Yubico (Buy, TP: SEK335.00) - On a consensus-beating streak
The Q2 results beat company-compiled consensus across the board, from bookings to FCF, supporting the recent share price rally. After the Q3 results, we believe it could become harder for Yubico to surprise positively to fuel further multiples expansion short-term; the founder and CEO lock-up expiration on 19 September could be a Q3 indicator. That said, Yubico is in the early innings of its growth story and our above-consensus view suggests continued positive earnings revision momentum in H2e amid a heightened threat landscape and positive outlooks from cybersecurity peers. We have increased our 2024–2025e EBIT by 8–4%, reiterate our BUY and have raised our target price to SEK335 (280).
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.