Company Overview
F-Secure is a leading provider of cybersecurity solutions, dedicated to protecting individuals and organizations from various threats in the digital age. With a strong focus on innovation and customer satisfaction, F-Secure aims to empower its customers with robust security measures to safeguard their digital assets. The company's mission is to deliver cutting-edge security products and services that cater to the evolving needs of its clients. At the heart of F-Secure's success lies its commitment to excellence, integrity, and collaboration. By fostering a culture of trust, expertise, and continuous improvement, F-Secure strives to be the trusted partner for individuals and organizations seeking peace of mind in the digital world.
Primary Mission
F-Secure's primary mission is to provide innovative cybersecurity solutions that empower individuals and organizations to protect themselves from an increasingly complex and evolving threat landscape. By delivering exceptional security products and services, F-Secure aims to safeguard its customers digital assets, maintain their trust, and foster a culture of security awareness.
Core Values
F-Secure's core values are built around the principles of excellence, integrity, collaboration, and continuous improvement. These values guide the company's decision-making processes, shape its corporate culture, and inspire its employees to strive for exceptional performance and customer satisfaction.
Key Products/Services
F-Secure offers a range of cybersecurity products and services designed to cater to diverse customer needs. Some of its key offerings include:
- Security Suite (F-Secure TOTAL): A comprehensive security solution that provides endpoint protection, threat detection, and incident response capabilities.
- Embedded Security: A suite of security solutions tailored for IoT devices, ensuring the protection of connected devices and their associated data.
- Digital Identity: A range of identity management solutions designed to safeguard users' digital identities and prevent identity theft.
- Managed Security Services: A comprehensive security-as-a-service solution that provides proactive threat detection, incident response, and security consulting services.
F-Secure's products and services are designed to provide robust security measures, simplify the management of cybersecurity risks, and empower customers to make informed decisions about their digital assets. By leveraging cutting-edge technologies and innovative solutions, F-Secure helps its customers navigate the complex world of cybersecurity and maintain peace of mind in the digital age.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 174.5 | 174.5 | 174.7 | 174.7 | 174.7 | 174.7 | 174.7 |
| Target Valuation (MEur) | 590.6 | 677.9 | 409.4 | 303.3 | 253.9 | 240.5 | 240.5 |
| Targer Price | 3.38 | 3.88 | 2.34 | 1.74 | 1.45 | 1.38 | 1.38 |
| Potential, % | 19.6 | 90.9 | 29.9 | -10.2 | -22.4 | -26.5 | -26.5 |
| Recommendation | Hold | Buy | Buy | Hold | Sell | Sell | Sell |
| MCAP (MEur) | 493.9 | 355.2 | 315.1 | 337.9 | 327.1 | 327.1 | 327.1 |
| Price | 2.83 | 2.04 | 1.8 | 1.93 | 1.87 | 1.87 | 1.87 |
| EV | 475.0 | 533.0 | 479.0 | 484.0 | 455.0 | 434.0 | 413.0 |
| P/S | 4.45 | 2.72 | 2.15 | 2.32 | 2.47 | 2.61 | 2.61 |
| EV/S | 4.27 | 4.08 | 3.27 | 3.32 | 3.44 | 3.47 | 3.29 |
| EV/EBIT | 12.24 | 18.06 | 12.46 | 13.61 | 16.83 | 16.49 | 15.09 |
| P/E | 18.42 | 15.88 | 14.96 | 15.1 | 18.39 | 14.49 | 15.8 |
| P/B | 19.91 | 10.73 | 6.7 | 6.03 | 4.76 | 3.58 | 2.92 |
| P/OCF | 13.58 | 11.8 | 8.12 | 7.75 | 9.51 | 10.0 | 9.83 |
| EV/OCF | 13.05 | 17.69 | 12.33 | 11.1 | 13.23 | 13.28 | 12.42 |
| P/FCF | 15.56 | -1.91 | 11.43 | 10.97 | 15.45 | 15.82 | 15.4 |
| EV/FCF | 14.95 | -2.87 | 17.36 | 15.7 | 21.5 | 21.02 | 19.46 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 111.0 | 130.4 | 146.3 | 145.7 | 132.4 | 125.1 | 125.5 |
| Rev. Growth, % | 0.0 | 17.5 | 12.2 | -0.4 | -9.1 | -5.5 | 0.3 |
| Ebit | 38.8 | 29.5 | 38.4 | 35.5 | 27.0 | 26.3 | 27.4 |
| Ebit Growth, % | 0.0 | -24.0 | 30.2 | -7.6 | -23.9 | -2.6 | 4.2 |
| Ebit, % | 35.0 | 22.6 | 26.2 | 24.4 | 20.4 | 21.0 | 21.8 |
| Profit | 26.8 | 22.4 | 21.1 | 22.4 | 17.8 | 22.6 | 20.7 |
| EPS | 0.15 | 0.13 | 0.12 | 0.13 | 0.1 | 0.13 | 0.12 |
| Profit Growth, % | 0.0 | -16.4 | -5.8 | 6.2 | -20.5 | 27.0 | -8.4 |
| Profit, % | 24.1 | 17.2 | 14.4 | 15.4 | 13.4 | 18.1 | 16.5 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acc. Receivable | 23.0 | 35.6 | 37.0 | 34.0 | 33.9 | 33.1 | 32.7 |
| Cash | 23.0 | 15.9 | 8.1 | 10.8 | 20.7 | 41.3 | 62.6 |
| Equity | 24.8 | 33.1 | 47.0 | 56.0 | 68.7 | 91.3 | 112.0 |
| ROE, % | 108.1 | 67.7 | 44.9 | 40.0 | 25.9 | 24.8 | 18.5 |
| ROCE, % | 136.4 | 13.0 | 17.6 | 16.7 | 12.4 | 11.0 | 10.5 |
| Net Debt | -19.3 | 177.4 | 163.6 | 145.6 | 128.1 | 107.4 | 86.2 |
| Gearing, % | -77.8 | 536.2 | 348.0 | 260.0 | 186.4 | 117.7 | 77.0 |
| Equity ratio, % | 39.6 | 12.0 | 17.4 | 21.5 | 25.2 | 31.6 | 37.9 |
| Acc. Payable | 7.8 | 14.2 | 14.1 | 14.7 | 19.0 | 20.4 | 20.9 |
| Total Assets | 62.7 | 275.3 | 270.6 | 261.1 | 272.8 | 288.6 | 295.4 |
| ROA, % | 42.7 | 8.1 | 7.8 | 8.6 | 6.5 | 7.8 | 7.0 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 36.4 | 30.1 | 38.8 | 43.6 | 34.4 | 32.7 | 33.3 |
| Investment Cash Flow | -4.6 | -215.7 | -11.2 | -12.8 | -13.2 | -12.0 | -12.0 |
| Free Cash Flow | 31.7 | -185.6 | 27.6 | 30.8 | 21.2 | 20.7 | 21.2 |
| OCF/CAPEX | 7.84 | 0.14 | 3.45 | 3.41 | 2.6 | 2.72 | 2.76 |
| Financial Cash Flow | -8.8 | 178.7 | -35.4 | -27.8 | -11.3 | 0.0 | 0.0 |
Disclaimer
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
The data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.
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