Enento’s stock has been under pressure since our last update. There is still considerable uncertainty about the new normal in the Swedish credit market, but the slightly lower valuation and the continued decline in interest rates make the stock more attractive in our view.

Enento's Q3 results were largely in line with our expectations. Despite the recent decline in interest rates, the company has yet to see signs of a recovery in its operating environment.

Enento will report its Q3 result on Tuesday, October 29 at around noon EET. There has not been any significant recovery in the demand environment yet, and we expect both revenue and earnings to moderately weaken from the comparison period. The outlook for the company is mixed.

Enento's results were slightly ahead of our forecast, but this was driven by a lower-than-normal cost structure, which we expect to change in H2. The company provided anticipated revenue guidance, which, in line with our expectations, indicates a further decline in sales this year.