Redeye has increased its estimates and valuation for Enea. We argue that it is time for the company to raise the bar in terms of the margin target of 20%, following having earned a 24% EBIT during the midst of a global pandemic. We also believe Enea can vastly surpass its 2023 sales target of SEK 1.5 bn (incl M&A), and the corresponding sales CAGR of 18%.