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Fortnox

Fortnox

SEKm 2020 2021e 2022e
Sales 694 949 1265
Sales growth (%) 30,4 36,8 33,4
EBITDA 332 397 561
EBITDA margin (%) 47,9 41,9 44,3
EBIT adj 265 318 469
EBIT adj margin (%) 38,3 33,5 37,1
Pretax profit 262 310 465
EPS rep 3,41 3,97 5,95
EPS growth (%) 50,9 16,6 49,8
EPS adj 3,47 4,11 6,06
DPS 0,75 1 1,25
EV/EBITDA (x) 83,3 83,9 59
EV/EBIT adj (x) 104,2 104,8 70,4
P/E (x) 135,8 138,9 92,7
P/E adj (x) 133,4 134,2 91
EV/sales (x) 39,9 35,1 26,1
FCF yield (%) 0,6 -0,4 1,1
Dividend yield (%) 0,2 0,2 0,2
Net IB debt/EBITDA -0,7 -0,8 -1,1
Lease adj. FCF yield (%) 0,6 -0,5 1
Lease adj. ND/EBITDA -1,3 -1,3 -1,4
SEKm 2020 2021e 2022e
Sales 694 949 1265
COGS 0 0 0
Gross profit 694 949 1265
Other operating items -362 -552 -705
EBITDA 332 397 561
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -55 -74 -81
EBITA 269 320 476
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 -9 -12
EBIT 265 315 469
Other financial items 0 0 0
Net financial items -3 -5 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 262 310 465
Tax -57 -68 -102
Net profit 205 242 363
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 205 242 363
EPS 3,41 3,97 5,95
EPS Adj 3,47 4,11 6,06
Total extraordinary items after tax 0 -3,2 0
Tax rate (%) -21,7 -21,8 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 47,9 41,9 44,3
EBITA margin (%) 38,8 33,7 37,6
EBIT margin (%) 38,3 33,2 37,1
Pretax margin (%) 37,8 32,6 36,8
Net margin (%) 29,6 25,5 28,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 30,4 36,8 33,4
EBITDA growth (%) 62,1 19,7 41,1
EBIT growth (%) 54,1 18,6 49,1
Net profit growth (%) 52,2 18 49,8
EPS growth (%) 50,9 16,6 49,8
Profitability 2020 2021 2022
ROE (%) 54,8 34 32,8
ROE Adj (%) 55,7 35,2 33,4
ROCE (%) 57,3 35,2 36,2
ROCE Adj(%) 58,1 36,1 36,8
ROIC (%) 121,7 49,9 51,6
ROIC Adj (%) 121,7 50,4 51,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 332 401 561
EBITDA Adj margin (%) 47,9 42,2 44,3
EBITA Adj 269 323 476
EBITA Adj margin (%) 38,8 34,1 37,6
EBIT Adj 265 318 469
EBIT Adj margin (%) 38,3 33,5 37,1
Pretax profit Adj 266 318 472
Net profit Adj 209 251 370
Net profit to shareholders Adj 209 251 370
Net Adj margin (%) 30,1 26,4 29,2
Depreciation and amortisation -63 -77 -85
Of which leasing depreciation -21 -21 -21
EO items 0 -3 0
Impairment and PPA amortisation -4 -5 -7
EBITDA lease Adj 311 379 539
EBITDA lease Adj margin (%) 44,8 40 42,6
Leasing payments -21 -21 -21
SEKm 2020 2021e 2022e
EBITDA 332 397 561
Net financial items -3 -5 -4
Paid tax -57 -68 -102
Non-cash items 2 0 0
Cash flow before change in WC 274 325 454
Change in WC 0 -4 4
Operating cash flow 274 321 458
CAPEX tangible fixed assets -31 -8 -10
CAPEX intangible fixed assets -65 -83 -89
Acquisitions and disposals 0 -363 0
Free cash flow 178 -133 359
Dividend paid -30 -45 -61
Share issues and buybacks 14 290 0
Other non cash items -149 -9 0
Decrease in net IB debt -31 198 304
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 239 239
Indefinite intangible assets 121 215 204
Definite intangible assets 0 0 0
Tangible fixed assets 33 40 49
Other fixed assets 1 1 1
Fixed assets 327 729 758
Inventories 0 0 0
Receivables 64 99 132
Other current assets 128 187 255
Cash and liquid assets 413 504 781
Total assets 931 1520 1927
Shareholders equity 469 956 1259
Minority 0 0 0
Total equity 469 956 1259
