Eniro Group AB (publ)

ENRO.ST

Internet Content & Information · Communication Services

Also trades as: 0YG8.L

Price

kr 30.70

-0.94 (-2.97%)

Market Cap

kr 447.0M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Weak

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Share count rising — dilution

+1051.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.3M (2021) → 15.3M (2025)

Winston Score History

The full picture

Eniro Group is a Swedish digital marketing company that helps small and medium-sized businesses get found online. It runs search and directory services, similar to a digital version of the old Yellow Pages, and sells online advertising tools to local businesses across the Nordic region. The company operates primarily in Sweden, Norway, Denmark, and Finland.

Eniro makes money by charging businesses subscription fees and pay-per-click advertising fees to appear in its search directories and digital marketing products. It is a relatively small company with a market cap around $0.4 billion, and its main competitive advantage is its established brand recognition and existing customer relationships with local Nordic businesses. However, Eniro faces significant pressure from much larger global platforms like Google, which dominate online search advertising, making it difficult for the company to grow its customer base or justify premium pricing over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+685.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

61.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 183M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Eniro Group AB (publ) is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

5.3%

Thin — 5.3% gross margin

Profit after running costs

Operating Margin

5.3%

Thin — 5.3% operating margin

Return on the money invested

ROCE

14.9%

Good — 14.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.9%

Nearly flat sales (+1.9% YoY)

Profit growth

EPS YoY

-60.6%

Earnings shrinking (-60.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

280%

Turns 280% of profit into real cash

Spare cash per sale

FCF Margin

7.0%

Modest free cash flow (7.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

2.71x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.3x

Fair value — P/E 15.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+9.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.3 → 6.3)

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Dividends

Dividend

Dividend Yield

0.16%

Small dividend — 0.16% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-8.1%

Dividend cut (-8.1% YoY) — warning sign

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