F-Secure

1.822 EUR

-3.5 %

FSECURE

NASDAQ Helsinki

IT Services

Technology

2,384 following

-3.5%

-12.4%

-11.77%

-8.07%

-10.47%

-0.65%

-32.52%

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)

11.24

EV/EBIT (adj.) (24e)

10.16

EV/S (24e)

3.34

Dividend yield-% (24e)

3.84 %

Target price

2.30 EUR

Recommendation

Accumulate

Updated

24.10.2024

NASDAQ Helsinki

FSECURE

Daily low / high price

1.816 / 1.896 EUR

Market cap

318.25M EUR

Turnover

145.31K EUR

Volume

78K

Business risk

Valuation risk

Current

Atte Riikola

Analyst

Roni Peuranheimo

Analyst

Latest videos

F-Secure Investor Day 2024

20.11.2024

F-Secure Oyj, Q3'24

24.10.2024

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

18.07.2024

Financial calendar

Annual report

06.02.2025

General meeting

01.04.2025

Interim report

29.04.2025

Interim report

18.07.2025

Interim report

28.10.2025

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	1.82	1.82	1.82	1.82
Shares	174.6	174.6	174.5	174.7	174.7	174.7	174.7	174.7
Market cap			493.9	355.5	318.3	318.3	318.3	318.3
Enterprise value			478.3	536.5	486.4	471.3	454.2	434.2
EV/S	-	-	4.3	4.1	3.3	3.2	2.9	2.7
EV/EBITDA	-	-	11.7	14.2	9.2	8.5	7.6	6.9
EV/EBIT (adj.)	-	-	11.2	12.7	10.2	9.7	8.7	8.0
EV/EBIT	-	-	12.3	18.2	12.2	11.6	10.3	9.3
P/E (adj.)	-	-	14.6	10.8	11.2	10.5	9.5	8.6
P/E	-	-	16.4	15.9	14.6	13.2	11.7	10.3
P/B	-	-	19.9	10.7	7.4	5.8	4.7	3.8
P/S	-	-	4.4	2.7	2.2	2.1	2.1	2.0
Dividend yield			2.5 %	3.4 %	3.8 %	4.4 %	4.9 %	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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Webcastyesterday

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

1.822

EUR

-3.5 %

Analyst

Latest videos

Financial calendar

Income statement

Profitability and return on capital

Valuation

Quarter data

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