Yubico, a Swedish cyber security leader entering fair value?

Yubico is a Swedish cyber security pioneer and leader. Their flagship product is the Yubikey: a hardware based, phishing and credential theft killing authenticator. This is the source of 90% of cyber attacks. They have many variations, including biometric. Security keys are cheaper, more convenient and broadly applicable than smart cards, which they are still compatible with! Software based passkeys are cheaper but also significantly less secure. MFA options like SMS don't even deserve mentioning. The market audience is primarily in enterprise and government with subscription and aftermarket service but they can find customers in every individual and group seeking security and privacy in general. They're actively working on post quantum cryptography and the broader digital identity market. Although overpriced in the past I think it's entering fair value territory. The stocks been hit so hard since late 2024 it's down around 80% and trading 50% under the IPO at a P/E around 20 while the company is massively paying off debt, investing in manufacturing/R&D and expanding internationally. All cashflow is put in this. It seems to have been punished disproportionally for actively addressed service flaws, sales fluctuations while bookings have been generally increasing with most growth this year in manufacturing (OT security finally starting to catch up) and big currency/margin loss. Political and USD-SEK exposure is the most fair criticism I can see. Manufacturing in the United States offers security and market advantages, making the administration more willing to allow free business. That said they have been cutting the cyber security budget and orders so the government is for at least the time being (they are being hit by more and more attacks as we speak) an unreliable client while still having leverage over the company. This is more in theory as they aren't ASML with advanced lithography just being in a different ballgame and a unique pillar of US hegemony. The pricing will have mostly come down to FX, which has eaten into their earnings and I will admit is a real risk. The company has been healthy and strong enough to weather it so far but theoretical hyperinflation in the dollar could make this a lot harder. This worst case scenario - that won't just impact Yubico - is mitigated by globalisation with deals being made in countries like India. Two third of sales are still in America but most growth is outside of it. I don't see American clients not paying in dollars for the time being. Fundamentals still look solid and traders to be overreacting. Yubico has a serious moat in the industry through leading secure authentification hardware with support across protocols (OTP, FIDO2, OpenPGP ...) and platforms with a trusted brand and ecosystem. They really are the top of their technological and business game. Systems are only getting more complex and in need of more security. Security is not something you can afford to ignore, corporations have been bankrupted and states toppled over incompetence and negligence. Bad actors are an inevitability. Quantum and AI may sound like buzzwords but cubits are rapidly increasing and so are attacks of rogue AI agents which is simply best mitigated by identity hardware, which is where Yubico leads. They can boast 0 account seizures and have had 30% sales CAGR since 2020, which is an accelerating trend. The founder still owns 10% of stock and the board and major stakeholders have been accumulating shares. This makes it seem like a great company at a fair price to me, which is rare in todays tech-driven markets. I should mention that this isn't merely of market interest to me, but of global cyber security. It's more than a mere stock to me, it's a critical company that keeps us all safe and I feel obligated to support. Do you have any thoughts, do you think I missed anything? Let me know! I am happy to learn and discuss.