Yubico (Buy, TP: SEK335.00) - Set to unlock flows in 2025
We expect the stock to start trading on the Nasdaq Stockholm (main market) in Q1–Q2 2025, enabling Yubico to broaden its investor base. Also, similar list changes have acted as a share-price catalyst in today’s liquidity and flow-driven markets. Yubico’s international and institutional ownership trails peers, its investor positioning remains negative, with 5.7% of the free float shorted, and a list change could open the door for potential benchmark index inclusion. We reiterate our BUY and SEK335 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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