Verisec: Unique position in Sweden2017-05-29 13:33, Edited at: 2017-05-29 13:48
Verisec’s revenue of SEK 14.8 million was below our expectations (estimate SEK 19 million), but EBIT was in line with our estimate, due to a higher gross margin of 75% (estimate 66%).
Verisec’s new Freja eID service is highly promising. With an established partnership with Tieto, long experience in the industry and a proven technology platform, Verisec is considered to have a unique position in this field in Sweden.
We have increased the long-term EBIT margin for 2025 and beyond to 12%, due to higher expectations for the success of Freja eID. Our fair value range is SEK 50-190, with a Base case of SEK 113 (previous SEK 85).