How does the reported performance stack up against key competitors like Synaptics, Goodix, and STMicroelectronics?
Fundamental comparison
Fingerprints Cards (FING) posted a modest but positive swing in Q1‑Q2 2025 – revenue climbed roughly 8 % YoY to SEK 2.1 bn, driven by a 12 % lift in handset‑related shipments and a 15 % expansion of its biometric‑as‑a‑service (BaaS) contract pipeline. By contrast, Synaptics (SYNA) posted a 4 % revenue decline in the same period after a 10 % drop in smartphone‑OEM sales, while Goodix (603160) posted a 20 % year‑over‑year revenue surge to RMB 8.3 bn, powered by its aggressive push into the mid‑range 5G device segment. STMicroelectronics (STM) – a diversified semiconductor player – posted a 6 % revenue increase, but its fingerprint‑sensor division grew only 2 % as it shifted focus to automotive and industrial applications. Relative to these peers, FING’s growth is modest but superior to Synaptics and more stable than Goodix’s high‑growth but higher‑valuation story, while its pure‑play focus gives it a higher margin profile (gross margin ~61 % vs. 55 % for Synaptics and 49 % for STMicro’s sensor unit). The company’s operating cash flow turned positive for the first time in two years, giving it a modest cash cushion (~€75 m) that should support continued R&D in ultrasonic and optical sensors—areas where Goodix has already captured ~30 % of the Chinese smartphone market, and STMicro is positioning for automotive biometric integration.
Trading outlook
Technically, FING has broken above its 50‑day EMA and is testing the 200‑day EMA at ~SEK 45, with a bullish 12‑month RSI (68) suggesting continued upside. However, the stock trades at a forward‑EV/EBITDA multiple of ~12×, a modest premium to Synaptics (~14×) but a discount to Goodix’s 20× multiple, reflecting investors’ perception of slower growth. The key catalyst is the upcoming Q3 earnings beat (expected Q3 2025 revenue +10 %) and potential new OEM contracts in the premium smartphone segment. A prudent short‑term strategy would be to buy on dips (if price falls below SEK 42) with a 6‑month target of SEK 55, while monitoring competitor announcements—especially Goodix’s quarterly guidance and any supply‑chain constraints affecting Synaptics’ pricing power. If FING misses its Q3 guidance, expect a pull‑back to the 50‑day EMA, offering a risk‑managed entry point.