SSH Communications Security as an investment target

Here is a fresh company report on SSH from Roni. :slight_smile:

We have lowered our Q4 forecasts following SSH’s negative profit warning, but our forecasts for the coming years remain largely unchanged as the warning was due to a one-off license deal. The most interesting aspect of the 2025 financial statements is the growth outlook, especially regarding the Leonardo partnership. The growth potential brought by the partnership is significant, but so far there is no evidence of accelerating growth, and in our view, the risk-reward ratio of the stock, which prices in strong scalable growth for the coming years, is weak. We reiterate our target price of EUR 2.0 and our sell recommendation.

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