Valuation Update With 7 Day Price Move • 19h
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to €2.06, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 16x in the Media industry in Germany. Total returns to shareholders of 28% over the past three years. Tillkännagivande • May 24
Eniro Group AB (Publ) Announces Board Changes Eniro Group AB (publ) held its Annual General Meeting (AGM) on May 22, 2026 approved elections of Alexander Hannerland and Øystein Engebretsen. Re-election of Fredric Forsman as Chairman of the Board and new election of Alexander Hannerland as vice Chairman of the Board. Buy Or Sell Opportunity • May 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 60% to €0.048. The fair value is estimated to be €0.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 35%. Upcoming Dividend • May 20
Upcoming dividend of kr0.05 per share Eligible shareholders must have bought the stock before 25 May 2026. Payment date: 29 May 2026. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 7.9%. Within top quartile of German dividend payers (4.5%). Lower than average of industry peers (9.9%). Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Fredrik Crafoord was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • May 06
An undisclosed buyer acquired 25.46% stake in Eniro Group AB (publ) (OM:ENRO) from Azerion Group N.V. (ENXTAM:AZRN). An undisclosed buyer acquired 25.46% stake in Eniro Group AB (publ) (OM:ENRO) from Azerion Group N.V. (ENXTAM:AZRN) on May 5, 2026. Through the transaction, Azerion becomes a minority shareholder in Flavus Invest.
An undisclosed buyer completed the acquisition of 25.46% stake in Eniro Group AB (publ) (OM:ENRO) from Azerion Group N.V. (ENXTAM:AZRN) on May 5, 2026. Tillkännagivande • Feb 21
Eva and Mats Qviberg acquired 11.7% stake in Eniro Group AB (publ) (OM:ENRO) from SpectrumOne AB (publ) (OM:SPEONE) for SEK 40.6 million. Eva and Mats Qviberg acquired 11.7% stake in Eniro Group AB (publ) (OM:ENRO) from SpectrumOne AB (publ) (OM:SPEONE) for SEK 40.6 million on February 20, 2026.
Eva and Mats Qviberg completed the acquisition of 11.7% stake in Eniro Group AB (publ) (OM:ENRO) from SpectrumOne AB (publ) (OM:SPEONE) on February 20, 2026. Tillkännagivande • Feb 20
Eniro Group AB (publ) announces Annual dividend, payable on May 29, 2026 Eniro Group AB (publ) announced Annual dividend of SEK 0.0500 per share payable on May 29, 2026, ex-date on May 25, 2026 and record date on May 26, 2026. Tillkännagivande • Feb 11
Eniro Group AB (Publ) Has Reached an Agreement with Kapatens. Eniro Will Pay SEK 17 Million in Settlement Compensation Eniro Group AB has reached a settlement agreement with Kapatens Investment AB, wherein Eniro will pay SEK 17 million in settlement compensation. The agreement involves both parties jointly requesting the Supreme Court to overturn the lower courts' judgments regarding Kapatens' appeal against Eniro's decision on 12 September 2022 concerning the redemption of preference shares. If the Supreme Court overturns the judgments, the suspended appeals in Solna District Court concerning share dividend and amendment to the articles of association will be withdrawn. Kapatens will withdraw all appeals and waive any further claims against Eniro or its board of directors. The settlement is contingent upon the Supreme Court's decision to set aside the lower courts' judgments. This legal settlement aims to resolve ongoing disputes that have caused significant disruption to Eniro's operations and limited its ability to pay dividends, despite its strong financial position. Tillkännagivande • Nov 24
Eniro Group AB (publ), Annual General Meeting, May 22, 2026 Eniro Group AB (publ), Annual General Meeting, May 22, 2026. Location: solna Sweden Tillkännagivande • Jul 03
Eniro Group AB (publ) (OM:ENRO) acquired Qwamplify Nordics Ab from Qwamplify (ENXTPA:ALQWA) for €0.70 million. Eniro Group AB (publ) (OM:ENRO) acquired Qwamplify Nordics Ab from Qwamplify (ENXTPA:ALQWA) for €0.70 million on July 1, 2025. A cash consideration of €0.7 million will be paid by Eniro Group AB (publ). As part of consideration, €0.7 million is paid towards common equity of Qwamplify Nordics Ab. The acquisition is financed with own funds. Qwamplify Nordics will continue to operate under its own brand within the Eniro Group.
