olivLaw · European equity research
Eniro Group AB ENRO.ST
Sweden · Nasdaq Stockholm · ISIN SE0029300995 · Vertical: Listed companies from Sweden
Eniro Group AB is a Nordic group of digital marketing and contact center services, with two divisions: Marketing Partner and Dynava. The company is now closing a long dispute over preference shares through a settlement with Kapatens, confirmed by the Supreme Court in February 2026, which could bring more predictability to capital and dividend planning.
At the close of 05 Nov 2026, Eniro Group AB (ENRO.ST) stock was 34.95 SEK (−6.43% on the day), with market capitalisation 26.8 bn SEK, P/E 582.5 on diluted EPS of 0.06 SEK over the last 12 months, beta 0.39, 52-week range 17.65–38.50 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.3
- neutral
- Bollinger (20, 2)
- 32.87 – 39.12
- in the lower half of the band · %B 0.33 · band width 17.4%
- SMA 50 / 200
- 32.29 / 29.15
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.47 / 1.65
- 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 | +15.2% | −0.6% | +15.8 pp | — |
| 3 months | +16.7% | −4.2% | +20.9 pp | — |
| 6 months | +12.9% | +4.3% | +8.6 pp | — |
| Year to date | +79.2% | +7.5% | +71.7 pp | — |
| 1 year | +63.3% | +9.9% | +53.4 pp | −8.5% |
| 3 years | +27.1% | +49.8% | −22.8 pp | +12.3% |
| 5 years | −39.4% | +42.8% | −82.2 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 100 percentile of its own 2-quarter history (min 248.3, median 286.7, max 325.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 960.0 m | 951.0 m | 955.0 m |
| Revenue YoY | unavailable | −0.9% | +0.4% |
| Net income | -4.0 m | 68.0 m | 46.0 m |
| Net income YoY | unavailable | unavailable | −32.4% |
| Diluted EPS | -0.03 | 0.09 | 0.06 |
| Diluted EPS YoY | unavailable | unavailable | −33.3% |
| net % | -0.4% | 7.2% | 4.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 189.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 344.0 m SEK
- Total assets
- 982.0 m SEK
- Debt / equity
- unavailable
- Current ratio
- 1.00x
- ROE
- 14.6%
- ROA
- 4.8%
- 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 | 960.0 m | 951.0 m | 955.0 m | esef· 26 Oct 2026verified |
| Operating income | 4.0 m | 72.0 m | 55.0 m | esef· 26 Oct 2026verified |
| Interest expense | 21.0 m | 16.0 m | 16.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -10.0 m | 57.0 m | 39.0 m | esef· 26 Oct 2026verified |
| Income tax | -6.0 m | -10.0 m | -8.0 m | esef· 26 Oct 2026verified |
| Net income | -4.0 m | 68.0 m | 46.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | -0.03 | 0.09 | 0.06 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 164.0 m | 163.0 m | 189.0 m | esef· 26 Oct 2026verified |
| Current assets | 309.0 m | 322.0 m | 346.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | — | 9.0 m | 9.0 m | esef· 26 Oct 2026verified |
| Total assets | 947.0 m | 951.0 m | 982.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 378.0 m | 355.0 m | 345.0 m | esef· 26 Oct 2026verified |
| Equity | 270.0 m | 284.0 m | 344.0 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 133.3 m | 755.6 m | 766.7 m | esef· 26 Oct 2026derived |
Cash flow · SEK
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
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 26.8 bn SEK
Key indicators
Coverage and freshness
Score by group
33% · 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: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.8% | 56 (vs peers) | 19% |
| 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 | 3.4x | 30 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 582.5x | 0 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet25/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial56/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 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
Eniro Group AB (ENRO.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 955.0 m SEK in 2025; YoY growth 0.4%; net margin 4.8%; ROE 14.7%.
