Redeye comments on Eniro's acquisition of Qwamplify Nordics, a company within digital campaign production and performance marketing. The acquisition was carried out at a P/S multiple of approximately 0.2x, with limited disclosure regarding 2024 profitability. We view smaller, preferably profitable, acquisitions as a good way for Eniro to allocate capital at the current time. Our estimates and fair value range are reiterated.
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