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Extensive research

Wait for the acceleration of growth continues

By Inderes
WithSecure
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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’s stable growth outlook has already been priced in the share, and therefore the risk-reward ratio is neutral.

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 Figures22.09.2020

201920e21e
Revenue217.3217.8229.4
growth-%14.0 %0.2 %5.3 %
EBIT (adj.)9.620.121.0
EBIT-% (adj.)4.4 %9.2 %9.2 %
EPS (adj.)0.010.030.04
Dividend0.000.000.02
Dividend %0.0 %0.0 %0.9 %
P/E (adj.)92.554.545.7
EV/EBITDA15.920.019.1

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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