 is a Swedish digital games group focused on live-service games, operating studios and well-established franchises. The company is in a period of consolidation and cost reductions after the turbulence in the games industry in 2023-2024, so profitability and portfolio management are in focus. The figures below come from the 2024 annual report.
At the close of 05 Nov 2026, Enad Global 7 AB (publ) (EG7.ST) stock was 14.00 SEK (+0.00% on the day), with market capitalisation 1.2 bn SEK, dividend yield 0.00%, beta 0.21, 52-week range 11.10–22.05 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.8
- weak (30–45)
- Bollinger (20, 2)
- 13.42 – 15.55
- in the lower half of the band · %B 0.27 · band width 14.7%
- SMA 50 / 200
- 14.95 / 16.63
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.35 / -0.36
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | −0.6% | +1.2 pp | — |
| 3 months | −30.7% | −4.2% | −26.5 pp | — |
| 6 months | −28.7% | +4.3% | −33.1 pp | — |
| Year to date | +3.4% | +7.5% | −4.1 pp | — |
| 1 year | −14.7% | +9.9% | −24.7 pp | −8.5% |
| 3 years | −29.1% | +49.8% | −79.0 pp | +12.3% |
| 5 years | −54.8% | +42.8% | −97.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.0 bn | 1.7 bn | 1.6 bn |
| Revenue YoY | unavailable | −16.2% | −5.1% |
| Net income | 156.1 m | -236.4 m | -1.9 bn |
| Net income YoY | unavailable | −251.4% | unavailable |
| Diluted EPS | 1.76 | -2.67 | -21.84 |
| Diluted EPS YoY | unavailable | −251.7% | unavailable |
| net % | 7.6% | -13.8% | -119.0% |
| Free cash flow | 423.5 m | 170.1 m | 96.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 390.3 m SEK
- Financial debt
- 346.9 m SEK
- Net debt
- -43.4 m SEK
- Equity
- 1.5 bn SEK
- Total assets
- 2.5 bn SEK
- Debt / equity
- 0.23x
- Current ratio
- 1.51x
- ROE
- -70.2%
- ROA
- -52.0%
- FCF margin
- 5.9%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.0 bn | 1.7 bn | 1.6 bn | esef· 28 Oct 2026verified |
| Operating income | 252.1 m | -138.8 m | -2.1 bn | esef· 28 Oct 2026verified |
| Interest expense | 48.0 m | 42.8 m | 49.1 m | esef· 28 Oct 2026verified |
| Pre-tax income | 216.0 m | -163.3 m | -2.1 bn | esef· 28 Oct 2026verified |
| Income tax | 59.9 m | 73.1 m | -174.6 m | esef· 28 Oct 2026verified |
| Net income | 156.1 m | -236.4 m | -1.9 bn | esef· 28 Oct 2026verified |
| Diluted EPS | 1.76 | -2.67 | -21.84 | esef· 28 Oct 2026verified |
| Dividend per share | 0.00 | 0.45 | 0.00 | esef· 28 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 478.3 m | 321.5 m | 390.3 m | esef· 28 Oct 2026verified |
| Inventories | 14.0 m | 9.1 m | 12.8 m | esef· 28 Oct 2026verified |
| Current assets | 761.5 m | 589.9 m | 684.1 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 30.3 m | 35.7 m | 23.1 m | esef· 28 Oct 2026verified |
| Goodwill | 3.2 bn | 3.1 bn | 911.9 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 667.8 m | 925.4 m | 593.6 m | esef· 28 Oct 2026verified |
| Total assets | 4.9 bn | 4.9 bn | 2.5 bn | esef· 28 Oct 2026verified |
| Short-term debt | 600.0 k | 400.0 k | — | esef· 08 May 2025verified |
| Long-term debt | 2.8 m | 2.2 m | 346.9 m | esef· 28 Oct 2026verified |
| Current liabilities | 561.6 m | 553.4 m | 453.1 m | esef· 28 Oct 2026verified |
| Equity | 3.9 bn | 4.0 bn | 1.5 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 88.7 m | 88.5 m | 88.6 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 437.8 m | 194.1 m | 102.7 m | esef· 28 Oct 2026verified |
| Capex | 14.3 m | 24.0 m | 6.1 m | esef· 28 Oct 2026verified |
| Free cash flow | 423.5 m ≈ | 170.1 m ≈ | 96.6 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -231.6 m | -306.5 m | -309.6 m | esef· 28 Oct 2026verified |
| Financing cash flow | -126.0 m | -66.3 m | 312.1 m | esef· 28 Oct 2026verified |
| Dividends paid | 0 | 39.9 m | 0 | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn SEK
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -68.1% | 4 (vs peers) | 23% |
| Net margin · Quality | -119.0% | 6 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -42.5x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.5x | 59 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.8% | 97 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality5/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial97/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Enad Global 7 AB (publ) (EG7.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.6 bn SEK in 2025; YoY growth -5.1%; net margin -119.0%; ROE -70.2%.
The estimated value range is 14.41–19.88 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 16.65 SEK, the price of 14.00 SEK leaves a potential of 18.9% (value / price − 1) and a margin of safety of 15.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 7.8%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- ROIC: -68.1%
- Net margin: -119.0%
- Interest coverage: -42.5x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for EG7.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Enad Global 7 is a Swedish digital games group focused on live-service games, operating studios and well-established franchises. The company is in a period of consolidation and cost reductions after the turbulence in the games industry in 2023-2024, so profitability and portfolio management are in focus. The figures below come from the 2024 annual report.
