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Fortnox

Fortnox

SEKm 2019 2020e 2021e
Sales 532 676 823
Sales growth (%) 42,1 27 21,8
EBITDA 205 257 317
EBITDA margin (%) 38,5 38 38,5
EBIT adj 177 221 279
EBIT adj margin (%) 33,3 32,6 33,9
Pretax profit 172 221 279
EPS rep 2,26 2,89 3,66
EPS growth (%) 71,3 27,6 26,6
EPS adj 2,38 2,89 3,66
DPS 0,5 0,75 1
EV/EBITDA (x) 47,6 36,5 29,1
EV/EBIT adj (x) 55 42,5 33
P/E (x) 74,2 56,8 44,9
P/E adj (x) 70,5 56,8 44,9
EV/sales (x) 18,3 13,9 11,2
FCF yield (%) 1,4 1,7 2,2
Dividend yield (%) 0,3 0,5 0,6
Net IB debt/EBITDA -1,3 -1,6 -1,8
SEKm 2019 2020e 2021e
Sales 532 676 823
COGS 0 0 0
Gross profit 532 676 823
Other operating items -327 -419 -506
EBITDA 205 257 317
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -29 -35 -36
EBITA 174 221 279
Goodwill impairment charges 0 0 0
Other impairment and amortisation -2 0 0
EBIT 172 221 279
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 172 221 279
Tax -37 -49 -61
Net profit 135 172 218
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 135 172 218
EPS 2,26 2,89 3,66
EPS Adj 2,38 2,89 3,66
Total extraordinary items after tax -4,9 0 0
Tax rate (%) -21,6 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 38,5 38 38,5
EBITA margin (%) 32,8 32,6 33,9
EBIT margin (%) 32,4 32,6 33,9
Pretax margin (%) 32,3 32,6 33,9
Net margin (%) 25,4 25,5 26,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 42,1 27 21,8
EBITDA growth (%) 61,5 25,4 23,3
EBIT growth (%) 68,7 28,2 26,6
Net profit growth (%) 71,1 27,6 26,6
EPS growth (%) 71,3 27,6 26,6
Profitability 2019 2020 2021
ROE (%) 60,5 49 42,8
ROE Adj (%) 63,8 49 42,8
ROCE (%) 77,2 62,8 54,9
ROCE Adj(%) 80,4 62,8 54,9
ROIC (%) -1409,6 970 866,4
ROIC Adj (%) -1449,7 970 866,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 210 257 317
EBITDA Adj margin (%) 39,4 38 38,5
EBITA Adj 179 221 279
EBITA Adj margin (%) 33,7 32,6 33,9
EBIT Adj 177 221 279
EBIT Adj margin (%) 33,3 32,6 33,9
Pretax profit Adj 179 221 279
Net profit Adj 142 172 218
Net profit to shareholders Adj 142 172 218
Net Adj margin (%) 26,7 25,5 26,5
SEKm 2019 2020e 2021e
EBITDA 205 257 317
Net financial items 0 0 0
Paid tax -37 -49 -61
Non-cash items 11 0 0
Cash flow before change in WC 179 208 255
Change in WC -19 6 9
Operating cash flow 185 214 265
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -46 -52 -52
Acquisitions and disposals 0 0 0
Free cash flow 138 163 213
Dividend paid -21 -30 -45
Share issues and buybacks 0 0 0
Other non cash items -48 0 0
Decrease in net IB debt 70 133 168
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 97 111 124
Tangible fixed assets 7 8 10
Other fixed assets 33 33 33
Fixed assets 137 152 167
Inventories 0 0 0
Receivables 148 187 230
Other current assets 0 0 0
Cash and liquid assets 267 400 568
Total assets 552 739 965
Shareholders equity 280 423 596
Minority 0 0 0
Total equity 280 423 596
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 272 317 369
Other current liabilities 0 0 0
Total liabilities and equity 552 739 965
Net IB debt -267 -400 -568
Net IB debt excl. pension debt -267 -400 -568
Capital invested 13 22 28
Working capital -124 -130 -139
EV breakdown 2019 2020 2021
Market cap. diluted (m) 10016 9778 9778
Net IB debt Adj -267 -400 -568
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 9749 9378 9210
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 111,6 104,7 96,6
Capital invested turnover (%) -5554,7 3809,6 3272
Capital employed turnover (%) 238,7 192,3 161,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 47,8 43,5 41,7
Working capital / sales (%) -25,1 -18,8 -16,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -95,2 -94,7 -95,3
Net debt / market cap (%) -3,5 -4,1 -5,8
Equity ratio (%) 50,8 57,2 61,7
Net IB debt adj. / equity (%) -95,2 -94,7 -95,3
Current ratio (%) 152,6 185,4 216,1
EBITDA / net interest (%) 193213,2 0 0
Net IB debt / EBITDA (%) -130,4 -155,9 -179,3
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 60 60 60
Fully diluted shares Adj 60 60 60
EPS 2,26 2,89 3,66
Dividend per share Adj 0,5 0,8 1
EPS Adj 2,38 2,89 3,66
BVPS 4,7 7,09 9,99
BVPS Adj 3,08 5,23 7,91
Net IB debt / share -4,2 -6,4 -9,2
Share price 128,22 164 164
Market cap. (m) 7644 9778 9778
Valuation 2019 2020 2021
P/E 74,2 56,8 44,9
EV/sales 18,32 13,87 11,19
EV/EBITDA 47,6 36,5 29,1
EV/EBITA 55,9 42,5 33
EV/EBIT 56,6 42,5 33
Dividend yield (%) 0,3 0,5 0,6
FCF yield (%) 1,4 1,7 2,2
P/BVPS 35,71 23,13 16,41
P/BVPS Adj 54,5 31,38 20,72
P/E Adj 70,5 56,8 44,9
EV/EBITDA Adj 46,5 36,5 29,1
EV/EBITA Adj 54,3 42,5 33
EV/EBIT Adj 55 42,5 33
EV/cap. employed 34,8 22,2 15,5
Investment ratios 2019 2020 2021
Capex / sales 8,7 7,6 6,3
Capex / depreciation 152,9 142,7 139,4
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 47,9 46,4 41,9
Depreciation on intangibles / definite intangibles 30,3 31,6 29,1
Depreciation on tangibles / tangibles 14,3 12,5 12,3

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>

44,8

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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33,2

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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11,3

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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16,5