DNB Markets - Freja eID: Planting the seeds for sales growth
Freja eID has built a strong platform and we are encouraged by early uptake metrics such as a 100k users expanding by 285% YOY and 252 relying parties showing 61% YOY growth. We also recognise that it still has a lot of work to do to demonstrate monetisation of the ecosystem, but Freja eID appears to have the right balance of user simplicity and capabilities. We forecast a 76% sales CAGR to 2023e and have lifted our fair value to SEK75–125 (50–100).Q4 takeaways. Sales of SEK6m (flat YOY) beat our forecast of SEK5m, mainly related to secure fulfilment services, with Freja eID enjoying SEK0.