Enea AB (ENEA) Fair Value & Analysis

Technology · SE · Market cap 1.3B SEK

A solid business, but screening 13% overvalued on our models.

What matters now

• Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
• Our model range runs from kr 43.75 (bear) to kr 65.74 (bull), base kr 53.66. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 55/100 (solid quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range kr 38.40 – kr 284.00 · fair‑value band kr 43.75 – kr 65.74 · the kr 62.00 price screens above the kr 53.66 fair value. Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

Enea AB (ENEA) currently trades at kr 62.00, while our model-based Fair Value estimate is kr 53.66, implying the stock looks roughly 13.5% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Enea AB generated revenue of 897M SEK at a net margin of 9.7%. Revenue grew 4.0% year over year. It earns a return on equity of 5.2%. Net debt stands at 255M SEK. Fundamentals as of Jul 13, 2026

Our scenario range runs from kr 43.75 (bear case) to kr 65.74 (bull case); at kr 62.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 33% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -50% fair-value upside, at -13%, ENEA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Growth DCF (kr 65.51) versus Earnings-Based (kr 30.85). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Enea AB (publ) provides software products for telecom and cybersecurity industries worldwide. The company offers Messaging Security, a real-time messaging traffic analysis and network protection; Signaling Security, a discovery and defence from threats; Stratum, a resilient and distributed network data layer; Enea Access Manager, a cloud-native AAA server; …

Full company description

Enea AB (publ) provides software products for telecom and cybersecurity industries worldwide. The company offers Messaging Security, a real-time messaging traffic analysis and network protection; Signaling Security, a discovery and defence from threats; Stratum, a resilient and distributed network data layer; Enea Access Manager, a cloud-native AAA server; Enea Policy Manager that provides the PCRF and PCF functions; Dual Mode 5G adds value to user generated data flows; TCP Acceleration, which optimize TCP flows; Network Traffic Classification & DPI, which monetize and scale secure data access; Encrypted Video Optimization helps reduce mobile data traffic; RAN Congestion Management boosts Radio Access Network (RAN); Data Traffic Filtering, a powerful, flexible, real-time content control for mobile networks; Virtual Load Balancer, enhances the data flows in your telecom network; and HTTPS Header Enrichment, which secure connectivity management for encrypted traffic. It also provides Embedded DPI & Traffic Intelligence, a software to enhance their solutions with accurate, real-time network traffic visibility; Qosmos ixEngine, a software development kit; Qosmos TD SDK, an IDS-based threat detection software; and Qosmos Probe, a cyber sensor; Enea Aptilo Service Management Platform, a system for managing large-scale Wi-Fi services; Enea Aptilo SMP-S; IoT Solutions, an IoT connectivity and security solutions; and IoT CCS, a programmble layer for cellular IoT connectivity control, security and automation. In addition, it offers Enea OSE, an operating system; Enea Linux, a commercial grade Linux; Enea OSEck, a memory constrained application; Enea Polyhedra, a database management system, and Enea Netbricks, a collection of portable protocol. The company was founded in 1968 and is headquartered in Stockholm, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Enea AB reported revenue of kr 889M in FY2025 versus kr 976M in FY2021, a compound −2.3%/yr. Reported net income was kr 49.4M in FY2025, compounding −29.5%/yr from FY2021.

ENEA screens 13% overvalued. Compare with Microsoft Corporation →

Peer Group

Software - Infrastructure · 370 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Software - Infrastructure median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.