Carnegie - Analyse på FINGERPRINT CARDS
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"We expect 71% revenue growth in 2015-17 following a commercial breakthrough in 2015. Fingerprint Cards benefits from a first-mover advantage amid a global drive for integration of fingerprint sensors into smartphones. A broad product portfolio, long experience with OEM integration, strong IP and low costs have made Fingerprint Cards a winner in this new era of biometric security mass adoption.
We are initiating coverage of Fingerprint Cards with a BUY recommendation and target price of SEK350.
Given fingerprint adoption of around ~26% in consumer electronics currently, we calculate a total addressable consumer electronics market of USD1.67bn, growing to USD2.15bn by 2017e and 47% adoption driven by global initiatives in online banking, cloud computing and sensor technology allowing an acceptable mass-market price. Emerging verticals such as payment cards may provide additional potential.
We estimate that Fingerprint Cards has close to 100% market share in consumer electronics, excluding Apple and Samsung. With little competition initially, we estimate 71% average revenue growth and 84% EPS growth in 2015-17e. We expect the scalable business model to offset ASP and gross margin pressure, and increasing penetration to mitigate market share pressure.
The company¿s first-mover advantage has created an entrenched position and a large scale which is hard to compete with. We argue that the massive earnings momentum warrants at least a P/E(16e) of 15x despite technological and competitive risks tied to a new market."
Research analysts:
Harvard Nilsson +47 22 00 93 78 hn@carnegie. no -
Det ser rigtig positivt ud.
Hvis Android Pay og Samsung Pay bliver en realitet (hvilket det højst sandsynligt gør) så må man forvente at samtlige modeller af disse mærker vil have en integreret FP-sensor. Det tyder mere og mere på at FP-sensor bliver en standard bestanddel af nutidens smartphones ligesom kamera linsen blev det for almindelige mobiltelefoner.
Hvis FPC kan hapse de enkelte kunder Synaptics har for smartphones herunder bl.a. Samsung så er det kun fantasien der sætter grænser for kursen af FPC. -
"FINGERPRINT er Sveriges smarteste virksomhed".
http://www.di.se/di/artiklar/2015/9/9/vi-ar-sveriges-smartaste-bolag
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