olivLaw · European equity research
Enea Aktiebolag ENEA.ST
Sweden · Nasdaq Stockholm · ISIN SE0009697220 · Vertical: Listed companies from Sweden
Enea is a Swedish company listed on Nasdaq Stockholm, headquartered in Stockholm, that develops and supplies software products and services. The company changed its executive leadership in 2025, which makes tracking its strategic direction relevant.
At the close of 05 Nov 2026, Enea Aktiebolag (ENEA.ST) stock was 50.00 SEK (−0.40% on the day), with market capitalisation 976.4 m SEK, P/E 19.8 on diluted EPS of 2.53 SEK over the last 12 months, dividend yield 0.00%, beta 0.54, 52-week range 50.00–90.70 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)
- 32.7
- weak (30–45)
- Bollinger (20, 2)
- 43.77 – 70.32
- in the lower half of the band · %B 0.23 · band width 46.5%
- SMA 50 / 200
- 60.94 / 65.91
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.63 / -2.99
- MACD below 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 | −24.4% | −0.6% | −23.7 pp | — |
| 3 months | −18.3% | −4.2% | −14.1 pp | — |
| 6 months | −35.9% | +4.3% | −40.2 pp | — |
| Year to date | −28.9% | +7.5% | −36.4 pp | — |
| 1 year | −26.9% | +9.9% | −36.8 pp | −8.5% |
| 3 years | +5.6% | +49.8% | −44.2 pp | +12.3% |
| 5 years | −78.7% | +42.8% | −121.5 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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 14.2, median 21.0, max 27.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 912.7 m | 904.3 m | 889.0 m |
| Revenue YoY | unavailable | −0.9% | −1.7% |
| Net income | -550.7 m | 143.1 m | 49.4 m |
| Net income YoY | unavailable | unavailable | −65.5% |
| Diluted EPS | unavailable | 6.96 | 2.53 |
| Diluted EPS YoY | unavailable | unavailable | −63.6% |
| net % | -60.3% | 15.8% | 5.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 97.6 m SEK
- Financial debt
- 169.2 m SEK
- Net debt
- 71.6 m SEK
- Equity
- 1.6 bn SEK
- Total assets
- 2.3 bn SEK
- Debt / equity
- 0.10x
- Current ratio
- 1.46x
- ROE
- 2.8%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 912.7 m | 904.3 m | 889.0 m | esef· 26 Oct 2026verified |
| Cost of revenue | 215.0 m | 195.7 m | 205.3 m | esef· 26 Oct 2026verified |
| Gross profit | 719.5 m | 724.4 m | 694.7 m | esef· 26 Oct 2026verified |
| Research & development | 830.5 m | 271.4 m | 271.7 m | esef· 26 Oct 2026verified |
| Operating income | -499.5 m | 122.4 m | 113.6 m | esef· 26 Oct 2026verified |
| Interest expense | 440.2 m | 206.1 m | 27.2 m | esef· 26 Oct 2026verified |
| Pre-tax income | -556.4 m | 130.5 m | 46.9 m | esef· 26 Oct 2026verified |
| Income tax | -5.7 m | -12.6 m | -2.5 m | esef· 26 Oct 2026verified |
| Net income | -550.7 m | 143.1 m | 49.4 m | esef· 26 Oct 2026verified |
| Diluted EPS | — | 6.96 | 2.53 | esef· 26 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.00 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 261.8 m | 161.5 m | 97.6 m | esef· 26 Oct 2026verified |
| Current assets | 665.5 m | 607.6 m | 551.8 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 18.5 m | 16.9 m | 18.9 m | esef· 26 Oct 2026verified |
| Total assets | 2.6 bn | 2.5 bn | 2.3 bn | esef· 26 Oct 2026verified |
| Short-term debt | 27.1 m | 51.3 m | — | esef· 08 May 2025verified |
| Long-term debt | 442.7 m | 226.7 m | 169.2 m | esef· 26 Oct 2026verified |
| Current liabilities | 322.0 m | 363.9 m | 378.9 m | esef· 26 Oct 2026verified |
| Equity | 1.7 bn | 1.9 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | — | 20.6 m | 19.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 258.9 m | 279.2 m | 106.6 m | esef· 26 Oct 2026verified |
| Investing cash flow | -95.2 m | -92.7 m | -98.9 m | esef· 26 Oct 2026verified |
| Financing cash flow | -126.0 m | -300.7 m | -49.0 m | esef· 26 Oct 2026verified |
| Dividends paid | — | -12.0 k | -20.0 k | esef· 26 Oct 2026verified |
| Share repurchases | 27.1 m | 73.8 m | 75.5 m | esef· 26 Oct 2026verified |
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: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 976.4 m SEK
Key indicators
Coverage and freshness
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.2% | 26 (vs peers) | 24% |
| Net margin · Quality | 5.6% | 56 (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 | 4.2x | 41 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 19.8x | 62 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.7% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet47/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality37/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial62/100 · 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
Enea Aktiebolag (ENEA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 889.0 m SEK in 2025; YoY growth -1.7%; net margin 5.6%; ROE 2.8%.
