Yubico (Buy, TP: SEK280.00) - Bookings beat offers H2e treat
Yubico enjoyed strong execution in this heightened threat landscape, where its 83–66% organic bookings growth YOY in Q4–Q1 laid the foundation for 75% adj. EPS growth in 2024e. We expect this to trigger positive consensus revisions and rapid multiples compression. We note the breadth and quality of its bookings growth, success in larger initial subscription deal deployments, and signals that financial services could become Yubico’s most important sector. We have raised our 2024–2025e EBIT by 2% and reiterate our BUY. We have increased our target price to SEK280 (275).
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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