Yubico (Buy, TP: SEK335.00) - Further bookings growth in Q4e
Reversing a 9% initial gain, the share price fell 9% yesterday on investor concerns for fading growth momentum in Q4 on tougher comparables YOY. This offset the strong Q3 underlying beat versus the company-compiled consensus. In our view, Yubico’s growth story is only beginning; we forecast organic bookings up 18% and EPS up 42% YOY in 2025, facing a high base, where we see further upside potential to our above-consensus view from strategic B2B2C partnerships, Microsoft Authenticator implementation, and an ambition to move up in the value chain. Having lowered our 2024e EBIT by 2% but raised 2025e by 4%, we reiterate our BUY and have increased our target price to SEK335 (325).
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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