Stock FNOXs FORTNOX AB
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Financials Fortnox AB

Equities

FNOXs

SE0017161243

Software

Market Closed - Nasdaq Stockholm
Other stock markets
 11:29:35 2024-04-29 am EDT 		5-day change 1st Jan Change
64.22 SEK +0.53% Intraday chart for Fortnox AB +3.25% +6.54%
Apr. 25 Transcript : Fortnox AB, Q1 2024 Earnings Call, Apr 25, 2024
Apr. 25 Fortnox AB Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,044 27,813 35,670 28,835 36,755 39,158 - -
Enterprise Value (EV) 1 9,777 27,577 35,787 28,763 36,241 38,337 37,611 36,839
P/E ratio 74.3 x 136 x 148 x 83 x 64.8 x 55.4 x 43.3 x 33.3 x
Yield 0.3% 0.16% 0.14% 0.25% 0.33% 0.34% 0.45% 0.57%
Capitalization / Revenue 18.9 x 40.1 x 38.3 x 22.6 x 22.4 x 18.7 x 15.2 x 12.3 x
EV / Revenue 18.4 x 39.8 x 38.4 x 22.5 x 22.1 x 18.3 x 14.6 x 11.6 x
EV / EBITDA 48.7 x 83.1 x 88.8 x 48.5 x 43.3 x 35.1 x 27 x 21.3 x
EV / FCF 70.6 x 155 x 166 x 95.3 x 75.5 x 62.3 x 45.2 x 34.5 x
FCF Yield 1.42% 0.64% 0.6% 1.05% 1.32% 1.61% 2.21% 2.9%
Price to Book 35.8 x 59.3 x 36.3 x 22.5 x 20.7 x 16.6 x 12.5 x 9.69 x
Nbr of stocks (in thousands) 597,853 601,353 609,745 609,745 609,745 609,745 - -
Reference price 2 16.80 46.25 58.50 47.29 60.28 64.22 64.22 64.22
Announcement Date 2/12/20 2/16/21 2/16/22 2/16/23 2/15/24 - - -
1SEK in Million2SEK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 532.1 693.7 932 1,276 1,642 2,097 2,582 3,181
EBITDA 1 200.7 332 402.9 593.4 837 1,093 1,392 1,729
EBIT 1 172.2 265.4 318 464.2 673 890.4 1,149 1,448
Operating Margin 32.36% 38.26% 34.12% 36.39% 40.99% 42.45% 44.49% 45.51%
Earnings before Tax (EBT) 1 172.1 262.2 308.8 452.7 677 905.5 1,166 1,505
Net income 1 134.9 205.4 241.1 346.8 570 706.2 906.6 1,175
Net margin 25.36% 29.61% 25.86% 27.19% 34.71% 33.67% 35.11% 36.95%
EPS 2 0.2260 0.3410 0.3960 0.5700 0.9300 1.159 1.483 1.928
Free Cash Flow 1 138.4 177.8 215.5 301.8 480 615.5 831.4 1,068
FCF margin 26.02% 25.63% 23.13% 23.66% 29.23% 29.35% 32.19% 33.58%
FCF Conversion (EBITDA) 68.98% 53.55% 53.49% 50.86% 57.35% 56.34% 59.75% 61.8%
FCF Conversion (Net income) 102.6% 86.56% 89.42% 87.02% 84.21% 87.15% 91.7% 90.88%
Dividend per Share 2 0.0500 0.0750 0.0800 0.1200 0.2000 0.2206 0.2892 0.3662
Announcement Date 2/12/20 2/16/21 2/16/22 2/16/23 2/15/24 - - -
1SEK in Million2SEK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 266.9 279.1 307.8 331.8 356.9 370 404 416 451 467 508.4 535.8 579 601 646
EBITDA 1 112.4 119.5 132.3 179.5 162.2 178 197 229 228 230 263.3 320.1 313.6 327.8 343.7
EBIT 1 88.6 89.6 103.3 145.3 126.1 140 157 189 186 185 204.1 254.1 244.7 289 299
Operating Margin 33.2% 32.1% 33.56% 43.79% 35.33% 37.84% 38.86% 45.43% 41.24% 39.61% 40.14% 47.43% 42.26% 48.09% 46.28%
Earnings before Tax (EBT) 1 80.72 87.5 96.6 143.4 125.1 140 159 191 186 189 211.3 262.3 257.3 279 290
Net income 1 61.45 66.6 74.4 111.7 94 106 127 149 188 149 166 204.7 196.7 217 226
Net margin 23.02% 23.86% 24.17% 33.66% 26.34% 28.65% 31.44% 35.82% 41.69% 31.91% 32.65% 38.2% 33.97% 36.11% 34.98%
EPS 2 0.1010 0.1100 0.1200 0.1800 0.1500 0.1700 0.2100 0.2400 0.3100 0.2400 0.2725 0.3300 0.3150 0.3550 0.3700
Dividend per Share 2 - - 0.0800 - - - - - 0.2000 - 0.2000 - - - 0.2500
Announcement Date 2/16/22 4/28/22 8/19/22 10/25/22 2/16/23 4/28/23 7/14/23 10/27/23 2/15/24 4/25/24 - - - - -
1SEK in Million2SEK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 117 - - - - -
Net Cash position 1 267 236 - 71.9 514 821 1,547 2,319
Leverage (Debt/EBITDA) - - 0.2899 x - - - - -
Free Cash Flow 1 138 178 216 302 480 616 831 1,068
ROE (net income / shareholders' equity) 60.5% 54.8% 33.2% 30.7% 37.3% 34.2% 33.6% 31.6%
ROA (Net income/ Total Assets) - - 16.6% 16.2% 23% 23.6% 23.9% 23.1%
Assets 1 - - 1,451 2,137 2,477 2,994 3,801 5,082
Book Value Per Share 2 0.4700 0.7800 1.610 2.100 2.910 3.870 5.130 6.630
Cash Flow per Share 2 - - - - - 1.260 1.560 -
Capex 1 46.3 64.8 101 139 166 216 263 318
Capex / Sales 8.71% 9.35% 10.82% 10.91% 10.11% 10.31% 10.19% 10.01%
Announcement Date 2/12/20 2/16/21 2/16/22 2/16/23 2/15/24 - - -
1SEK in Million2SEK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fortnox AB

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
64.22 SEK
Average target price
71.5 SEK
Spread / Average Target
+11.34%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Enterprise Software
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