DNB Markets - Verisec: Freja eID momentum building up...
… as Covid-19 is forcing organisations to work remotely, resulting in a spike in demand for secure digital processes. Still, we are concerned about delayed sales cycles for its legacy security products, hence we have cut our 2020–2022e sales forecasts by ~10%, which cuts our fair value to SEK80–120 (100–140).Potential Covid-19 implications should work both ways for Verisec in our view. On the negative side, the business model is dependent on volumes, which should come down in a worsening economic climate, while sales cycles are likely to be delayed. Still, we believe that demand for its