olivLaw · European equity research
Enity Holding AB (publ) ENITY.ST
Sweden · Nasdaq Stockholm · ISIN SE0025011554 · Vertical: Listed companies from Sweden
Enity Holding AB is the holding company of a Nordic banking group focused on mortgage lending to private customers in Sweden, Norway and Finland. The group listed on Nasdaq Stockholm in 2025, which strengthened its long-term funding options and transparency toward the capital market, while annual profit rose versus the prior year, according to the 2025 annual report.
At the close of 05 Nov 2026, Enity Holding AB (publ) (ENITY.ST) stock was 76.20 SEK (−2.31% on the day), with market capitalisation 4.0 bn SEK, P/E 12.5 on diluted EPS of 6.12 SEK over the last 12 months, beta 0.60, 52-week range 67.00–114.50 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)
- 53.5
- neutral
- Bollinger (20, 2)
- 73.47 – 76.94
- in the upper half of the band · %B 0.79 · band width 4.6%
- SMA 50 / 200
- 75.96 / 79.33
- mixed trend
- MACD (12, 26, 9)
- 0.15 / -0.10
- 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 | +1.5% | −0.6% | +2.1 pp | — |
| 3 months | +0.4% | −4.2% | +4.6 pp | — |
| 6 months | +7.6% | +4.3% | +3.3 pp | — |
| Year to date | −26.9% | +7.5% | −34.4 pp | — |
| 1 year | −20.5% | +9.9% | −30.4 pp | −8.3% |
| 3 years | unavailable | +49.8% | unavailable | +12.0% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 0 percentile of its own 1-quarter history (min 17.0, median 17.0, max 17.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 255.6 m | 318.9 m |
| Net income YoY | unavailable | +24.8% |
| Diluted EPS | 5.11 | 6.12 |
| Diluted EPS YoY | unavailable | +19.8% |
| net % | unavailable | unavailable |
| Free cash flow | 270.4 m | -100.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.4 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 5.8 bn SEK
- Total assets
- 38.4 bn SEK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 5.6%
- ROA
- 0.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
Balance sheet · SEK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 3.2 bn | 2.4 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 69.1 m | 101.1 m | esef· 26 Oct 2026verified |
| Goodwill | 2.7 bn | 2.8 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 493.4 m | 502.8 m | esef· 26 Oct 2026verified |
| Total assets | 37.2 bn | 38.4 bn | esef· 26 Oct 2026verified |
| Total liabilities | 31.6 bn | 32.6 bn | esef· 26 Oct 2026verified |
| Equity | 5.5 bn | 5.8 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 50.0 m | 51.9 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 274.0 m | -98.0 m | esef· 26 Oct 2026verified |
| Capex | 3.6 m | 2.6 m | esef· 26 Oct 2026verified |
| Free cash flow | 270.4 m ≈ | -100.6 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -3.7 m | -125.4 m | esef· 26 Oct 2026verified |
| Financing cash flow | 323.5 m | -395.1 m | esef· 26 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
- indicators available: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn SEK
Key indicators
Coverage and freshness
Score by group
25% · 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: 3 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -31.5% | 0 (on a fixed band) | 25% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 12.5x | 88 (vs peers) | 42% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.5% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 2/3 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
Enity Holding AB (publ) (ENITY.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 5.6%.
The estimated value range is 94.98–206.78 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 130.20 SEK, the price of 76.20 SEK leaves a potential of 70.9% (value / price − 1) and a margin of safety of 41.5% (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: 3 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 12.5x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -31.5%
- FCF yield: -2.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
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 ENITY.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
Scenarios are not available. input data missing
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
Enity Holding AB is the holding company of a Nordic banking group focused on mortgage lending to private customers in Sweden, Norway and Finland. The group listed on Nasdaq Stockholm in 2025, which strengthened its long-term funding options and transparency toward the capital market, while annual profit rose versus the prior year, according to the 2025 annual report 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Credit riskhigh
The mortgage portfolio is exposed to borrower default; credit losses rose in 2025, and an economic downturn could amplify this trend 1.
- Liquidity riskmedium
The bank holds a high liquidity reserve but depends on bond markets and deposits, and a funding shock could affect refinancing capacity 1.
- Interest rate riskmedium
Income depends on the spread between interest received and paid; rate movements could compress net interest income 1.
- Regulatory riskmedium
The bank is supervised by Finansinspektionen and must meet strict capital and reporting requirements, and regulatory changes could impose additional costs 1.
- Currency risklow
Operations in Norway and Finland generate exchange differences on translating foreign operations, which affect total comprehensive income 1.
Investment thesis
What would need to be true (bull case)
- Lending growth and interest income, together with the listing and diversified funding, could support expanding profitability if costs stay under control 1.
- A solid capital base and high liquidity could provide room to manoeuvre in periods of stress 1.
- Presence in three Nordic markets offers geographic diversification of the loan portfolio 1.
What would break the thesis
- Rising operating costs and higher credit losses could reduce net profit if revenues do not grow at the same pace 1.
- Dependence on a single mortgage product makes the company sensitive to housing cycles and interest rate levels 1.
- Capital and liquidity requirements could limit growth and the return of capital to shareholders 1.
What to watch
- Development of credit losses and mortgage portfolio qualityQ1 2027
- Trend of administrative costs relative to net interest income2027
- Level of the liquidity reserve and the funding mix of deposits and bondsnext 10-K
- Contribution of loan intermediaries in Norway and Finland to loan volume2027
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
Enity Holding AB (publ) is the parent company of the Enity group and owns Enity Bank Group AB (publ), the operating bank with its subsidiaries and branches 1. The bank is supervised by Finansinspektionen and classified as a small and non-complex institution 1. The group also includes two loan intermediaries active in Norway and Finland, one wholly owned and one owned 49% 1.
The group's funding combines equity, deposits from the public and issuance of covered and uncovered bonds, which diversifies sources and maturities 1. Enity Holding AB has been listed on Nasdaq Stockholm since 13 June 2025 1.
Segments
Private mortgage lending
The main segment is mortgage lending to private customers in Sweden, Norway and Finland, with branches in Norway and Finland 1. Lending to the public, at 30611.2 MSEK on 31 December 2025, makes up the bulk of balance sheet assets 1.
Loan intermediation
Two intermediary companies, active in Norway and Finland, complement the lending business, one wholly owned and one partly owned, acting as distribution channels 1.
Market context
Trends
- Lending growthtailwind
Lending to the public grew in 2025, supporting interest income; if the growth pace holds, net interest income could keep increasing 1.
- Rising operating costsheadwind
Administrative and amortisation costs rose from the prior year, which could compress margins before credit losses 1.
- Capital and liquidity requirementsmixed
The bank must keep capital above risk-based and leverage requirements and a high liquidity level, which limits flexibility but strengthens stability 1.
- Access to capital marketstailwind
The June 2025 Nasdaq Stockholm listing improved long-term funding access, which could reduce reliance on a single funding source 1.
Competitive position
Enity competes with Nordic banks and mortgage lenders offering the same products to private customers. The annual report does not include market share data, so its relative position cannot be measured from this source 1.
- Nordic mortgage banks
Traditional banks in Sweden, Norway and Finland active in the same private mortgage segments.
- Specialist mortgage lenders
Non-bank or smaller institutions competing on mortgage pricing and terms.
- Loan brokers
Platforms and brokers distributing mortgages that compete for the same customers.
- Digital banks
Online banks with savings and credit products that attract deposits and private customers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Enity Holding AB (publ) · 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.