The estimated value range is 0.93–2.03 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.28 SEK, the price of 34.95 SEK leaves a potential of -96.3% (value / price − 1) and a margin of safety of -2,638.0% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 3.4x
- Current ratio: 1.0x
- P/E (TTM): 582.5x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 |
| ENRO.STEniro Group AB | 26.8 bn | 582.5 | 14.7% | 4.8% | +0.4% | +72% / +32% |
| 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% |
1- and 3-year price returns: for ENRO.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 | 19.81 Total return -43% · Per year -43% | 35.10 Total return 0% · Per year 0% | 52.96 Total return 52% · Per year 52% |
| 3 years | 17.68 Total return -49% · Per year -20% | 35.39 Total return 1% · Per year 0% | 58.86 Total return 68% · Per year 19% |
| 5 years | 15.78 Total return -55% · Per year -15% | 35.69 Total return 2% · Per year 0% | 65.42 Total return 87% · Per year 13% |
- Exit P/E± 8.85
- Net margin± 6.19
- Annual revenue growth± 5.29
- Annual dilution± 0.52
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
Eniro Group AB is a Nordic group of digital marketing and contact center services, with two divisions: Marketing Partner and Dynava. The company is now closing a long dispute over preference shares through a settlement with Kapatens, confirmed by the Supreme Court in February 2026, which could bring more predictability to capital and dividend planning.
SWOT
Strengths
- The group holds a stable position in digital marketing in the Nordics and demonstrated solid profitability in the Marketing Partner segment even in a difficult economic environment 1.
- A single-class share structure and the resolved dispute could simplify governance and give a clearer framework for capital decisions 1.
- Recent acquisitions expanded the portfolio of digital marketing services and Nordic presence, which could strengthen market position 1.
Weaknesses
- The prolonged dispute with a shareholder created uncertainty about dividend policy and long-term planning, and its effects also weighed on trading in the shares 1.
- The Marketing Partner segment was hit by weak client demand during the economic slowdown 1.
- The company had several changes in financial leadership during 2025, which could complicate continuity of planning 1.
Opportunities
- If the Nordic market improves, Marketing Partner could benefit from a recovery in demand and higher profitability 1.
- Investments in AI and automation at Dynava could improve margins and open new product segments and geographies 1.
- Removing legal uncertainty could allow a more predictable capital policy and more clearly planned investments 1.
Threats
- A prolonged economic slowdown in the Nordics could reduce clients' marketing budgets and weigh on revenue 1.
- Competitive pressure from agencies and technology providers could affect pricing and margins 1.
- Operational and data security risks could generate costs and loss of client trust, especially in digital services 1.
Risks
- Dispute with minority shareholdermedium
The dispute with Kapatens affected capital and dividend planning. The settlement is conditional on the Supreme Court decision, which was issued in February 2026 1.
- Weak demand in the Nordicshigh
Marketing Partner clients were affected by the economic slowdown, which could reduce revenue if the environment does not improve 1.
- Data and privacy riskshigh
Digital services depend on data and platforms, and misuse or a security breach could lead to sanctions and loss of client trust 1.
- Dependence on IT infrastructure and suppliersmedium
Operations depend on cloud, IT and energy services. Disruptions or rising costs could affect service delivery 1.
- Changes in financial leadershiplow
There were several CFO changes in 2025, which could affect continuity of financial reporting and planning 1.
Investment thesis
What would need to be true (bull case)
- If the Nordic market recovers, the Marketing Partner segment could benefit from better demand, combined with the profitability it has already shown in a difficult period.
- Resolving the dispute and a single-class share structure could allow a more predictable dividend and investment policy.
- Dynava's investments in automation and artificial intelligence could improve margins and extend offerings to new clients.
What would break the thesis
- If the Nordic economic slowdown persists, clients' marketing budgets could remain low, which could limit revenue growth.
- The prolonged dispute showed that the share structure can generate uncertainty, and new disputes could resurface in capital planning.
- Competition in digital marketing and contact centers is intense, and pricing pressure could hurt margins if investments do not deliver the expected effects.