SWOT
Strengths
- A live-game portfolio with active communities and a stable player base.
- A large share of data centres with partners using renewable energy, supporting a better environmental profile.
- A structure of autonomous business units that can adapt the offer to local markets.
Weaknesses
- A large goodwill balance sheet item that could lead to impairment if estimates change.
- Some service units were heavily affected by the industry decline and layoffs.
- Most of the carbon footprint is Scope 3, which is hard to measure and reduce.
Opportunities
- Industry consolidation could offer chances to acquire games and studios.
- Expanding partnerships with efficient data centres could reduce costs and emissions.
- Community management could become a competitive advantage if executed well.
Threats
- Strong competition for players and talent could reduce revenue and raise costs.
- Changes in data and tax regulation could affect results.
- Developments in artificial intelligence and new technology could quickly shift player preferences.
Risks
- Dependence on new games and updateshigh
If investments in new games fail to produce the expected revenue or existing games are not updated to player preferences, revenue could decline 1.
- Goodwill impairmenthigh
Goodwill and intangible assets are tested annually for impairment, and a change in estimates could lead to significant accounting losses 1.
- Regulation and taxationmedium
Interpreting tax law and data-protection rules across several countries could lead to penalties or the withdrawal of some games 1.
- IT and cybersecurity risksmedium
IT system disruptions, cyberattacks or data leaks could affect operations and the group's reputation 1.
- Retaining talentmedium
Difficulty hiring and keeping qualified staff could delay projects and raise development costs 1.
Investment thesis
What would need to be true (bull case)
- If the cost reductions of 2024 and 2025 translate into better margins, the group could benefit from a more efficient operating base 1.
- A live-game portfolio with loyal communities can generate recurring revenue, which would support financial stability 1.
- Moving data centres to partners running on renewable energy could reduce environmental risks and energy costs over the long term 1.
What would break the thesis
- The large goodwill balance could lead to impairment if acquired games fail to meet expectations 1.
- The industry has gone through turbulence and layoffs, and competitive pressure could keep margins low 1.
- Dependence on existing games and their communities could become a vulnerability if players change their preferences 1.
What to watch
- Development of costs and the cost-reduction measures2025
- Goodwill impairment testingnext annual report
- Performance of live games and player retentionQ1 2026
- Progress of the data-centre migration and renewable energy share2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2024 annual report, EG7 is a global developer and operator of digital games, focused on live-service games and the player communities around them. The company had 546 employees in Europe and North America 1. Its model is based on acquiring and running studios and games already in operation, not only on launching new titles. The company describes 2024 as a year of consolidation and transition 1.
Server infrastructure is central: at the end of 2024, 93 percent of data centres were with external partners, and over 80 percent of external centres ran on renewable energy 1. Moving to external partners lowers Scope 2 emissions but raises Scope 3 emissions, which the report says make up most of the carbon footprint 1.
The group's activities are organised into autonomous business units, each with its own local culture. The company initiated cost-saving measures of about 191.0 MSEK during 2024 and early 2025 1. Goodwill was the largest share of assets on the balance sheet, at 3,115.2 MSEK on 31 December 2024 1.
Segments
Live-service games and franchises
The group runs some of the best-known live games, with active communities on forums and Discord, and the report treats community management as an essential part of the business 1. If poor community management upset players, revenue from live games could be affected 1.
Market context
The digital games market is described in the report as highly competitive, with development driven by demands from end customers, developers and publishers 1. The report notes the market is global and sensitive to monetary policy changes, regulation and customer preferences 1. An important factor is dependence on data centres, which the report says consume a significant share of the energy used by digital systems 1.
The industry was marked by turbulence in 2023-2024, which led to layoffs and unit closures 1. The report indicates this pressure hit especially the service-oriented businesses, so the stability of the live-game portfolio is an advantage in this context 1.
Trends
- Industry consolidationmixed
The turbulence of 2023-2024 led to staff reductions and closures, which could create opportunities to acquire existing studios or games 1. However, cost pressure may affect investment in new games 1.
- Data-centre energy demandheadwind
The report stresses that data centres consume a growing share of digital energy and that the development of artificial intelligence could amplify this growth 1. This could raise operating costs and pressure to reduce the carbon footprint 1.
- Move to external green data centrestailwind
Migrating to external partners that use renewable energy could reduce the group's direct emissions and improve energy efficiency 1.
- Regulation and data protectionheadwind
Compliance with GDPR and local privacy laws such as CCPA is essential, and regulatory changes could increase compliance costs 1.
Competitive position
The report describes the market as highly competitive, where rivals may develop new games and technologies faster 1. The company says that if it fails to keep pace with technology and player preferences, its market position could weaken 1. The report does not name specific competitors in the excerpts provided.
Competition for talent is also intense, and the report warns that staff turnover could delay projects 1. Live-game developers compete directly for players and their attention 1.
- Other live-service game developers
The report does not name competitors; they are mentioned generically as developing new games faster.
- Data-centre hosting partners
The company relies on external data-centre providers, which are partners rather than direct competitors.
- Independent game studios
The report mentions competition for talent and players without naming companies.
- Distribution platforms and publishers
Publishers and platforms influence game development and can also compete for player attention.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Enad Global 7 AB (publ) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.