F-Secure as an investment

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We reiterate our Accumulate recommendation for F-Secure and revise our target price to EUR 2.0 (previously EUR 1.9). F-Secure announced on Tuesday a partnership with Verizon and, due to the large scale of the agreement, also raised its revenue outlook for this year. Earnings guidance was kept unchanged for now, but in light of our increased estimates, development is heading towards the upper end of the current range, and in a favorable scenario, earnings guidance could still be raised during the year. Yesterday’s news confirms that F-Secure’s Tier 1 strategy is gaining real momentum this year, which offers clear earnings growth potential for the coming years. In view of this, the stock’s current valuation (2026e P/E 10.5) is, in our opinion, very moderate.

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