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Catalyst Potential

It is important to look beyond the numbers and seek a likely catalysts, which could unlock value, and estimate how long it will take for the catalyst to play out. These events, or Catalyst Potential, reduce risk by narrowing the gap between price and value in a more predictable way. This is particularly important when investing in a low-quality business where time is like a ticking bomb stacked against the company.

Catalyst Potential is a Premium members feature in Redeye Universe.

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Redeye Rating

Viktor Westman

Equity Analyst

viktor.westman@redeye.se

+46854501330

Company Quality

  • 8.0
  • 1.0
  • 7.0
  • 9.0
  • 7.5

Leadership

Exclusive for members
Enea överstiger sedan 2013 bolagets rörelsemarginalmål tack vare god kostnadskontroll samtidigt som tillväxten nu börjat visa sig. Ledningen är framtidsfokuserade och återinvesterar en stor del av vinsten i FoU samt noga avvägda förvärv som Qosmos och Centered Logic. VD Anders Lidbeck har lång erfarenhet av att framgångsrikt driva mjukvarubolag som tidigare VD på Telelogic, vilket även byggdes upp av ett flertal lyckade förvärv. I styrelsen finns goda, kompletterande, långa erfarenheter inom mjukvara och telekom. Bolaget adresserar i sin kommunikation problem och risker öppet.

Ownership

Exclusive for members

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Profit outlook

Exclusive for members

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Profitability

Exclusive for members

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Capital Strength

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Key Model Assumptions - The Bear Case

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Key Model Assumptions - The Bull Case

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Key Model Assumptions - The Base Case

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Latest price

Exclusive for members

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Fair Value Range

Last Price
Key Model Assumptions - The Bear Case
Key Model Assumptions - The Bull Case
Key Model Assumptions - The Base Case

Catalyst Potential

Impact

Timeframe

Short
Mid
Long

Company description

Enea is a global software company dating back to 1968. Back then the company was a leader in real-time operating systems (RTOS), where the company today has around 10 percent of the global market. The company is listed on the Small Cap list, and in 2015 had sales of SEK 482 million and an operating profit of SEK 10 million. Read more...
Enea is a global software company dating back to 1968. Back then the company was a leader in real-time operating systems (RTOS), where the company today has around 10 percent of the global market. The company is listed on the Small Cap list, and in 2015 had sales of SEK 482 million and an operating profit of SEK 10 million. The company’s approximately 400 employees work at ten offices in Europe, the United States and Asia. Forty percent of staff work in research and development, which gives an indication of the company’s technological edge. Enea’s almost 50 years of experience in telecommunications have resulted in five billion calls per day relying on the company’s technology. Its technology is installed in more than half of the world’s 8 million base stations and 75 percent of 4G base stations. This means it currently has a strong position, to say the least. The company’s competitive disadvantage lies in its dependence on large customers. Ericsson and Nokia account for 50-60 percent of revenues, but are also important partners. Another important partner is chip manufacturer ARM, within the framework of its Linaro project.

Enea is transitioning its business model to software as a service, which has resulted in more stable recurring revenues. Customers pay a term-based licence fee per development engineer when developing their own products using Enea’s products. However, there are still often one-off payments on delivery. In some cases, the company also earns royalties on each unit sold that incorporates Enea technology. Its consultancy arm, which focuses only on Enea’s own software, applies normal project payments or hourly payments. Its growth strategy, primarily in Linux, involves investment of over 20 percent of sales. The business model for Linux is based on sales combined with associated software, support, or customised Enea-based solutions.
Less...

TODAY

Day High
87.75
87.75
0.25
-0.3%
Day Low
87.75
Day Open
87.50
Prev Close
88.00
VWAP
87.8
Volume
0K
Turnover
0.001M
Top Broker
SWB
VWAP
87.9
Avg Volume
15K
Avg Turnover
1.279M
Top Brokers
AVA/ABC

52 WEEK SUMMARY

Price Range
Beta
n/a
Market Cap
1,572.1M
Total Return
5.5%
Trailing P/E
14.8
Div Yield
2.3%
Shares Outstanding
17.9M
Next Earnings Date
26 Apr
Stock Exchange
NASDAQ Stockholm

Identify and measure trend strength in stocks with our Momentum tool to identify potential entry and exit signals. The tool provides a set of the most simple but powerful indicators that identify whether a stock is under sell or buy pressure.

