SB1 Markets maintains a Buy rating on the video communications company Pexip and raises its price target to NOK 100, according to an analysis.
The bank sees significant potential for continued upselling to existing customers within Secure & Custom, where ARR from existing customers has increased 21 percent over the past year.
Defense and national security are highlighted in particular. SB1 estimates that only 11 percent of the potential penetration among NATO countries has so far been achieved and sees potential for defense-related ARR to eventually increase from 21 to 193 million dollars.
Pexip trades at 10.6x EV/ebitda based on 2028. SB1’s ebitda forecasts are 1-10 percent above consensus for 2026-2028.
Furthermore, the new price target corresponds to 20x cash flow per share for 2028.
