I am striking against the following definition/characterization (from the nlab) $\newcommand{\id}{\text{id}} \newcommand{\comp}{\text{comp}}$ of enriched category
... an alternative way of viewing a $V$-category is as a set $X$ with a (lax) monoidal functor $\Phi=\Phi_d$ of the form $$V^\text{op} \stackrel{yon_V}{\longrightarrow}\mathbf{Set}^V \stackrel{d^*}{\longrightarrow} \mathbf{Set}^{X \times X}$$ where the codomain is identified with the monoidal category of spans on $X$...
In the link above it is shown how from the data of a $V$-enriched category $(X,d \colon X \times X \to V,\comp,\id)$ one can get a lax functor $\Phi$ as above.
Unfortunately it is not clear, at least not to me, how we can reverse the construction, that is how we can get a $V$-enriched category from a lax-monoidal functor $\Phi \colon V^\text{op} \to \mathbf{Set}^{X \times X}$ which factors through the yoneda embedding and $d^*$ for some $d \colon X \times X \to V$.
Indeed for a such $\Phi_d$ I can clearly see that we get from laxness a family of morphisms $$\Phi(v)\odot\Phi(v') \to \Phi(v \otimes v')$$ which, expanding a little bit, amounts to a family of functions $$\coprod_{y \in X}V(v,d(y,z)) \times V(v',d(x,y)) \to V(v \otimes v',d(x,z))$$ but it is not clear how from these data one can retrive a family of mappings $$\comp \colon d(y,z) \otimes d(x,y) \to d(x,z)$$ in $V$.
In the link there is a reference to a yoneda argument which should allow to get the compositions. If we had a family of natural transformations $$\coprod_{y \in X} V(v \otimes v',d(y,z) \otimes d(x,y)) \to V(v \otimes v',d(x,z))$$ then we could clearly retrive the mappings $\comp$ by using yoneda and letting $v'=I$ (the identity of the monoidal category $V$). This situation is verified if the natural transformations $\Phi(v)\odot \Phi(v') \to \Phi(v \otimes v')$ factor through the compositions mappings $$V(v,d(y,z)) \times V(v',d(x,y)) \stackrel{\otimes}\to V(v \otimes v', d(y,z) \otimes d(x,y))$$ but I don't see any reason why this should happen in general for any lax functor of the form $\Phi_d$.
So am I missing something?
Any help will be appreciated.
I only just got wind of this question. The map
$$\comp \colon d(y,z) \otimes d(x,y) \to d(x,z)$$
is obtained from the family of maps
$$\coprod_{y \in X}V(v,d(y,z)) \times V(v',d(x,y)) \to V(v \otimes v',d(x,z))$$
by setting $v = d(y, z), v' = d(x, y)$, and evaluating at the pair of identity maps $(1_{d(y, z)}, 1_{d(x, y)})$.
Please let me know if this doesn't answer the question.