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Extensive research

Solid foundation for future growth

By Inderes
WithSecure
Download report (PDF)

To our minds, F-Secure offers a well-managed and run combination of investment-phase business seeking strong growth (corporate security) and stable business built on a solid foundation. During the past 5 years, the company has undergone a significant transformation from a consumer-driven endpoint protection company into a corporate cybersecurity company. During the last year, the transformation has now clearly progressed to a phase of acceleration, with F-Secure finding an acquisition target matching its strategy and the new product areas key to the strategy are beginning to be visible in the form of accelerating growth. With the strategy proceeding on the current path, we find the risk/reward ratio of the share attractive.

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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.

Read more on company page

Key Estimate Figures19.07.2019

201819e20e
Revenue190.7221.0238.3
growth-%12.4 %15.9 %7.8 %
EBIT (adj.)10.69.217.4
EBIT-% (adj.)5.6 %4.2 %7.3 %
EPS (adj.)0.020.010.03
Dividend0.000.000.01
Dividend %0.7 %
P/E (adj.)52.6119.854.9
EV/EBITDA27.121.522.5

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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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.