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Extensive research

WithSecure: A corporate security growth company a with cheap valuation

By Atte RiikolaAnalyst
WithSecure
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In the next few years, WithSecure, profiled as a growth company in corporate security, will invest heavily in growing its cloud-native product portfolio. In the short term, this depresses the company's profitability, but if the strategy is successful, the path to significant profitability improvement and shareholder value creation is clear. The first signs of gradually improving figures were already seen in Q3, but in the big picture proper results will only be achieved in the longer term. After a sharp share price decline we do not believe that the current valuation of WihSecure’s share puts significant weight on the company's underlying scalable growth potential.

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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 Figures24.11.2022

202122e23e
Revenue130.0135.0153.6
growth-%-41.0 %3.9 %13.7 %
EBIT (adj.)-26.8-33.0-16.0
EBIT-% (adj.)-20.6 %-24.4 %-10.4 %
EPS (adj.)-0.13-0.17-0.08
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDAneg.neg.neg.

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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