Enero Group Sheds OBMedia to Clear the Path for a Re-Rate or Takeover

Tamim Funds Management says removing a potential takeover poison pill leaves Enero's core agency business looking cheap

31 Oct 2025 · 3 min read

A divestment that removed what one fund manager called a poison pill to a takeover has put Enero Group back on the radar of investors watching for a re-rating or acquisition of the marketing agency group.

Selling OBMedia to sharpen the focus

Tamim Funds Management flagged the move in July 2025: Enero sold its 51 per cent stake in OBMedia to minority shareholders for a nominal amount, taking a non-cash loss of between $14 million and $16 million in the process. The rationale, as Tamim described it, was to sharpen Enero's focus on its higher-performing agencies, Hotwire Global, BMF and Orchard, as the drivers of future growth and value.

With FY25 group EBITDA expected at the upper end of guidance, between $22 million and $26 million on an underlying basis, Tamim's forecast for the core business alone was $12 million to $14 million of EBITDA in FY26. Against a market cap of around $90 million and more than $30 million of net cash on the balance sheet, Tamim argued the numbers left the stock looking cheap once the OBMedia distraction was removed.

With the OBmedia business divested - the potential poison pill to a takeover has been removed. We expect the company to be acquired at some point or for the stock to re rate towards our $1.50+ valuation as capital management initiatives are announced.

— Tamim Funds Management, Monthly Report, July 2025

A cheap stock with catalysts, but a soft patch since

Tamim repeated the thesis in a September 2025 article, noting the stock traded at less than five times forward EBITDA once the more than $30 million of net cash was accounted for, and pointing to capital management, special dividends or strategic interest as plausible catalysts for a re-rating.

That optimism met a softer patch by October, when Perennial Partners noted Enero had drifted lower despite what it called an encouraging first quarter FY26 update and investor day, which had highlighted growth across most of the remaining core agency assets and a strong cash flow profile. The gap between the operational picture Perennial described and the share price reaction is one of the things Thesis Tracker will keep watching for Enero.