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.