For the period ending December 31, 2024, Qwamplify Nordics Ab reported total revenue of €3.2 million.
Eniro Group AB (publ) (OM:ENRO) completed the acquisition of Qwamplify Nordics Ab from Qwamplify (ENXTPA:ALQWA) on July 1, 2025. Tillkännagivande • Apr 10
Eniro Group AB (publ) to Report Fiscal Year 2024 Results on Apr 25, 2025 Eniro Group AB (publ) announced that they will report fiscal year 2024 results on Apr 25, 2025 Tillkännagivande • Apr 02
Svea Court of Appeal Issues A Judgment in the Case Regarding a Complaint against Eniro Group AB On April 2, 2025, Svea Court of Appeal has issued a judgment in the case regarding a complaint against Eniro Group AB (publ)'s decision in 2022 on redemption of preference shares etc. Like the District Court, the Court of Appeal considers that the General Meeting's decision is contrary to the special rules on share redemption in the Articles of Association and that the general rules of the Swedish Companies Act on share redemption cannot be applied. Eniro Group AB shall compensate Kapatens Investment AB for its legal costs in the Court of Appeal in the amount of SEK 481,125. However, it should be noted that the Court of Appeal is not in agreement either. Like the judge in Solna District Court, a minority of the Court of Appeal (Lena Klintefall, Counsel for the Court of Appeal) considers that Eniro's redemption decision was correct, and that Kapatens Investment AB's request should therefore be rejected. Eniro Group AB does not share the majority's view and is therefore considering appealing the judgment to the Supreme Court. Tillkännagivande • Feb 22
Eniro Group AB (publ) Proposes Ordinary Dividend The Board of Directors of Eniro Group AB (publ) proposed an increased ordinary dividend of SEK 0.05 (0.04) per share. Tillkännagivande • Feb 21
Eniro Group AB Appoints Stefan Liljedahl as Interim CFO, Effective March 10, 2025 Eniro Group AB announced that Stefan Liljedahl has been appointed as the new Interim Chief Financial Officer (CFO) during the ongoing recruitment process for a permanent CFO. Stefan will start his new role on March 10, 2025. Stefan Liljedahl has an extensive background in senior financial positions in both listed and private environments. Most recently, Stefan served as Interim CFO & Head of IT/Supply Chain at Indiska. Tillkännagivande • Dec 25
Eniro Group AB (publ) (OM:ENRO) agreed to acquire Medialuotsi Oy for €3.1 million. Eniro Group AB (publ) (OM:ENRO) agreed to acquire Medialuotsi Oy for €3.1 million on December 23, 2024. Under the terms of agreement, the purchase price of EUR 3.1 million consists of the enterprise value of EUR 2.5 million and €0.6 million considerations for net cash and working capital. The purchase price will be paid in cash, with equal payments of the enterprise value in January 2025, July 2025, and January 2026 while
compensation for net cash and working capital will be included in the payment in January 2025. As the closing date is planned for 3rd of January the acquisition will be included in Eniro Group’s financial reporting starting from the Q1 report for 2025. Medialuotsi, with a revenue of €5 million and an estimated adjusted EBITDA for 2024 of about €400,000, has established itself as a trusted partner for Finnish small and medium sized businesses seeking high-quality digital marketing solutions. The expected completion of the transaction is January 3, 2025. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: kr0.04 (vs kr0.022 in 3Q 2023) Third quarter 2024 results: EPS: kr0.04 (up from kr0.022 in 3Q 2023). Revenue: kr237.0m (flat on 3Q 2023). Net income: kr30.0m (up 88% from 3Q 2023). Profit margin: 13% (up from 6.7% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Nov 08
Eniro Group AB (publ), Annual General Meeting, May 07, 2025 Eniro Group AB (publ), Annual General Meeting, May 07, 2025. Location: solna Sweden Buy Or Sell Opportunity • Jul 10
