Enea: Time to Raise the Bar
Redeye has increased its estimates and valuation for Enea. We argue that it is time for the company to raise the bar in terms of the margin target of 20%, following having earned a 24% EBIT during the midst of a global pandemic. We also believe Enea can vastly surpass its 2023 sales target of SEK 1. 5 bn (incl M&A), and the corresponding sales CAGR of 18%.