First of all, apologies for only quoting part of the text, as it may lead to a distortion of the message. It fits my own context and what I have come here to ask. Atte spoke of the whole being a disappointment. In the quoted message, the cash flow and the melting of debt are positive. If the whole is a disappointment, there must be several things wrong. In another message, the situation was seen as quite positive. How then does the whole thing turn into a disappointment? User numbers and, through that, a revenue disappointment. To me, it seemed like a profit disappointment was being referred to. OK, the result is a disappointment too. Why then is the EPS better than the previous year? If the whole thing is off, I think EPS should decrease, and consequently the dividend. To me, the outlook was promising, not a disappointment. Secure is indeed the kind of company that has grown at the pace of GDP, and anything more robust is a plus.
A scenario is possible where F-Secure hires R&D (tuotekehitys) developers and they do development, but cybersecurity is not needed because it comes directly from hardware manufacturers, Microsoft (Mikkisofta), etc. But I personally see the whole picture more as Trump (Trumpetti) sounding off in America and us having to be somewhat concerned about Greenland. Furthermore, a minister here has said that storing healthcare data in cloud services is a risk. Valtori has reported a data breach just within the last couple of days. Well, if reliable cybersecurity and connections from Europe are needed, what are the options?
In my own opinion, there is strong potential here that the only issue—the decline in user numbers—will turn into an increase. If it turns into an increase, I assume revenue and subsequently earnings will follow suit, even if one-time R&D costs continue. Essentially, I think the one-time cost is just that and will disappear from future reports. But I am not sure if the “negative whole” will disappear. To me, a one-time R&D cost or a decline in users is not the whole, but rather a detail. So now I am trying to find what it is that I do not understand. On the other hand, I am looking for a bit of a “brake” for my own view. Peter Lynch advises waiting for evidence of growth in earnings before buying. There is still plenty of time to get in then. I am tempted to act already at this stage when cash flow is growing. That could be considered evidence.