The estimated value range is 39.26–85.48 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 53.82 SEK, the price of 50.00 SEK leaves a potential of 7.6% (value / price − 1) and a margin of safety of 7.1% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 7.7%
What contradicts it
- ROIC: 5.2%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
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 ENEA.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 | 27.72 Total return -45% · Per year -45% | 49.16 Total return -2% · Per year -2% | 74.25 Total return 49% · Per year 49% |
| 3 years | 23.66 Total return -53% · Per year -22% | 47.51 Total return -5% · Per year -2% | 79.25 Total return 59% · Per year 17% |
| 5 years | 20.19 Total return -60% · Per year -17% | 45.92 Total return -8% · Per year -2% | 84.59 Total return 69% · Per year 11% |
- Exit P/E± 11.88
- Net margin± 8.31
- Annual revenue growth± 7.25
- Annual dilution± 0.70
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
Enea is a Swedish company listed on Nasdaq Stockholm, headquartered in Stockholm, that develops and supplies software products and services. The company changed its executive leadership in 2025, which makes tracking its strategic direction relevant 1.
SWOT
Strengths
- A stable shareholder base with several major investors and a governance structure in line with the Swedish code.
- Clients that are largely international or well established, with good payment histories.
- A board with an independent majority and experience from the sectors in which the company operates.
Weaknesses
- Concentration of ownership in a few large investors may limit trading liquidity in the share.
- Reliance on service projects can create contract assets that are hard to recover if a project is discontinued.
- The absence of a dividend for 2025 may be a drawback for investors seeking current income.
Opportunities
- The acquisition strategy could widen the product portfolio and client base if integration succeeds.
- The new chief executive could bring new growth directions.
- Diversified international markets may open new client segments.
Threats
- Currency restrictions and differing payment habits can affect collections in some countries.
- Climate reporting requirements could increase administrative costs.
- Competitive pressure and rapid technological change could reduce margins.
Risks
- Client credit riskmedium
Clients operate in several countries with different payment practices, which can lead to receivable losses. Allowances for doubtful receivables were sharply lower than in the prior year.
- Write-down of contract assetsmedium
A discontinued project led to a write-down of contract assets, showing that failed projects can affect results.
- Currency restrictionsmedium
Operations in different countries expose the company to currency restrictions that can delay collections.
- Climate riskslow
The company assesses physical and transition risks but currently considers them not material; a change in context could alter this assessment.
- Leadership transitionlow
Appointing a new chief executive may lead to strategy changes and temporary disruption.
Investment thesis
What would need to be true (bull case)
- International clients and geographic diversification could support long-term cash flows.
- The acquisition strategy could accelerate growth if the acquired companies are integrated successfully.
- A stable shareholder base and solid governance can provide continuity during the leadership transition.
What would break the thesis
- If credit risks across diverse markets materialise, results could be affected.
- The absence of a dividend for 2025 could discourage income-oriented investors.
- Concentrated ownership may limit share liquidity and interest from smaller investors.
What to watch
- Development of receivables and allowances for doubtful clientsnext 10-K
- Strategy of the new chief executive and any change of direction2026
- Results of acquisitions completed or planned2026
- Possible changes to climate reporting requirements2027
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
Enea Aktiebolag is a Swedish public limited company headquartered in Stockholm and listed on the Nasdaq Stockholm Mid Cap list 1. According to the 2025 annual report, governance follows Swedish company law and the Swedish Corporate Governance Code 1. This excerpt does not detail the full product profile, so the description is limited to governance and structure.
The governance structure includes the annual general meeting, the board, an audit committee, a remuneration committee and a technology committee, plus a nomination committee made up of representatives of major shareholders 1. Teemu Salmi was appointed chief executive on 1 April 2025, and the board proposes no dividend for 2025 1.
The company operates in international markets with clients spread across several countries, which brings payment risks and currency restrictions, according to the report 1.
Segments
Software and services activity
The source provided does not describe the business segments of Enea in detail, only that it works with service projects and reports contract assets for work not yet invoiced 1. A segment breakdown requires the full report.
Service projects for clients
Revenue from service projects creates contract assets recognised before invoicing, and failure to recover them can affect results, as seen with a project written down in 2025 1.
Market context
Enea's clients are largely international or well-established local companies with good payment histories, but the markets are diverse, with different payment patterns and currency restrictions 1. The source gives no data on market size or market share.
The company also identifies risks linked to climate change, but management considers its operations not materially affected at present 1.
Trends
- Climate reporting requirementsheadwind
Regulatory requirements on climate change and the transition to a sustainable economy could raise compliance costs if they extend to IT service providers.
- Credit risk across diverse marketsheadwind
The spread of international clients can put pressure on collections, and if economic conditions worsen, the risk of non-payment could increase.
- Leadership changemixed
Appointing a new chief executive in 2025 may bring strategic changes whose effects will become visible over time.
- Growth through acquisitionstailwind
The board continuously evaluates strategic acquisitions, which could accelerate growth if carried out successfully.
Competitive position
The annual report provided does not identify Enea's direct competitors. The source only mentions that management periodically discusses competition and technology developments with the board 1.
Without competitor data in the source, market position or share cannot be compared with other listed companies.
- No competitors named in the source
The report names no competing companies, so no tickers can be given.
- General technology competition
The board discusses competition and technology developments periodically, without naming firms.
- Other Nordic IT service providers
The source contains no names of firms in this category.
- International software vendors
The source names no specific companies, so tickers cannot be confirmed.
News & filings
In the press
- NATURALIS un concert baroc construit în jurul sunetelor naturii cu Raluca Enea și ansamblul SempreProfit.ro · 05 Nov 2026 · RO
- Nouă schimbare de piloți în MotoGP. Enea Bastianini va pilota pentru Trackhouse din 2027Mediafax · 24 Aug 2026 · RO
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Enea Aktiebolag · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.