WithSecure Oyj

HLSE:WITH Stock Report

Market Cap: €134.8m

WithSecure Oyj Valuation

Is WITH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of WITH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: WITH (€0.77) is trading above our estimate of fair value (€0.66)

Significantly Below Fair Value: WITH is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for WITH?

Key metric: As WITH is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for WITH. This is calculated by dividing WITH's market cap by their current revenue.
What is WITH's PS Ratio?
PS Ratio0.9x
Sales€147.20m
Market Cap€134.83m

Price to Sales Ratio vs Peers

How does WITH's PS Ratio compare to its peers?

The above table shows the PS ratio for WITH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.6x
LEMON Lemonsoft Oyj
3.7x6.2%€107.3m
BITTI Bittium Oyj
3.2x11.6%€247.7m
ADMCM Admicom Oyj
6.9x8.7%€241.1m
LOIHDE Loihde Oyj
0.4x3.6%€60.7m
WITH WithSecure Oyj
0.9x5.0%€134.8m

Price-To-Sales vs Peers: WITH is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (3.6x).

Price to Sales Ratio vs Industry

How does WITH's PS Ratio compare vs other companies in the European Software Industry?

42 CompaniesPrice / SalesEstimated GrowthMarket Cap
WITH 0.9xIndustry Avg. 2.0xNo. of Companies50PS0246810+
42 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: WITH is good value based on its Price-To-Sales Ratio (0.9x) compared to the European Software industry average (2x).

Price to Sales Ratio vs Fair Ratio

What is WITH's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

WITH PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.9x
Fair PS Ratio2.3x

Price-To-Sales vs Fair Ratio: WITH is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (2.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst WITH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.77
€1.12
+46.2%
10.4%€1.30€1.00n/a5
Nov ’25€0.76
€1.24
+63.2%
16.6%€1.60€1.00n/a5
Oct ’25€1.03
€1.36
+32.6%
15.1%€1.60€1.00n/a5
Sep ’25€1.04
€1.32
+26.4%
16.1%€1.60€1.00n/a6
Aug ’25€1.04
€1.32
+26.8%
16.1%€1.60€1.00n/a6
Jul ’25€1.02
€1.32
+28.8%
16.1%€1.60€1.00n/a6
Jun ’25€1.10
€1.32
+19.7%
16.1%€1.60€1.00n/a6
May ’25€1.07
€1.32
+23.1%
16.1%€1.60€1.00n/a6
Apr ’25€1.06
€1.33
+25.3%
17.1%€1.60€1.00n/a6
Mar ’25€1.05
€1.33
+26.5%
17.1%€1.60€1.00n/a6
Feb ’25€1.05
€1.32
+24.9%
17.8%€1.60€1.00n/a6
Jan ’25€1.04
€1.29
+24.7%
17.9%€1.60€1.00n/a6
Dec ’24€0.93
€1.31
+40.2%
22.8%€1.80€1.00n/a6
Nov ’24€0.83
€1.36
+63.7%
26.6%€1.90€1.00€0.766
Oct ’24€1.03
€1.47
+42.7%
19.2%€1.90€1.20€1.036
Sep ’24€1.06
€1.47
+38.0%
19.2%€1.90€1.20€1.046
Aug ’24€1.01
€1.47
+44.9%
19.2%€1.90€1.20€1.046
Jul ’24€1.17
€1.77
+50.9%
15.9%€2.10€1.30€1.026
Jun ’24€1.39
€1.85
+33.7%
13.4%€2.20€1.50€1.106
May ’24€1.49
€1.87
+25.6%
12.1%€2.20€1.60€1.076
Apr ’24€1.53
€1.89
+23.8%
13.2%€2.30€1.60€1.066
Mar ’24€1.67
€2.06
+23.0%
15.8%€2.60€1.63€1.056
Feb ’24€1.44
€1.91
+33.1%
19.8%€2.60€1.45€1.055
Jan ’24€1.37
€2.04
+48.6%
14.1%€2.60€1.80€1.045
Dec ’23€1.40
€2.04
+45.7%
14.1%€2.60€1.80€0.935
Nov ’23€1.59
€2.08
+30.7%
12.7%€2.60€1.90€0.835

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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