Freja eID is showing early platform success, and its decision to disclose the number of users (68k, with an additional backlog of 95k) is a positive signal to us. That said, until it proves that the eID platform can accelerate top-line growth, the stock should continue to lag. Having cut our 2020–2022 sales forecasts by 6%, we have arrived at a fair value of SEK50–100 (60–110).
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