VERI

Verisec

Research update

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Verisec: ATG-agreement could be big

Verisec reported a revenue of SEK 18.4 million which was in line with our estimate of SEK 18 million. EBIT was SEK -4.5 million, we expected SEK -3.8 million.

The collaboration with ATG significantly increases the likelihood of Verisec being certified by the Swedish E-identification Board. This could create many new business opportunities for Verisec.

The agreements that have been announced since our last report, especially the one with ATG, have resulted in some adjustments in our estimates. Our new base case is SEK 84 (earlier SEK 75) with a value range between SEK 50-140.

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