DNB Markets - Freja eID: Set for acceleration of monetisation
Freja eID's strong commercial momentum through 2021 laid a promising foundation to fuel its financial profile as well. We are encouraged by the improved granularity on the SaaS-like revenue streams that should provide better earnings resilience. That said, it is likely to ramp up slightly more slowly than we had previously expected. Thus, we have lowered our 2022–2023e sales by ~8% and as we expect Freja eID to undertake a ~SEK50m recapitalisation in 2022, we have cut our fair value to SEK17–25 (20–35).Some pluses and some minuses. We are surprised by the commercial traction Freja eID has