Relative Price Strength
Rel Price Chg 3 Months -10.3%
Rel Price Chg 12 Months -9.7%
Volume Trend
Avg Vol 10 vs 60 Days -26.6%
Price vs...
52-Week High -25.9%
50-Day Moving Average -9.6%
200-Day Moving Average -4.6%

Historic pricing of Enea

Last price: 87.75 SEK

Loading data...

Prev Close [[ prevClose|number:2 ]] SEK Change [[ changeValue|number:2 ]] %
High [[ highValue|number:2 ]] SEK Avg Daily Volume [[ avgVolume|number:0 ]] Shares
Low [[ lowValue|number:2 ]] SEK Avg Daily Turnover [[ graphAvgTurnover|number:2 ]] SEK

Management

Anders Lidbeck, CEO
Håkan Rippe (t.o.m. Q2 i juli), CFO

Executive Board

Anders Skarin, Chairman of the board
Robert W. Andersson
Kjell Duveblad
Åsa Sundberg
Mats Lindoff
Torbjörn Nilsson
Eva Swedberg

Last updated: 2017-02-21 Source: Redeye

Major Holders

Owner Equity Votes
Valorlife AG 23.7%
23.7%
Avanza Pension 15.3%
15.3%
 DNB Fonder 7.0%
7.0%
Per Lindberg 5.7%
5.7%
 Carnegie Asset Management (Lux) 3.5%
3.5%
 Swedbank Robur Fonder 2.8%
2.8%
Enea AB (publ) 2.1%
2.1%
 Origo Fonder 2.1%
2.1%
 Skandia Fonder 1.2%
1.2%
 DNB Asset Management SA 1.2%
1.2%

Last updated: 2017-02-21 Source: Redeye

Insider transaction summary

Total insider purchases and sales reported

Timeframe Transactions Net Shares
Last 12 Weeks

0 Purchases

+ 0

0 Sales

- 0

Last 24 Weeks

0 Purchases

+ 0

0 Sales

- 0

Most recent insider transactions

Exclusive for members
Report Date Name Position Transaction Shares Chg Est Value (SEK)
2015-12-15 Kvist, Kim ANB Sale + 1 135
2015-12-15 Kvist, Sture ANB Sale + 70 139
2015-12-15 Svensson, Malin ANB Sale + 100 5
2015-12-15 Kvist, Malin ANB Sale + 9 161
2015-12-15 Kvist, Kim ANB Sale + 14 47

