Yubico (Buy, TP: SEK325.00) - Q3e bookings 8% above consensus
Yubico’s share price has been on something of a rollercoaster in recent months (still +135% YOY), but we see attractive risk/reward on the recent pullback as we expect it to counter recent short criticism with solid Q3 bookings and EBIT 8% above company-compiled consensus, supporting positive consensus revisions momentum. Following recent blowout quarters, we believe the ‘wow factor’ might fade on tougher YOY comparables in Q4 2024e, but still expect 18% and 31% bookings and EPS growth YOY, respectively, in 2025 given the heightened-threat landscape and growing urgency for modern authentication. We reiterate our BUY, but with a reduced SEK325 (335) 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.