33 new service provider wins YTD and an accelerating pace of user intake (142k, showing 294% growth YOY) are early signs that Freja eID is starting to benefit from network effects, amplifying the value of its eID platform. We forecast a 76% sales CAGR to 2023e and see a potential boost to our user forecasts from its Covid-19 certificate, although we would need to become more comfortable with its ecosystem monetisation capabilities before we turn more positive. We have raised our fair value to SEK85–130 (75–125).
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