F-Secure as an investment

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480

We reiterate our Add recommendation for F-Secure and a target price of EUR 2.0. The company’s Q1 figures were in line with our expectations, and our forecasts remain practically unchanged. With the Verizon agreement, F-Secure’s Tier1 strategy is set to truly kick off this year, offering clear earnings growth potential for the coming years. Compared to this, the stock’s current valuation (2026e-2027e adj. P/E 10x-9x) is, in our opinion, very modest.

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