Redeye Update: Verisec: Progress in the UK
Revenues came in below expectations, at SEK 12. 3 million compared to the predicted SEK 20 million. EBIT was SEK -5. 6 million, expected SEK -1 million.
During the quarter, Verisec strengthened its position in the UK. The company signed a comprehensive contract for public procurement that includes all British authorities and public institutions. Our fair value range indicates a value of SEK 40-120 SEK with a DCF-value of SEK 65 in our base case.
The changed DCF-value is motivated by higher estimates for 2017 and beyond. “Ownership” in our Redeye rating is raised due to the new institutional owner Svolders entrance.