Yubico (Buy, TP: SEK340.00) - Cybersecurity debt remains unpaid
2024 was a big year for data breaches, where Yubico achieved four strong bookings beats versus high sell-side expectations, while winning numerous awards. Investors may question whether 2025 can get better, as short interest has increased, but we are not concerned about recent insider sells. We see it as a beneficiary of increased threats, where the cybersecurity threat remains unresolved. We forecast 42% EPS growth YOY for 2025 (facing a high base), with additional upside potential from its strategic partnerships in B2B2C, implementation with Microsoft Authenticator, and ambition to move up in the value chain. We reiterate our BUY and have raised our target price to SEK340 (335).
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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