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Fortnox

Analyytikko

Sisäpiirin kaupat

Nettovaikuttavuus

Muut analyysit
27.10.
2022

Redeye retains its positive view of Fortnox despite somewhat lowering its short-term forecasts and reducing the Base Case.

Muut analyysit
26.10.
2022

Redeye retains its positive view on Fortnox despite a Q3 report coming in somewhat short of our expectations. However, the organic growth of 35% and EBIT margin of 44% are nevertheless impressive.

Muut analyysit
22.8.
2022

Redeye raises its forecasts and Base Case slightly following a Q2 report beating our forecasts somewhat. The strong ARR growth is the quarter’s highlight, implying a larger contribution from recent price increases than anticipated.

Muut analyysit
19.8.
2022

Redeye will likely increase its forecasts slightly following a solid Q2 report showing accelerating organic growth. Both sales and EBIT came in somewhat higher than we expected. We expect strong organic growth in H2 following recent price increases.

Muut analyysit
2.5.
2022

Redeye leaves its Base Case in Fortnox unchanged. While its pricing power and operational performance are impressive, the, in many ways motivated, premium relative to the average Nordic SaaS business is at an all-time high.

Muut analyysit
28.4.
2022

Redeye sees a solid Q1 report from Fortnox with a stronger than expected ARPC, likely driven by increased usage of transactions. EBIT beat our forecast as well. However, that was mainly due to higher capitalizations.

Muut analyysit
17.2.
2021

Redeye reinforces its positive view on Fortnox following a Q4 report in line with our forecasts and an interesting acquisition. While Fortnox Finance came in below our forecast, high growth in transaction-based revenue, despite the pandemic, and a solid pipeline for 2021 makes us confident growth will accelerate. We raise our Base case slightly.

Muut analyysit
20.1.
2021

Strong growth message

Muut analyysit
22.10.
2020

-2% sales miss, but EBIT was 6% above our forecast

Muut analyysit
9.10.
2020

Good market conditions have remained in Q3
Fortnox delivered a strong H1’20, despite the pandemic outbreak. We expect it to do the same in Q3e, due to 1) Sweden’s number of bankruptcies declined 25% y-o-y in Q3 (source: UC and SCB); 2) a continued high demand for cloud-based solutions amid increased remote working; and 3) a solid number of newly started companies in Q3, which rose by 12% vs. Q3’19, according to data from Bolagsverket.

We keep our estimates intact ahead of Q3

Fortnox

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