Fund Manager Summary
The fund managers believe that the outlook for Enero Group Ltd presents a compelling opportunity, particularly following the recent divestment of its AdTech subsidiary, OBMedia. In their opinion, this strategic move sharpens the group's focus on its core agency portfolio, which includes Hotwire Global, BMF, and Orchard, all of which are recognized for their differentiated value propositions and strong leadership. Despite a challenging performance in the past quarter, with a decline of -15.8%, the fund managers remain constructive on the underlying agency business. They assert that Enero Group is now better positioned to achieve sustainable growth as a streamlined, pure-play media agency.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Recent Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Perennial Partners
31 Oct 2025
$0.68
Summary
- Enero Group Ltd experienced a decline of 12.8% despite positive indicators.
- Perennial Partners continues to hold due to an encouraging 1QFY26 update.
- The investor day showcased growth in core assets.
- There is a strong cashflow profile supporting the investment thesis.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Updates are made available to members within 12 hours in accordance with the ThesisTracker Pro Service Level Agreement.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Perennial Partners
31 Oct 2025
$0.68
- Enero Group Ltd experienced a decline of 12.8% despite positive indicators.
- Perennial Partners continues to hold due to an encouraging 1QFY26 update.
- The investor day showcased growth in core assets.
- There is a strong cashflow profile supporting the investment thesis.
Summary
Tamim Funds Management
4 Sept 2025
$0.94
- Enero Group (ASX: EGG) has divested its 51% stake in OBMedia, streamlining focus to core marketing agencies: BMF, Hotwire, and Orchard.
- FY25 EBITDA is expected to be at the top end of guidance.
- For FY26, EBITDA is projected to be between $12–14 million from core operations.
- The company holds over $30 million in net cash with a market cap around $90 million.
- The stock is currently trading at less than 5x forward EBITDA.
- Potential catalysts for a re-rating or acquisition include capital management, special dividends, or strategic interest.
- The recent divestment eliminates a deal-blocking asset.
Summary
Tamim Funds Management
31 July 2025
$1.00
- Enero Group Limited (ASX: EGG) divested its 51% stake in OBMedia, incurring a non-cash loss of A$14–16 million.
- The divestment aligns with Enero's strategy to focus on high-performing agencies: Hotwire Global, BMF, and Orchard.
- FY25 EBITDA expectations are at the upper end of guidance ($22–26 million underlying, $18–20 million economic interest).
- New Australian client wins, strong cost control, and operational excellence are key drivers for growth.
- The core business is projected to generate $12-$14 million of EBITDA in FY26.
- Enero Group holds over $30 million in net cash against a market cap of $90 million.
- The divestment of OBMedia removes a potential poison pill to a takeover.
- Anticipation for the company to be acquired or for stock re-rating towards a valuation of $1.50+ as capital management initiatives are announced.
Summary
Perpetual Asset Management
30 June 2025
$0.69
- Enero Group (EGG) experienced a performance decline of -15.8% over the quarter due to macroeconomic uncertainty.
- Investor sentiment was negatively impacted by trading conditions within the OBMedia business.
- Post-quarter-end, EGG reached a significant inflection point with the sale of its AdTech subsidiary, OBMedia.
- This divestment enhances the group's strategic focus on its core agency portfolio: Hotwire Global, BMF, and Orchard.
- These core agencies are recognized for their differentiated value propositions, strong leadership, and global reputations.
- Despite recent challenges, Perpetual Asset Management remains constructive on the underlying agency business.
- EGG is positioned to achieve sustainable growth as a streamlined pure-play media agency.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
Amidst macroeconomic turbulence, there seems to be a silver lining for Enero Group Ltd. The strategic divestment of OBMedia could be the catalyst for a more focused and resilient agency portfolio, potentially unlocking sustainable growth in a challenging landscape.
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Enero Group Ltd (ASX:EGG)?
Fund managers including Perpetual Asset Management, Tamim Funds Management and Perennial Partners have invested in Enero Group Ltd (ASX:EGG).
Why do fund managers invest in Enero Group Ltd?
Fund managers invest in Enero Group Ltd due to its strategic shift following the divestment of its AdTech subsidiary, OBMedia. This move allows the company to concentrate on its core agency portfolio, which includes Hotwire Global, BMF, and Orchard, all known for their strong leadership and creative excellence. Despite recent performance challenges, fund managers are optimistic about the potential for sustainable growth as Enero evolves into a more focused media agency.
What happened to Enero Group Ltd (ASX:EGG)?
Fund managers are investing in Enero Group Ltd (ASX: EGG) due to its strategic divestment of a non-core asset, OBMedia, which streamlines focus on high-performing agencies like BMF, Hotwire, and Orchard. This move, alongside expectations of strong EBITDA growth—projected at $22–26 million for FY25 and $12–14 million for FY26—positions the company favorably for potential acquisitions or stock re-rating. With over $30 million in net cash and a market cap of approximately $90 million, the stock is undervalued at less than 5x forward EBITDA, suggesting significant upside potential.