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to €0.028. The fair value is estimated to be €0.039, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 151%. Buy Or Sell Opportunity • Jul 01
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to €0.034. The fair value is estimated to be €0.044, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 151%. Buy Or Sell Opportunity • Jun 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €0.032. The fair value is estimated to be €0.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 151%. Tillkännagivande • Apr 29
Eniro Group AB (publ), Annual General Meeting, May 29, 2024 Eniro Group AB (publ), Annual General Meeting, May 29, 2024. Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: EPS: kr0.01. Revenue: kr235.0m (down 2.9% from 1Q 2023). Net income: kr4.00m (up kr4.00m from 1Q 2023). Profit margin: 1.7% (up from 0% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Media industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 123 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 28
Full year 2023 earnings released: kr0.01 loss per share (vs kr0.064 profit in FY 2022) Full year 2023 results: kr0.01 loss per share (down from kr0.064 profit in FY 2022). Revenue: kr973.0m (up 4.6% from FY 2022). Net loss: kr4.00m (down 108% from profit in FY 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Media industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Buying Opportunity • Aug 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €0.049, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 7.0% in a year. Earnings is forecast to decline by 67% in the next year. Upcoming Dividend • May 05
Upcoming dividend of kr0.05 per share at 5.7% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 19 May 2023. Trailing yield: 5.7%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (6.2%). Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: kr0.72 (vs kr1.61 loss in FY 2021) Full year 2022 results: EPS: kr0.72 (up from kr1.61 loss in FY 2021). Revenue: kr975.0m (up 18% from FY 2021). Net income: kr48.0m (up kr155.0m from FY 2021). Profit margin: 4.9% (up from net loss in FY 2021). Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Urban Hilding is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr282.0m (up 36% from 3Q 2021). Net income: kr52.0m (up 271% from 3Q 2021). Profit margin: 18% (up from 6.8% in 3Q 2021). Reported Earnings • Jul 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr220.0m (up 5.8% from 2Q 2021). Net income: kr6.00m (down 25% from 2Q 2021). Profit margin: 2.7% (down from 3.8% in 2Q 2021). Reported Earnings • Apr 30
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr220.0m (up 9.5% from 1Q 2021). Net loss: kr3.00m (loss narrowed 80% from 1Q 2021). Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Henrik Salwen is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 16
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: kr1.61 loss per share (down from kr1.02 loss in FY 2020). Revenue: kr839.0m (down 4.9% from FY 2020). Net loss: kr107.0m (loss widened 57% from FY 2020). Revenue missed analyst estimates by 9.8%. Reported Earnings • Oct 23
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: kr212.0m (flat on 3Q 2020). Net income: kr14.0m (down 98% from 3Q 2020). Profit margin: 6.6% (down from 258% in 3Q 2020). Reported Earnings • Jul 22
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: kr209.0m (down 7.9% from 2Q 2020). Net income: kr8.00m (up kr9.00m from 2Q 2020). Profit margin: 3.8% (up from net loss in 2Q 2020). Reported Earnings • May 01
First quarter 2021 earnings released The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: kr204.0m (down 11% from 1Q 2020). Net loss: kr15.0m (loss narrowed 98% from 1Q 2020). Reported Earnings • Feb 13
Full year 2020 earnings released: kr1.02 loss per share (vs kr9.57 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: kr882.0m (down 17% from FY 2019). Net loss: kr68.0m (loss narrowed 89% from FY 2019). 