Source: Millistream – FI

More
  • Profitability
  • ROE
  • ROCE
  • ROIC
  • EBITDA margin
  • EBIT margin
  • Net margin
  • Per share data (SEK)
  • EPS
  • EPS adj
  • Dividend
  • Net debt
  • Total shares
  • Valuation
  • EV (SEKm)
  • P/E
  • P/E diluted
  • P/Sales
  • EV/Sales
  • EV/EBITDA
  • EV/EBIT
  • P/BV
  • Capital structure
  • Equity ratio
  • Debt/equity ratio
  • Net debt (SEKm)
  • Capital employed (SEKm)
  • Capital turnover rate
Previous year Next year
2014
  • 19.3%
  • 24.7%
  • 35.4%
  • 24.9%
  • 21.8%
  • 17.4%
  • 4.59
  • 4.59
  • 3.60
  • -11.09
  • 16.3M
  • 1,247.2
  • 19.1
  • 19.1
  • 3.3
  • 2.9
  • 11.7
  • 13.3
  • 3.6
  • 79.4%
  • 0.0%
  • -180
  • 220
  • 0.9
2015
  • 22.0%
  • 28.1%
  • 39.1%
  • 26.6%
  • 22.8%
  • 18.3%
  • 5.52
  • 5.52
  • 4.20
  • -8.34
  • 15.9M
  • 1,264.0
  • 15.9
  • 15.9
  • 2.9
  • 2.6
  • 9.9
  • 11.5
  • 3.5
  • 74.1%
  • 0.0%
  • -133
  • 266
  • 0.9
2016
  • 23.0%
  • 25.5%
  • 34.0%
  • 27.3%
  • 23.7%
  • 18.9%
  • 5.94
  • 5.94
  • 2.00
  • -4.62
  • 15.9M
  • 1,322.0
  • 14.8
  • 14.8
  • 2.8
  • 2.6
  • 9.6
  • 11.1
  • 3.3
  • 43.0%
  • 9.0%
  • -74
  • 349
  • 0.5
2017E
  • 18.5%
  • 17.3%
  • 29.9%
  • 22.3%
  • 18.6%
  • 15.1%
  • 5.74
  • 5.74
  • 2.50
  • -16.01
  • 17.3M
  • 1,242.2
  • 15.3
  • 15.3
  • 2.2
  • 1.9
  • 8.5
  • 10.2
  • 2.2
  • 53.6%
  • 7.0%
  • -277
  • 376
  • 0.5
2018E
  • 17.1%
  • 17.8%
  • 32.8%
  • 23.9%
  • 20.5%
  • 16.5%
  • 6.82
  • 6.82
  • 3.00
  • -20.03
  • 17.3M
  • 1,172.6
  • 12.9
  • 12.9
  • 2.2
  • 1.6
  • 6.9
  • 8.0
  • 2.2
  • 56.8%
  • 5.1%
  • -347
  • 380
  • 0.6
2019E
  • 48.6%
  • 18.7%
  • 40.1%
  • 26.5%
  • 23.4%
  • 56.5%
  • 25.99
  • 25.99
  • 12.84
  • -35.41
  • 17.3M
  • 906.2
  • 3.4
  • 3.4
  • 2.0
  • 1.1
  • 4.3
  • 4.9
  • 1.4
  • 72.3%
  • 3.1%
  • -613
  • 511
  • 0.5
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • EBITDA
  • Depreciation
  • Amortization
  • Impairment charges
  • EBIT
  • Share in profits
  • Net financial items
  • Exchange rate dif.
  • Pre-tax profit
  • Tax
  • Net earnings
Previous year Next year
2014
  • 429
  • -323
  • 107
  • -13
  • 0
  • 0
  • 94
  • 0
  • 2
  • 0
  • 95
  • -21
  • 75
2015
  • 482
  • -353
  • 128
  • -18
  • 0
  • 0
  • 110
  • 0
  • 3
  • 0
  • 112
  • -24
  • 88
2016
  • 501
  • -364
  • 137
  • -18
  • 0
  • 0
  • 119
  • 0
  • 5
  • 0
  • 124
  • -29
  • 95
2017E
  • 3
  • 2
  • 1
  • 6
  • 4
  • 6
  • 3
  • 9
  • 0
  • 4
  • 8
  • 7
  • 8
Q1E
  • 8
  • 10
  • 5
  • 3
  • 1
  • 4
  • 0
  • 3
  • 5
  • 2
  • 1
  • 7
  • 0
Q2E
  • 2
  • 7
  • 1
  • 7
  • 10
  • 6
  • 8
  • 9
  • 7
  • 5
  • 6
  • 3
  • 8
Q3E
  • 1
  • 10
  • 5
  • 8
  • 3
  • 9
  • 0
  • 1
  • 7
  • 3
  • 3
  • 2
  • 3
Q4E
  • 10
  • 2
  • 6
  • 3
  • 6
  • 8
  • 2
  • 4
  • 6
  • 10
  • 8
  • 0
  • 3
2017E
  • 4
  • 7
  • 5
  • 5
  • 0
  • 5
  • 2
  • 5
  • 3
  • 2
  • 1
  • 7
  • 2
2018E
  • 10
  • 6
  • 9
  • 5
  • 0
  • 2
  • 6
  • 1
  • 3
  • 0
  • 6
  • 6
  • 7
Q1E
  • 2
  • 4
  • 3
  • 5
  • 4
  • 6
  • 3
  • 0
  • 4
  • 1
  • 8
  • 4
  • 4
Q2E
