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Fortnox

Fortnox

SEKm 2019 2020e 2021e
Sales 532 701 861
Sales growth (%) 42,1 31,8 22,7
EBITDA 205 306 369
EBITDA margin (%) 38,5 43,7 42,9
EBIT adj 177 248 310
EBIT adj margin (%) 33,3 35,4 36
Pretax profit 172 244 306
EPS rep 2,26 3,19 4
EPS growth (%) 70,8 41,4 25,2
EPS adj 2,39 3,19 4
DPS 0,5 0,75 1
EV/EBITDA (x) 47,7 50,7 41,6
EV/EBIT adj (x) 55,2 62,7 49,6
P/E (x) 74,4 82,7 66,1
P/E adj (x) 70,2 82,7 66,1
EV/sales (x) 18,4 22,2 17,8
FCF yield (%) 1,4 1,2 1,5
Dividend yield (%) 0,3 0,3 0,4
Net IB debt/EBITDA -1,3 -0,8 -1,2
SEKm 2019 2020e 2021e
Sales 532 701 861
COGS 0 0 0
Gross profit 532 701 861
Other operating items -327 -395 -491
EBITDA 205 306 369
Depreciation on tangibles -2 -1 -1
Depreciation on intangibles -28 -46 -47
EBITA 175 248 310
Goodwill impairment charges 0 0 0
Other impairment and amortisation -3 0 0
EBIT 172 248 310
Other financial items 0 0 0
Net financial items 0 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 172 244 306
Tax -37 -54 -67
Net profit 135 191 239
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 135 191 239
EPS 2,26 3,19 4
EPS Adj 2,39 3,19 4
Total extraordinary items after tax -4,9 0 0
Tax rate (%) -21,6 -21,9 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 38,5 43,7 42,9
EBITA margin (%) 33 35,4 36
EBIT margin (%) 32,4 35,4 36
Pretax margin (%) 32,3 34,9 35,6
Net margin (%) 25,4 27,2 27,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 42,1 31,8 22,7
EBITDA growth (%) 61,5 49,6 20,6
EBIT growth (%) 68,7 44 24,9
Net profit growth (%) 71,1 41,4 25,2
EPS growth (%) 70,8 41,4 25,2
Profitability 2019 2020 2021
ROE (%) 60,5 52,9 44,4
ROE Adj (%) 64,2 52,9 44,4
ROCE (%) 69,6 55,3 43,4
ROCE Adj(%) 72,8 55,3 43,4
ROIC (%) 291,3 134,8 100,1
ROIC Adj (%) 299,6 134,8 100,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 210 306 369
EBITDA Adj margin (%) 39,4 43,7 42,9
EBITA Adj 180 248 310
EBITA Adj margin (%) 33,9 35,4 36
EBIT Adj 177 248 310
EBIT Adj margin (%) 33,3 35,4 36
Pretax profit Adj 180 244 306
Net profit Adj 143 191 239
Net profit to shareholders Adj 143 191 239
Net Adj margin (%) 26,9 27,2 27,8
SEKm 2019 2020e 2021e
EBITDA 205 306 369
Net financial items 0 -4 -4
Paid tax -37 -54 -67
Non-cash items 11 0 0
Cash flow before change in WC 179 249 299
Change in WC 17 2 -8
Operating cash flow 185 251 291
CAPEX tangible fixed assets -3 -2 -3
CAPEX intangible fixed assets -43 -58 -49
Acquisitions and disposals 0 0 0
Free cash flow 138 191 239
Dividend paid -21 -30 -45
Share issues and buybacks 0 0 0
Other non cash items -14 -174 0
Decrease in net IB debt 119 -24 183
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 97 108 110
Definite intangible assets 0 0 0
Tangible fixed assets 7 8 9
Other fixed assets 34 34 34
Fixed assets 137 324 327
Inventories 0 0 0
Receivables 116 155 196
Other current assets 32 45 61
Cash and liquid assets 267 418 601
Total assets 552 942 1185
Shareholders equity 280 441 635
Minority 0 0 0
Total equity 280 441 635
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 38 38 38
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 19 28 37
Other current liabilities 215 261 300
Total liabilities and equity 552 942 1185
Net IB debt -267 -243 -426
Net IB debt excl. pension debt -267 -243 -426
Capital invested 51 236 247
Working capital -86 -88 -80
EV breakdown 2019 2020 2021
Market cap. diluted (m) 10044 15783 15783
Net IB debt Adj -267 -243 -426
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 9777 15540 15357
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 111,5 93,8 80,9
Capital invested turnover (%) 1148,1 488,5 356,5
Capital employed turnover (%) 215 156,4 120,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 26,4 26,9 26,9
Payables / sales (%) 3,2 3,4 3,7
Working capital / sales (%) -14,6 -12,4 -9,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -95,2 -55,1 -67,1
Net debt / market cap (%) -3,5 -1,5 -2,7
Equity ratio (%) 50,8 46,8 53,6
Net IB debt adj. / equity (%) -95,2 -55,1 -67,1
Current ratio (%) 177,2 201,5 241,3
EBITDA / net interest (%) 193214,2 8716,1 10508,7
Net IB debt / EBITDA (%) -130,4 -79,3 -115,4
Interest cover (%) 165424,5 7052,6 8811,1
SEKm 2019 2020e 2021e
Shares outstanding adj. 60 60 60
Fully diluted shares Adj 60 60 60
EPS 2,26 3,19 4
Dividend per share Adj 0,5 0,8 1
EPS Adj 2,39 3,19 4
BVPS 4,69 7,38 10,63
BVPS Adj 4,69 7,38 10,63
Net IB debt / share -4,5 -4,1 -7,1
Share price 128,22 264 264
Market cap. (m) 7665 15783 15783
Valuation 2019 2020 2021
P/E 74,4 82,7 66,1
EV/sales 18,37 22,16 17,84
EV/EBITDA 47,7 50,7 41,6
EV/EBITA 55,8 62,7 49,6
EV/EBIT 56,8 62,7 49,6
Dividend yield (%) 0,3 0,3 0,4
FCF yield (%) 1,4 1,2 1,5
P/BVPS 35,81 35,76 24,84
P/BVPS Adj 35,81 35,76 24,84
P/E Adj 70,2 82,7 66,1
EV/EBITDA Adj 46,6 50,7 41,6
EV/EBITA Adj 54,2 62,7 49,6
EV/EBIT Adj 55,2 62,7 49,6
EV/cap. employed 34,9 25,2 19
Investment ratios 2019 2020 2021
Capex / sales 8,7 8,5 6
Capex / depreciation 157,2 125,6 107
Capex tangibles / tangible fixed assets 45,9 21,3 31,9
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 26,8 13,2 12,8

Key Figure Counter

<p><span>It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

66,0

EV/EBIT

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<p>EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.</span></p>

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49,7

EV/Sales

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<p><span>EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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17,9

P/BVPS

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<div class="inner"> <p>P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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24,9