IFreja’s Q3 report confirmed our positive views and our concerns. We are encouraged by the operating KPI trends (number of users, relying parties and ARR). However, the ability to accelerate monetisation on its eID platform remains a challenge. Given that the ramp-up is taking longer than expected, platform interaction activity has slowed and fewer new relying parties are being added, we have lowered our fair value to SEK6–10 (7–11), having cut our 2022–2023e sales by ~7%.
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