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 57 57 57
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 17 28 44
Other current liabilities 211 291 380
Total liabilities and equity 931 1520 1927
Net IB debt -236 -317 -594
Net IB debt excl. pension debt -236 -317 -594
Capital invested 291 697 722
Working capital -37 -33 -36
EV breakdown 2020 2021 2022
Market cap. diluted (m) 27885 33658 33658
Net IB debt Adj -236 -317 -594
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 27649 33341 33064
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 93,5 77,4 73,4
Capital invested turnover (%) 406 216 212,1
Capital employed turnover (%) 149,8 106,7 97
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 25,7 23,6 24,1
Payables / sales (%) 2,6 2,4 2,8
Working capital / sales (%) -8,9 -3,6 -2,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -50,3 -33,1 -47,2
Net debt / market cap (%) -1,6 -0,9 -1,8
Equity ratio (%) 50,4 62,9 65,3
Net IB debt adj. / equity (%) -50,3 -33,1 -47,2
Current ratio (%) 242,9 228,4 259
EBITDA / net interest (%) 10178,7 7900 14018
Net IB debt / EBITDA (%) -71,1 -79,7 -105,9
Interest cover (%) 8246,8 6362,7 11903,2
Lease liability amortisation -16 -21 -21
Other intangible assets 121 268 288
Right-of-use asset 172 182 182
Total other fixed assets 1 1 1
Leasing liability 177 187 187
Total other long-term liabilities 57 57 57
Net IB debt excl. leasing -413 -504 -781
Net IB debt / EBITDA lease Adj (%) -132,8 -132,9 -144,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 60 61 61
Fully diluted shares Adj 60 61 61
EPS 3,41 3,97 5,95
Dividend per share Adj 0,8 1 1,3
EPS Adj 3,47 4,11 6,06
BVPS 7,82 15,7 20,66
BVPS Adj 7,82 11,78 16,74
Net IB debt / share -3,9 -5,2 -9,7
Share price 253,38 552 552
Market cap. (m) 15210 33633 33633
Valuation 2020 2021 2022
P/E 135,8 138,9 92,7
EV/sales 39,86 35,13 26,13
EV/EBITDA 83,3 83,9 59
EV/EBITA 102,8 104,2 69,4
EV/EBIT 104,2 105,9 70,4
Dividend yield (%) 0,2 0,2 0,2
FCF yield (%) 0,6 -0,4 1,1
P/BVPS 59,16 35,16 26,72
P/BVPS Adj 59,16 46,85 32,98
P/E Adj 133,4 134,2 91
EV/EBITDA Adj 83,3 83,2 59
EV/EBITA Adj 102,8 103,1 69,4
EV/EBIT Adj 104,2 104,8 70,4
EV/cap. employed 42,8 29,2 22,9
Investment ratios 2020 2021 2022
Capex / sales 13,8 9,6 7,8
Capex / depreciation 230,1 162,9 156,2
Capex tangibles / tangible fixed assets 94,2 20,9 20,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 15,5 2,5 2,6
Lease adj. FCF yield (%) 0,6 -0,5 1

Key Figure Counter

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.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

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. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

92,8

EV/EBIT

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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 total cash and cash equivalents. 

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.

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70,5

EV/Sales

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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 total cash and cash equivalents. S is the company's total sales.

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26,1

P/BVPS

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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.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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26,7