contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


dnb-markets-verisec-freja-eid-worth-the-wait

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Quarterly volatility in the legacy business remains high, and while 2019 sales growth of 31% was a clear step forward, Q4 disappointed. With recent impressive `relying parties' announcements...

Quarterly volatility in the legacy business remains high, and while 2019 sales growth of 31% was a clear step forward, Q4 disappointed. With recent impressive `relying parties' announcements, we expect Verisec's Freja eID offering to become better reflected in the share price. We have lowered our fair value to SEK100-140 (110-150), but this still suggests an attractive investment opportunity in our view.Q4 takeaways. Q4 sales growth of 1% YOY was below our 24% expectation, with sales of SEK20m (18% below our estimate) as we had underestimated the quarterly lumpiness of the sales cycles in its legacy business. The top line was flat YOY with a 9% YOY increase in opex, resulting in a -47% EBIT margin (we forecast -29%). At end-Q4, its cash position was SEK10m (with a SEK22m unutilised credit facility); and with an annual FCF burn rate of cSEK25m-30m in 2016-2019, our base case assumes Verisec is adequately capitalised as long as Freja eID attracts a user base in 2020. For Freja eID, we believe Verisec has signed ~140 relying parties, in line with our target, of which around a third are offering Freja eID as an identification method, suggesting it is on track to reach 250+ by end-2020 (versus BankID at 600+).Freja eID news flow has been impressive of late, but two announcements worth highlighting are: 1) the partnership with Microsoft to provide secure login to Microsoft's public sector cloud service Office 365 (foremost for municipalities), which validates the Freja eID technology; and 2) being chosen as the exclusive eID for users of Studentkortet and the STUK app with ~600,000 active members, which highlights its ambition to build a user base where BankID is not as strong (target audience aged 13-25), providing a solid platform for user base growth in 2020.Fair value lowered to SEK100-140/share (110-150), suggesting we see an attractive investment opportunity trading at a 2020e EV/Sales of 3.2x (30% discount to its historical average). We consider Freja eID's user base growth a potential swing factor on its valuation, as we forecast a 30% sales CAGR until 2022e. Still, the discount to peers and its own historical average will likely remain until management starts disclosing Freja eID sales or provides proof-points of user updates in 2020.Click here to view full report (<a href="https://www.dnb.no/seg-fundamental/fundamentalweb/GetReports.aspx?file=CMPSP_150129.pdf&amp;Sid=1-367BEMU">https://www.dnb.no/seg-fundamental/fundamentalweb/GetReports.aspx?file=CMPSP_150129.pdf&amp;Sid=1-367BEMU</a>)Best regards __________________________________________________Joachim Gunell | DNB Markets | Equity Research DNB Bank ASA, Filial Sverige Visiting address: Regeringsgatan 59, Stockholm Postal address: 105 88 Stockholm E-mail: <virtloc>joachim.gunell@dnb.se</virtloc>| www.dnb.no