F-Secure

1.806 EUR

-2.69 %

FSECURE

NASDAQ Helsinki

IT Services

Technology

2,380 following

-2.69%

-4.65%

-13.17%

-11.47%

-9.06%

-11.25%

-1.31%

-33.11%

investors.f-secure.com/en

F-Secure is a technology company. The company specializes in the area of cyber security. The range mainly includes various programs for security and privacy products, which are also used to manage risks online. Customers are found in a number of sectors and the largest operations are conducted in the Nordic market. The company was created via a spin-off from WithSecure.

P/E (adj.) (24e)

11.14

EV/EBIT (adj.) (24e)

10.1

EV/S (24e)

3.32

Dividend yield-% (24e)

3.88 %

Target price

2.30 EUR

Recommendation

Accumulate

Updated

24.10.2024

NASDAQ Helsinki

FSECURE

Daily low / high price

1.784 / 1.86 EUR

Market cap

315.46M EUR

Turnover

152.57K EUR

Volume

84K

Business risk

Valuation risk

Current

Atte Riikola

Analyst

Roni Peuranheimo

Analyst

Latest videos

F-Secure Oyj, Q3'24

2024-10-24

F-Secure's Half Year Financial Report 1 January–30 June 2024

2024-07-18

F-Secure's Interim Report 1 January–31 March 2024

2024-04-26

Financial calendar

Annual report

2025-02-06

General meeting

2025-04-01

Interim report

2025-04-29

Interim report

2025-07-18

Interim report

2025-10-28

Income statement

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Revenue	100.1	106.3	111.0	130.4	145.7	148.6	155.0	160.5
growth-%	5.5 %	6.1 %	4.5 %	17.4 %	11.7 %	2.0 %	4.3 %	3.5 %
EBITDA	46.7	45.0	40.7	37.7	53.1	55.2	59.7	63.3
EBIT (adj.)	44.7	45.9	42.5	42.1	47.9	48.6	52.0	54.5
EBIT	44.7	43.5	38.8	29.5	39.8	40.8	44.0	46.5
Profit before taxes	43.7	43.6	38.6	27.7	28.1	31.0	35.4	39.5
Net income	34.2	34.4	30.2	22.4	21.9	24.2	27.2	30.8
EPS (adj.)	0.20	0.21	0.19	0.19	0.16	0.17	0.19	0.21
growth-%	19.2 %	6.3 %	-7.0 %	-2.3 %	-14.2 %	7.4 %	10.6 %	10.6 %
Dividend	0.00	0.00	0.07	0.07	0.07	0.08	0.09	0.10
Dividend ratio			40.5 %	54.7 %	55.9 %	57.8 %	57.8 %	56.8 %

Profitability and return on capital

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
EBITDA-%	46.7 %	42.4 %	36.7 %	28.9 %	36.5 %	37.2 %	38.5 %	39.5 %
EBIT-% (adj.)	44.6 %	43.2 %	38.3 %	32.3 %	32.9 %	32.7 %	33.5 %	34.0 %
EBIT-%	44.6 %	40.9 %	34.9 %	22.6 %	27.3 %	27.5 %	28.4 %	29.0 %
ROE	619.7 %	370.0 %	175.6 %	77.3 %	57.7 %	49.6 %	44.4 %	40.8 %
ROI	774.1 %	455.5 %	184.9 %	22.5 %	17.5 %	18.4 %	20.1 %	21.5 %

Valuation

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Share price (EUR)			2.83	2.04	1.81	1.81	1.81	1.81
Shares	174.6	174.6	174.5	174.7	174.7	174.7	174.7	174.7
Market cap			493.9	355.5	315.5	315.5	315.5	315.5
Enterprise value			478.3	536.5	483.6	468.5	451.4	431.4
EV/S	-	-	4.3	4.1	3.3	3.2	2.9	2.7
EV/EBITDA	-	-	11.7	14.2	9.1	8.5	7.6	6.8
EV/EBIT (adj.)	-	-	11.2	12.7	10.1	9.6	8.7	7.9
EV/EBIT	-	-	12.3	18.2	12.1	11.5	10.3	9.3
P/E (adj.)	-	-	14.6	10.8	11.1	10.4	9.4	8.5
P/E	-	-	16.4	15.9	14.4	13.1	11.6	10.2
P/B	-	-	19.9	10.7	7.4	5.8	4.6	3.8
P/S	-	-	4.4	2.7	2.2	2.1	2.0	2.0
Dividend yield			2.5 %	3.4 %	3.9 %	4.4 %	5.0 %	5.5 %
Equity ratio	24.5 %	24.5 %	39.6 %	12.0 %	15.8 %	20.5 %	25.6 %	31.5 %
Gearing ratio	2.8 %	2.6 %	-63.0 %	547.3 %	393.6 %	279.9 %	200.1 %	139.8 %

Quarter data

	Q4/23	2023	Q1/24	Q2/24	Q3/24	Q4/24e	2024e	Q1/25e	Q2/25e
Revenue	36.9	130.4	36.4	36.5	36.3	36.4	145.7	36.6	37.1
EBITDA	10.1	37.7	13.1	13.5	14.9	11.5	53.1	13.4	13.4
EBIT	7.1	29.5	10.0	10.2	11.5	8.1	39.8	9.8	9.8
Profit before taxes	3.6	27.7	7.1	6.9	8.7	5.5	28.1	7.2	7.3
Net income	3.2	22.4	5.5	5.4	6.7	4.2	21.9	5.6	5.7

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Webcast11/24/2024, 11:00 AM

F-Secure Investor Day 2024

F-Secure will provide an update on the company’s sales and product strategy and drivers for growth and profitability.

F-Secure

1.806

EUR

-2.69 %

Analyst

Latest videos

Financial calendar

Income statement

Profitability and return on capital

Valuation

Quarter data

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