Enea (Q1 Review): Growth segment delivers; 2027 inflection on track - Redeye

Enea delivered a materially stronger-than-expected Q1, with organic growth of 12% against Redeye's assumption of flat. The 21% share price rally pushed the EV/EBITDA NTM multiple back to Enea's three-year median of 5.5x. That said, Q1 caught a fortunate bounce: the quarter carried a SEK10m-15m headwind from delayed Middle East deals yet still beat convincingly, while a disproportionate share of CPaaS contract revenue fell in Q1 rather than adjacent quarters. Investors should moderate expectations for individual quarters during 2026 accordingly. With the updated strategy expected to bear fruit in late 2026 or early 2027, however, Redeye foresees accelerating sales on a modest valuation — a favourable setup for investors willing to look through near-term noise. Redeye raises its base case to SEK90 (80).

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