  • 0
  • 8
  • 9
  • 2
  • 10
  • 4
  • 0
  • 1
  • 2
  • 1
  • 10
  • 2
  • 5
Q3E
  • 1
  • 4
  • 1
  • 2
  • 9
  • 3
  • 3
  • 2
  • 3
  • 1
  • 8
  • 1
  • 1
Q4E
  • 9
  • 9
  • 4
  • 4
  • 9
  • 2
  • 10
  • 7
  • 5
  • 0
  • 10
  • 2
  • 6
2018E
  • 1
  • 3
  • 10
  • 10
  • 1
  • 2
  • 4
  • 2
  • 8
  • 6
  • 3
  • 4
  • 8
2019E
  • 9
  • 5
  • 3
  • 5
  • 3
  • 10
  • 4
  • 7
  • 10
  • 0
  • 6
  • 6
  • 0
Previous year Next year
    (SEKm)
  • Assets
  • Current assets
  • Cash in banks
  • Receivables
  • Inventories
  • Other current assets
  • Current assets
  • Fixed assets
  • Tangible assets
  • Associated comp.
  • Investments
  • Goodwill
  • Cap. exp. for dev.
  • O intangible rights
  • O non-current assets
  • Total fixed assets
  • Deferred tax assets
  • Total (assets)
  • Liabilities
  • Current liabilities
  • Short-term debt
  • Accounts payable
  • O current liabilities
  • Current liabilities
  • Long-term debt
  • O long-term liabilities
  • Convertibles
  • Total Liabilities
  • Deferred tax liab
  • Provisions
  • Shareholders' equity
  • Minority interest (BS)
  • Minority & equity
  • Total liab & SE
Previous year Next year
2014
  • 180
  • 151
  • 0
  • 21
  • 352
  • 8
  • 0
  • 14
  • 90
  • 0
  • 38
  • 1
  • 151
  • 2
  • 504
  • 0
  • 6
  • 81
  • 88
  • 0
  • 0
  • 0
  • 88
  • 15
  • 1
  • 400
  • 0
  • 400
  • 504
2015
  • 133
  • 196
  • 0
  • 0
  • 329
  • 7
  • 0
  • 71
  • 93
  • 0
  • 36
  • 2
  • 208
  • 2
  • 539
  • 0
  • 7
  • 111
  • 118
  • 0
  • 0
  • 0
  • 118
  • 20
  • 1
  • 399
  • 0
  • 399
  • 539
2016
  • 224
  • 219
  • 0
  • 0
  • 443
  • 11
  • 0
  • 0
  • 419
  • 0
  • 80
  • 7
  • 517
  • 24
  • 983
  • 34
  • 8
  • 240
  • 282
  • 116
  • 113
  • 0
  • 511
  • 35
  • 14
  • 423
  • 0
  • 423
  • 983
2017E
  • 0
  • 5
  • 5
  • 1
  • 8
  • 2
  • 0
  • 7
  • 0
  • 0
  • 2
  • 8
  • 2
  • 10
  • 1
  • 10
  • 7
  • 4
  • 1
  • 3
  • 9
  • 1
  • 1
  • 6
  • 2
  • 6
  • 8
  • 2
  • 8
2018E
  • 6
  • 0
  • 6
  • 4
  • 8
  • 10
  • 9
  • 8
  • 4
  • 7
  • 5
  • 8
  • 5
  • 5
  • 3
  • 3
  • 8
  • 0
  • 1
  • 3
  • 0
  • 3
  • 2
  • 8
  • 4
  • 0
  • 10
  • 6
  • 4
2019E
  • 2
  • 7
  • 2
  • 6
  • 8
  • 5
  • 4
  • 6
  • 8
  • 4
  • 5
  • 8
  • 4
  • 4
  • 7
  • 4
  • 1
  • 5
  • 10
  • 1
  • 0
  • 6
  • 1
  • 5
  • 3
  • 3
  • 2
  • 8
  • 4
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • Depreciations total
  • EBIT
  • Taxes on EBIT
  • NOPLAT
  • Depreciation
  • Gross cash flow
  • Change in WC
  • Gross CAPEX
  • Free cash flow
Previous year Next year
2014
  • 429
  • -323
  • -13
  • 94
  • -20
  • 73
  • 13
  • 86
  • 1
  • -31
  • 61
2015
  • 482
  • -353
  • -18
  • 110
  • -24
  • 86
  • 18
  • 104
  • 6
  • -76
  • 40
2016
  • 501
  • -364
  • -18
  • 119
  • -28
  • 91
  • 18
  • 109
  • 107
  • -327
  • 7
2017E
  • 6
  • 8
  • 3
  • 0
  • 8
  • 1
  • 1
  • 2
  • 9
  • 9
  • 2
2018E
  • 5
  • 3
  • 7
  • 8
  • 8
  • 1
  • 2
  • 4
  • 5
  • 2
  • 10
2019E
  • 4
  • 10
  • 8
  • 6
  • 8
  • 8
  • 1
  • 9
  • 10
  • 4
  • 10
Previous year Next year
More