DNB Markets - Freja eID: Entering the next phase
With its 332k+ user base and 900k+ quarterly transactions, Freja eID’s app is one of the most popular in Sweden. As Freja eID is set to focus more on fine-tuning the commercial aspects of its growing eID ecosystem, we await further platform monetisation. We have cut our 2021–2022e net sales by 24–17%, and forecast a 64%+ revenue CAGR for 2020–2023. We have lowered our fair value to SEK20–35 (25–40).Users rose 396% YOY, transactions 342% YOY, and services 64% YOY in Q3. We recognise that Freja eID is still in the early stages and has been one of the most downloaded apps in Sweden recently