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Sekur Private Data Ltd (CSE:SKUR) (OTCQX:SWISF): Fundamental Research Corp Issues a Buy Rating

By: AB Newswire

July 31, 2023 at 17:16 PM EDT

The company is one of the leading cybersecurity firms in the industry. Sekur Private Data Ltd (CSE:SKUR ) (OTCQX:SWISF) is best known for providing cybersecurity and Swiss-hosted internet privacy products for private and secure communications. It offers its products to enterprises, governmental organizations, and individuals.

It is engaged in offering a suite of products that include secure messengers, encrypted emails, and other secure communication tools. The products from the company are sold through its website www.sekur.com directly and also through telecom companies globally as well as approved distributors.

On July 26, Fundamental Research Corp came up with a research report about the Sekur Private Data stock. It gave the stock a 'buy' rating and set the fair value at C$0.68 a share. At the time the report was published, the stock was trading at C$0.12 a share.

Read The Full Report From Fundamental Research Corp

The lowering of the customer acquisition cost (CAC) was one of the major reasons behind the positive outlook on the stock. It was pointed out in the report that the CAC had gone down from $364 in the first fiscal quarter of 2023 to $85 in the second quarter and in June alone, it had dropped to $32.

The subscription revenues for Sekur had been $84 to $120 per user a year. On a quarter-on-quarter basis, the marketing expenses also declined by 50%. The shift from Sekur to in-house SEO marketing had been regarded as one of the possible reasons behind the decline in marketing expenses and CAC.

In the second quarter, the company’s revenues had soared 14% year on year to $129,000. However, it was lower than the Fundamental Research forecast of $150,000. The earnings per share also improved year on year to loss to $0.01 per share from $0.02 per share. However, that was again 11% lower than the expected figures. The revenue growth at the company continued to be driven by users in the United States.

Although the company did not provide data every quarter, it aimed to boost its user base by 30% in 2023. The company is also planning to launch new solutions and services in 2023. That would include enterprise solutions meant for businesses in addition to video conferencing and encrypted calls for boosting revenues this year.

The email encryption market is expected to grow from $124 billion in 2021 to $167 billion in 2030, reflecting a CAGR of 24%. The company's main competitor in this segment is Proton Mail. Proton's subscriber base went up from 2 million in 2027 to 70 million in 2022. However, one major competitive advantage that Sekur holds over Proton Mail is that it uses its servers for data storage instead of third-party cloud services like Amazon Web Services, Google Cloud, and Microsoft Cloud.

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Sekur Private Data Ltd (CSE:SKUR) (OTCQX:SWISF): Fundamental Research Corp Issues a Buy Rating

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