Enento sells small Emaileri business
Summary
- Enento has sold its small, non-core unit Emaileri Oy to the Finnish Boston Information Group, aiming to focus on strategic priorities and core businesses.
- Emaileri's revenue in 2025 was 0.8 MEUR, representing only about 0.5% of Enento's total revenue, with a small EBITDA of 0.3 MEUR, indicating limited impact on Enento's overall financials.
- The transaction will result in a non-recurring sales loss of approximately 4.2 MEUR due to a goodwill write-down, which will not affect adjusted profitability or cash flow but highlights a sale price below the 2017 acquisition cost.
- The analyst views the divestment as a justified move to allocate resources to Enento's critical data and analytics products, with minimal impact on forecasts to be updated in the next financial review.
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Translation: Original published in Finnish on 5/4/2026 at 7:00 am EEST.
Enento announced that it has sold Emaileri Oy to the Finnish Boston Information Group. We consider the sale of a small, non-core unit a sensible step to focus operations and resources on strategic priorities. Emaileri's business has been very small in relation to the group as a whole, and the transaction therefore has only a limited impact on Enento's revenue and operating result. The transaction has only a marginal impact on our forecasts, and we will account for it in our next update.
The divested business is small in the overall picture
Emaileri provides email and newsletter communication services to customers. Enento acquired Emaileri in 2017, and it has been part of Enento's sales and marketing service portfolio. Through the divestment, Enento aims for a clearer focus on its core businesses and digital data and analytics solutions in the Nordic countries. In our view, divesting non-core assets is justified so that resources can be allocated to the data and analytics products most critical to the company.
The size of the divested business is very small on Enento's scale. Emaileri's revenue in 2025 was 0.8 MEUR, which represents only about 0.5% of Enento's 2025 revenue of 152.7 MEUR. The business has been very profitable, but its absolute EBITDA of 0.3 MEUR is small at the group level. When Enento acquired Emaileri in 2017, its revenue for the fiscal year ending in 2016 was 2.0 MEUR, indicating a declining top-line trend for the company.
A non-recurring sales loss will be recorded from the transaction
In connection with the transaction, Enento will record a sales loss of ~4.2 MEUR related to a goodwill write-down, which will be reported as an item affecting comparability. As this is an item related to a goodwill write-down, it has no impact on the company's adjusted profitability figures or cash flow. However, the write-down is substantial relative to the size of the business, indicating that the sale price is clearly below the price paid for the business in 2017. We will factor in the sales loss in our forecasts at the latest in connection with the Q2 earnings preview.
Enento Group operates in the IT sector. The group is dedicated to developing digital information services that affect risk management, decision-making, sales and marketing. The vision is to offer programs and digital platforms that can be further used for analysis of company data, routines and decision-making processes. The company was previously known as Asiakastieto and is headquartered in Helsinki.
Read more on company pageKey Estimate Figures28/04
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 152.7 | 158.9 | 164.8 |
| growth-% | 1.5 % | 4.1 % | 3.8 % |
| EBIT (adj.) | 41.0 | 46.2 | 48.5 |
| EBIT-% (adj.) | 26.9 % | 29.1 % | 29.4 % |
| EPS (adj.) | 0.84 | 1.25 | 1.36 |
| Dividend | 1.00 | 1.00 | 1.00 |
| Dividend % | 6.3 % | 6.5 % | 6.5 % |
| P/E (adj.) | 18.8 | 12.4 | 11.4 |
| EV/EBITDA | 11.9 | 9.2 | 8.5 |
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