What to watch
- Development of revenue and profitability in Marketing Partner against the Nordic economic backdrop2026
- Payment of the SEK 17 million settlement compensation and formal completion of the Kapatens agreement2026
- Shareholder approval of the proposed dividend of SEK 0.05 per share for fiscal 20252026
- Effect of recent acquisitions and Dynava's investments in AI and automation on marginsnext 10-K
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
Eniro Group AB (publ), headquartered in Solna, Sweden, with shares listed on Nasdaq Stockholm, is a group offering digital marketing solutions and contact center and catalog services. Its business is organised in two areas: Marketing Partner and Dynava. According to the annual report for 2025, the group was expanded through acquisitions in 2025 and early 2026, including Medialuotsi Oy, Qwamplify Nordics and Mainostoimisto SST Oy 1.
Eniro Group AB (publ), headquartered in Solna, Sweden, with shares listed on Nasdaq Stockholm, is a group offering digital marketing solutions and contact center and catalog services. Its business is organised in two areas: Marketing Partner and Dynava. According to the annual report for 2025, the group was expanded through acquisitions in 2025 and early 2026, including Medialuotsi Oy, Qwamplify Nordics and Mainostoimisto SST Oy 1.
The shareholder structure was simplified after 2022, when all shares became one class with equal rights to capital, dividends and votes. This change was challenged by a minority shareholder, Kapatens Investment AB, settled through the February 2026 agreement and confirmed by the Supreme Court on 18 February 2026 1.
Management was renewed in 2025: an interim CFO took office in March, and a new CFO started in August 2025. The report also mentions an evaluation of a possible separate listing of Dynava, decided by the board in February 2025 1.
Segments
Marketing Partner
The Marketing Partner area focuses on digital marketing for clients in the Nordics. According to the report, the segment was affected by weak economic conditions but managed to deliver strong profitability through restructuring carried out in 2025 1.
Dynava
Dynava includes catalog and contact center services with a best-shoring model. The company has announced investments in artificial intelligence, digitalisation and automation, which could support both growth and margins if they deliver 1.
Market context
The annual report describes long-term trends in digital marketing as strong, while clients in the Marketing Partner segment were affected by the economic slowdown in the Nordics. The company expects the market could recover to healthier growth, but this depends on macroeconomic conditions 1.
Contact center and catalog services are sensitive to labour costs and supplier choice. Dynava's best-shoring model is presented as an advantage, but its performance depends on execution and Nordic client demand 1.
Trends
- Long-term demand for digital marketingtailwind
The report considers long-term digital marketing trends to be strong, which could support Marketing Partner growth if the economic environment improves 1.
- Economic slowdown in the Nordicsheadwind
Clients in the Marketing Partner segment were affected by the economic slowdown, and the company acknowledged a period of slow demand growth 1.
- Automation and artificial intelligencemixed
Dynava is investing in AI, digitalisation and automation, which could lower costs and support margins if the investments prove effective 1.
- Legal and capital uncertaintymixed
The dispute with Kapatens affected the company's freedom of action, including long-term planning of capital structure and dividend policy. The recent settlement could reduce this uncertainty 1.
Competitive position
The annual report does not explicitly name Eniro's competitors. By nature of its activities, Eniro operates in digital marketing and contact center services, where competition comes from digital advertising agencies, contact center providers and marketing technology platforms 1.
Eniro's differentiation rests on the combination of Nordic marketing services and the Dynava best-shoring model with automation. If competitors could replicate this combination, pricing pressure could increase 1.
- Global digital marketing agencies
Competitors in digital marketing for large clients; not named in the source and no ticker identified.
- Contact center service providers
Competitors for Dynava's contact center and catalog services; not named in the source.
- Local Nordic marketing providers
Regional agencies competing for the same clients in Sweden, Finland and Norway; not named in the source.
- Marketing technology platforms
Software and automation providers that could replace or complement Eniro's services; not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
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 / Eniro Group AB · 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.