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Freja eID Group Mostly pluses, but some minuses - DNB

FREJAThird party research13.08.2021, 07.42

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
We are encouraged by early indicators of the growing value of the Freja eID ecosystem, with 200k+ users and 600k+ quarterly transactions showing 300%+ YOY growth in Q2. We still forecast a 75%+ revenue CAGR to 2023e, despite lowering our 2021–2022e sales by 15% as we await further signs that management can execute on platform monetisation. Following the 3:1 share split and SEK70m rights issue, we have lowered our fair value to SEK25–40 (85–130), which corresponds to a 2022e EV/sales of 6–9x.