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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      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
    }
  }
}


f-secure-stable-growth-and-value-creation-through-special-situation

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

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.

The proposed redemption price is the same as the offer price at which they would have purchased the shares. So, there is no risk in that regard. Additionally, as I understand it, they will pay interest for the duration of the redemption process. Let’s see how this turns out in due course. Will it be the same amount plus interest, or perhaps more?

Siilasmaa sells his shares and pays capital gains tax. After that, he reinvests the net amount back into the new company. I don’t know how his ownership stake will change, but the motivation is that he can develop the new company together with a private equity investor away from the public market through a transition period. Once the company has been grown to a new scale and made profitable, he can, for example, list the company back on the stock exchange at a significantly higher valuation. In any case, the private equity investor’s goal is to develop the company for a few years and then sell their stake. Private equity investors know this game and are very likely right in this case as well. Although the premium paid was good, they got WithSecure at a low price. Nevertheless, it’s probably worth selling the shares now. At least that’s what I did.

I wonder what Siilasmaa’s motivation is to sell his own shares and then join the buyer consortium to pay a significantly higher price for them? I would think that the future outlook is more positive among the insiders… Only time will tell how this turns out.

The tender offer was a godsend for all shareholders, considering how WS’s position in cybersecurity in Finland is crumbling at an accelerating pace. I wouldn’t think for a second about whether to accept the offer; the ride down could have been very cold without it.

Hi, Is there perhaps a discussion thread here, or others interested in opposing the redemption price proposed by Bidco in arbitration? The redemption price is attractive relative to an offer made at a historical rock-bottom. Siilasmaa’s consortium is certainly not buying anything at an overprice; instead, they see clear potential in WithSecure in the current global situation. The timing of a takeover bid is rarely a coincidence. I am personally opposing it and demanding a higher redemption price, considering future prospects and comparable companies. Even if the money is tied up for a while, it will eventually arrive with interest at the very least.

Has anyone thought about how redemptions should be reported to the tax authorities? Nordnet has reported the acquisition cost as 0. F-Secure shares bought 20 years ago for less than one euro per share?

Here are Ate’s comments on the preliminary result of WithSecure’s subsequent tender offer period.                    Inderes              WithSecuren ostotarjouksen jälkikäteisen tarjousajan alustava tulos julki -...    Jälkikäteisen tarjousajan alustavan tuloksen perusteella ostotarjous hyväksyttiin 1 259 996 osakkeen osalta, jotka edustavat noin 0,7 % WithSecuren osakkeista ja äänioikeuksista.

WithSecure

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.

<p>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. We see consumer and corporate security as more valuable separately than together but believe that this is already fully reflected in the share value. </p> 

	2020	21e	22e
Revenue	220.2	236.7	254.7
growth-%	1.3 %	7.5 %	7.6 %
EBIT (adj.)	22.9	26.6	29.6
EBIT-% (adj.)	10.4 %	11.2 %	11.6 %
EPS (adj.)	0.04	0.05	0.05
Dividend	0.02	0.02	0.02
Dividend %	1.0 %	0.9 %	1.2 %
P/E (adj.)	39.7	33.8	31.4
EV/EBITDA	16.7	18.7	15.8

F-Secure: Stable growth and value creation through special situation

Key Estimate Figures17.11.2021

Forum discussions