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Analyses on E&m (3)
- March 26, 2026March 26, 2026
- Follow-up
Emet: the hidden bill behind growth via acquisitions and minority buyouts
Emet is expanding its software and services engine through acquisitions, but part of the value created is already encumbered by minority-buyout and contingent-consideration liabilities, so consolidated profit is not the same thing as value freely available to common shareholders.
- Follow-up
Emet: why the receivables improvement did not really clean up working capital
Emet's 2025 receivables improvement was real, but it did not clean up working capital because accrued income jumped, deferred revenue shrank, and the company needed more debt to hold roughly the same cash balance.
Emet in 2025: the software engine is working, but FX and working capital still set the ceiling
Emet is building a real software and services engine that is lifting earnings quality, but in 2025 it is still not large enough to neutralize the group’s FX sensitivity and working-capital friction.
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