We are encouraged by early indicators of the growing value of the Freja eID ecosystem, with 200k+ users and 600k+ quarterly transactions showing 300%+ YOY growth in Q2. We still forecast a 75%+ revenue CAGR to 2023e, despite lowering our 2021–2022e sales by 15% as we await further signs that management can execute on platform monetisation. Following the 3:1 share split and SEK70m rights issue, we have lowered our fair value to SEK25–40 (85–130), which corresponds to a 2022e EV/sales of 6–9x.
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