Enea AB (publ) (ENEA.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+333.4%

SEK 216.72

vs SEK 50.00 price

Levered DCF

SEK 139.56

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.37

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.79×	14.24×	-2.19×	17.05×	31.53×	28.6×	21.37×	13.98×
P/B	0.83×	1.1×	0.72×	0.81×	3.29×	2.73×	2.45×	2.01×
P/S	1.54×	2.21×	1.32×	1.95×	5.99×	4.45×	3.58×	2.35×
EV / EBITDA	7.49×	5.58×	6.07×	7.52×	17.2×	15.51×	11.39×	12.37×
Gross margin	59.4%	78.7%	76.4%	77.5%	64.1%	68.0%	73.0%	73.6%
Operating margin	12.6%	13.3%	-54.7%	12.4%	22.1%	20.6%	25.2%	22.4%
Net margin	5.6%	15.5%	-60.3%	11.5%	20.5%	15.5%	16.8%	16.8%
Current ratio	1.46×	1.67×	2.07×	2.42×	1.08×	1.34×	1.46×	1.63×
Debt / equity	0.2×	0.16×	0.3×	0.26×	0.44×	0.32×	0.27×	0.64×
Interest coverage	10.21×	1.37×	-6.09×	6.27×	19.04×	21.41×	5.43×	6.88×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.0%	7.7%	-32.8%	4.8%	11.3%	9.6%	11.5%	14.4%
Return on invested capital	5.4%	5.4%	-21.5%	3.9%	7.2%	7.9%	10.7%	10.2%
Return on assets	2.2%	5.6%	-21.3%	3.3%	6.6%	6.1%	7.7%	7.4%
Free cash flow yield	7.0%	13.4%	20.8%	1.5%	3.3%	3.6%	4.3%	4.9%
Earnings yield	3.6%	7.0%	-45.6%	5.9%	3.4%	3.5%	4.7%	7.1%
Enterprise value	SEK 1.6B	SEK 2.2B	SEK 1.5B	SEK 2.2B	SEK 6.4B	SEK 4.3B	SEK 3.9B	SEK 2.5B
Net debt / EBITDA	1.1×	0.36×	1.03×	1.21×	1.52×	1×	0.75×	2.73×
Cash conversion cycle (days)	168	123	68	162	135	118	100	-521