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Extensive research

Initiation of coverage - New strategy in acceleration phase

WithSecure
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The shift in the focus of the information security market from blocking threats to detecting them has required considerable regeneration from F-Secure. The company launched a strategy intended for the growing corporate security markets in 2015 to respond to the change, and that strategy has now reached a stage where growth can be accelerated thanks to an expanded product and service portfolio. However, the company still has to unify its solution portfolio and develop a sales channel for the larger enterprise segment before the alluring growth potential of the market is fully realized.

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WithSecure operates in the IT sector. The company specializes in cybersecurity solutions and provides IT solutions used to manage computer viruses and other potential IT threats in data, mobile and cloud services. The company's services are offered mainly to corporate customers and larger institutions. Operations are held throughout the Nordic and European markets. The headquarters are located in Helsinki.

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Key Estimate Figures09.03.2018

201718e19e
Revenue169.7182.0196.6
growth-%7.2 %7.2 %8.0 %
EBIT (adj.)11.110.015.2
EBIT-% (adj.)6.5 %5.5 %7.7 %
EPS (adj.)0.030.020.03
Dividend0.020.020.02
Dividend %1.0 %0.9 %1.2 %
P/E (adj.)57.083.055.8
EV/EBITDA29.934.525.8

Forum discussions

Has anyone thought about how redemptions should be reported to the tax authorities? Nordnet has reported the acquisition cost as 0. F-Secure...
11/20/2025, 7:31 AM
by enska
1
Here are Ate’s comments on the preliminary result of WithSecure’s subsequent tender offer period. Inderes WithSecuren ostotarjouksen jälkikä...
11/19/2025, 5:47 AM
by Sijoittaja-alokas
2
The offer period ends on 17.11, so you can still participate on Monday.
11/14/2025, 8:34 PM
by Critter
0
Well, that’s pretty odd. So I ended up letting my money sit idle for a while for nothing.
11/14/2025, 5:12 PM
by Maukkaperusjätkä
0
It seems something went wrong with the approval and it hasn’t been completed. If I were you, I would probably sell on the stock exchange on ...
11/14/2025, 5:06 PM
by Tmpr2000
2
It hasn’t been
11/14/2025, 4:44 PM
by Maukkaperusjätkä
0
They are gone. That story is over. We should invent characters….
11/14/2025, 4:19 PM
by Cezeta
1
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