Research update


Verisec: Better future profitability

Verisec reported revenue of SEK 16.6 million, which was in line with our estimate of SEK 13 million. EBIT was better than expected, at SEK -2.8 million, while our expectation was SEK -4.5 million.

A high level of business activity and a continued focus on sharpening the product and service offering will likely mark the beginning of a bright future. A directed share issue of SEK 34 million has improved the company’s circumstances in a competitive landscape.

We have lowered our EBIT expectations in the short term due to the high cost of growth. However, higher investment will pay off in 2019 and beyond. Our new value range is between SEK 50-140 with a base case of SEK 75 (earlier SEK 65).

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