Yubico Valuation

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

YUBICO (SEK263.5) is trading above our estimate of [[fair value]] (SEK263.11)

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

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: YUBICO (SEK263.5) is trading above our estimate of fair value (SEK263.11)

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

Key Valuation Metric

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

Key metric: As YUBICO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for YUBICO. This is calculated by dividing YUBICO's market cap by their current earnings.
What is YUBICO's PE Ratio?
PE Ratio	65.7x
Earnings	SEK 345.60m
Market Cap	SEK 22.05b

YUBICO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	9.4x
Enterprise Value/EBITDA	48x
PEG Ratio	2.3x

Price to Earnings Ratio vs Peers

How does YUBICO's PE Ratio compare to its peers?

The above table shows the PE ratio for YUBICO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	54.5x
MSAB B Micro Systemation	63.8x	53.8%	SEK 919.7m
VIT B Vitec Software Group	47x	18.1%	SEK 18.3b
ADVE Advenica	75.3x	n/a	SEK 435.5m
TRUE B Truecaller	32.1x	23.6%	SEK 15.9b
YUBICO Yubico	65.7x	28.7%	SEK 22.0b

Price-To-Earnings vs Peers: YUBICO is expensive based on its Price-To-Earnings Ratio (65.7x) compared to the peer average (54.5x).

Price to Earnings Ratio vs Industry

How does YUBICO's PE Ratio compare vs other companies in the SE Software Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap
SPEONE SpectrumOne	1.9x	n/a	US$10.58m

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: YUBICO is expensive based on its Price-To-Earnings Ratio (65.7x) compared to the European Software industry average (28.8x).

Price to Earnings Ratio vs Fair Ratio

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

YUBICO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	65.7x
Fair PE Ratio	37.2x

Price-To-Earnings vs Fair Ratio: YUBICO is expensive based on its Price-To-Earnings Ratio (65.7x) compared to the estimated Fair Price-To-Earnings Ratio (37.2x).

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 YUBICO forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 263.50	SEK 321.25 +21.9%	4.2%	SEK 335.00	SEK 300.00	n/a	4
Nov ’25	SEK 259.50	SEK 318.33 +22.7%	4.1%	SEK 330.00	SEK 300.00	n/a	3
Oct ’25	SEK 242.00	SEK 321.67 +32.9%	4.8%	SEK 335.00	SEK 300.00	n/a	3
Sep ’25	SEK 281.00	SEK 296.67 +5.6%	11.0%	SEK 335.00	SEK 255.00	n/a	3
Aug ’25	SEK 267.50	SEK 267.50 0%	4.7%	SEK 280.00	SEK 255.00	n/a	2
Jul ’25	SEK 224.00	SEK 265.00 +18.3%	5.7%	SEK 280.00	SEK 250.00	n/a	2
Jun ’25	SEK 241.50	SEK 255.00 +5.6%	9.8%	SEK 280.00	SEK 230.00	n/a	2
May ’25	SEK 194.80	SEK 252.50 +29.6%	8.9%	SEK 275.00	SEK 230.00	n/a	2
Apr ’25	SEK 190.60	SEK 252.50 +32.5%	8.9%	SEK 275.00	SEK 230.00	n/a	2

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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