Fingerprint Cards: China in your hand2016-04-18 21:42, Edited at: 2016-04-19 09:17
Redeye hereby initiates coverage on Fingerprint Cards (FPC). FPC’s strong operational capabilities providing barriers to entry are overlooked. These capabilities will allow FPC to strengthen its position as the leading global supplier of fingerprint sensors.
FPC will leverage its strong position in the ecosystem and its full system integration capabilities to penetrate new verticals and extend its offering. Beginning with smart cards in late 2016 and in the longer term automotive and IoT, the verticals will fuel continued revenue growth beyond fingerprint sensors for the mobile device segment.
In our base case we see revenues grow at a CAGR of 15 percent from 2016 to 2021 with average EBIT-margins of 37 percent. Our fair value range indicates a value of SEK 225-1475 per share with a fair value of SEK 625 in our base case.
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