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End Nagra2 ?
Monday, 12 December 2005
Nagra Kudelski is facing a difficult few months after new reports that its conditional access system had been compromised. Germany’s Digitalfernsehen said that the Kudelski system had been hacked and commercialised on the Internet. Deutsche Bank followed up with a note that was accompanied by a Sell recommendation. Deutsche Bank points to the likelihood of an early swapout of the Premiere smart card in Germany, though arguably the damage may have already been done, should the core algorithm had been hacked. An early swap out of the Premiere system could cost Kudelski SFr53 million (€34.29m). In addition to Premiere, Kudelski’s other leading European customers are NTL, Telewest and UPC. In September Spanish platform Digital+ had also suffered a potential hack of its Nagra Kudelski smart cards.
Monday, 12 December 2005
Nagra Kudelski is facing a difficult few months after new reports that its conditional access system had been compromised. Germany’s Digitalfernsehen said that the Kudelski system had been hacked and commercialised on the Internet. Deutsche Bank followed up with a note that was accompanied by a Sell recommendation. Deutsche Bank points to the likelihood of an early swapout of the Premiere smart card in Germany, though arguably the damage may have already been done, should the core algorithm had been hacked. An early swap out of the Premiere system could cost Kudelski SFr53 million (€34.29m). In addition to Premiere, Kudelski’s other leading European customers are NTL, Telewest and UPC. In September Spanish platform Digital+ had also suffered a potential hack of its Nagra Kudelski smart cards.
