Yubico - Initiation of coverage - One key to unlock them all
Just as Swedish industrial giants Ericsson (GSM) and Volvo (three-point safety belt) have defined open industry standards in the past, so today is Yubico, a technology pioneer and modern authentication leader spearheading secure login standards. Cybersecurity is a critical issue in 2024 and looks set to remain so for the rest of the decade, suggesting sustained and robust sales growth on underappreciated scalability. We believe this should allow the company to compress its current high multiples to Ericsson’s and Volvo’s levels in the medium term. We initiate coverage with a BUY and SEK275 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.
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