Enento's Q1 operational key figures were in line with our forecasts. Guidance has still not been provided and, in particular, the visibility on the development of the Swedish consumer credit information market is still weak. Our expectations of a market recovery have been slightly delayed, and we made minor cuts to our earnings forecasts for the coming years. Despite the recent weak trend, the market may already be bottoming out. Looking ahead to next year, the valuation is already at an attractive level (adj.  P/E 13x and EV/EBIT 11.5x) and argues for a positive view.

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