Enad Global 7 Update: Concerns Remain, But Enad Remains Severely Undervalued
Source: SeekingAlpha
2025-05-19 08:50:00 ET
Summary
- Enad suffered a ~30% YTD decline, mainly due to faster-than-expected drops in its live-service game portfolio, yet remains deeply undervalued.
- Management guides to SEK 1B EBITDA for 2026, with strong free cash flow conversion and minimal reinvestment needs in the current portfolio.
- Despite industry headwinds, Enad's leadership has shown skillful capital allocation and is positioned to benefit from potential M&A or live-service agreements.
- Concerns exist, such as possible game cancellations, but the current enterprise value is less than 2026 EBITDA guidance, supporting a bullish long-term thesis.
The following segment was excerpted from Atai Capital Management Q1 2025 Letter. ...
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Enad Global 7 Update: Concerns Remain, But Enad Remains Severely Undervalued
Enad Global 7 AB Ord
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