Added to YB: 2025-03-25
Pitch date: 2025-03-22
FNOX.ST [neutral]
Fortnox AB (publ)
+33.3%
current return
Author Info
Company Info
Fortnox AB (publ) provides smart technical products, packages, services, and integrations for financial and administration applications in small and medium sized businesses, accounting firms, and organizations in Sweden.
Market Cap
SEK 52.7B
Pitch Price
SEK 67.06
Price Target
63.89 (-29%)
Dividend
0.29%
EV/EBITDA
51.57
P/E
68.57
EV/Sales
24.29
Sector
Software
Category
growth
Capital-Light Swedish Compounder - Fortnox AB
FNOX.ST (slightly overvalued): Swedish SME financial ecosystem. 32% ARR CAGR since '18. 42.9% Q4 op margin. 400+ partners. Network effects, cost advantage. Risks: limited geography, competition. 20% Q4 revenue growth, 25% organic. CEO driving expansion. DCF fair value SEK 63.89. 10% expected CAGR. High valuation risk.
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