Redeye states that Enea showed in Q2 that organic growth is here to stay, delivering +14% y/y growth. Particularly encouraging is the growth in the two core business areas - +25% y/y in Networks and +15% y/y in Security. With 35% EBITDA margin, Enea once again proved strong profitability, albeit just below Redeye's estimates. Outlook remains unchanged with "30%+ EBITDA margin and strong cash flow" for 2024. Redeye will likely only make minor estimate changes and maintain its fair value range.
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