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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.


F-Secure's share is currently in an interesting special situation when the company is strategically assessing the possibility to separate its consumer and corporate activities into own companies.


For the last five years, F-Secure has been making significant investments in corporate security, and the fruits of the new product and service areas are beginning to be ready to be harvested in the form of accelerating growth once the COVID-19 situation stabilises. The stable performance of consumer security provides background support for continuing investments in corporate growth areas, while the company’s steady and continuous software business on the whole balances risks as COVID-19 is still increasing uncertainty in the short term.


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.


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.