Report
Joachim Gunell

Verisec David and Goliath

From an investment standpoint, the Verisec narrative is all about momentum in: 1) Freja eID adding ‘relying’ parties; 2) user growth on the Freja eID platform validating the technology; and 3) the company’s profitability trajectory. We forecast 2018–2021 sales CAGR of 30%+ and initiate coverage with a fair value of SEK100–140/share.
Underlying
Verisec AB

Verisec AB is a Sweden-based company which provides security solutions for banking, government and business customers.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Joachim Gunell

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