Redeye observes that Enea's Q4 2025 results delivered an adj. EBITDA beat of 9% whilst organic growth was anaemic at 1%. Management's 2026 guidance—single-digit growth with EBITDA margins above 30%—signals an investment year characterised by organisational restructuring rather than profit acceleration. The company's EV/EBITDA multiple remains anchored at ~5x, substantially below its ten-year average of 9x, and has traded range-bound at this depressed level for three years. Without demonstrable visibility on growth acceleration in 2027 and beyond, Redeye expects the shares to remain becalmed within this valuation range. Redeye's base case assumes organic sales accelerate to high single digits by 2028 as the restructured sales organisation matures. Redeye makes minor adjustments to estimates whilst retaining its fair value range of SEK45–123 per share, with a base case of SEK80.
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