DNB Markets - Freja eID Group: 2021 shaping up to be a good year
33 new service provider wins YTD and an accelerating pace of user intake (142k, showing 294% growth YOY) are early signs that Freja eID is starting to benefit from network effects, amplifying the value of its eID platform. We forecast a 76% sales CAGR to 2023e and see a potential boost to our user forecasts from its Covid-19 certificate, although we would need to become more comfortable with its ecosystem monetisation capabilities before we turn more positive. We have raised our fair value to SEK85–130 (75–125).Strong Q1 metrics broadly in line with our estimates. Freja eID reported 142k