Two block trades have been made with Alma shares after the earnings report. Otava bought at least one of the blocks. Nothing similar has been seen with Enento shares, at least not yet.
Enento has quite a few foreign owners. 17.06% of the ownership is in Sweden and 12.4% in the United States. Long Path Partners is the largest American owner with a 9.8% stake. The large Swedish holdings are likely a legacy of past corporate restructurings. I haven’t followed Enento long enough to be able to name these parties, but they are apparently in SEB’s nominee register. Thus, in addition to Otava, large foreign owners play a key role in any potential larger arrangements. Therefore, it is probably worth monitoring changes in these holdings. Besides Otava, Long Path Partners increased its stake last year. No changes occurred in SEB’s nominee register. At Enento’s current valuation, there would likely be interested buyers, but is anyone ready to sell?
I expect we will see some arrangements here. I consider it most likely that Enento will start seeking growth inorganically as well. I would see that changes in the major shareholder and management, along with the long-running IT infrastructure project etc., have previously been obstacles to acquisitions. I can’t say anything about potential acquisition targets or their valuation levels.