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Fortnox

SEKm 2018 2019e 2020e
Sales 374 490 604
Sales growth (%) 37,5 30,9 23,2
EBITDA 124 178 235
EBITDA margin (%) 33,2 36,4 38,9
EBIT adj 102 154 210
EBIT adj margin (%) 27,3 31,4 34,8
Pretax profit 100 154 210
EPS rep 1,28 2,01 2,74
EPS growth (%) 55 56,9 36,5
EPS adj 1,32 2,01 2,74
DPS 0,35 0,5 0,65
EV/EBITDA (x) 30,4 29,2 21,6
EV/EBIT adj (x) 37,1 33,9 24,2
P/E (x) 52,1 46,1 33,7
P/E adj (x) 50,5 46,1 33,7
EV/sales (x) 10,1 10,6 8,4
FCF yield (%) 1,8 2 2,8
Dividend yield (%) 0,5 0,5 0,7
Net IB debt/EBITDA -1,6 -1,8 -1,9
SEKm 2018 2019e 2020e
Sales 374 490 604
COGS 0 0 0
Gross profit 374 490 604
Other operating items -250 -312 -369
EBITDA 124 178 235
Depreciation on tangibles 0 0 0
Depreciation on intangibles -25 -24 -25
EBITA 100 154 210
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 100 154 210
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 100 154 210
Tax -23 -34 -46
Net profit 76 120 164
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 120 164
EPS 1,28 2,01 2,74
EPS Adj 1,32 2,01 2,74
Total extraordinary items after tax -2,4 0 0
Tax rate (%) -23,2 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 33,2 36,4 38,9
EBITA margin (%) 26,6 31,4 34,8
EBIT margin (%) 26,6 31,4 34,8
Pretax margin (%) 26,6 31,4 34,8
Net margin (%) 20,4 24,5 27,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 37,5 30,9 23,2
EBITDA growth (%) 53,3 43,2 31,8
EBIT growth (%) 59 54,2 36,5
Net profit growth (%) 56,6 56,7 36,5
EPS growth (%) 55 56,9 36,5
Profitability 2018 2019 2020
ROE (%) 57,9 53,2 46,5
ROE Adj (%) 59,7 53,2 46,5
ROCE (%) -419 -476,8 -621,2
ROCE Adj(%) -429,1 -476,8 -621,2
ROIC (%) -94,9 -225,7 -299,4
ROIC Adj (%) -97,2 -225,7 -299,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 127 178 235
EBITDA Adj margin (%) 33,9 36,4 38,9
EBITA Adj 102 154 210
EBITA Adj margin (%) 27,3 31,4 34,8
EBIT Adj 102 154 210
EBIT Adj margin (%) 27,3 31,4 34,8
Pretax profit Adj 102 154 210
Net profit Adj 79 120 164
Net profit to shareholders Adj 79 120 164
Net Adj margin (%) 21,1 24,5 27,1
SEKm 2018 2019e 2020e
EBITDA 124 178 235
Net financial items 0 0 0
Paid tax -23 -34 -46
Non-cash items 0 0 0
Cash flow before change in WC 101 144 189
Change in WC -46 12 14
Operating cash flow 104 144 189
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -34 -36 -36
Acquisitions and disposals 0 0 0
Free cash flow 70 108 153
Dividend paid -15 -21 -30
Share issues and buybacks 0 0 0
Other non cash items 24 33 14
Decrease in net IB debt 79 120 137
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 84 97 108
Tangible fixed assets 6 5 5
Other fixed assets 21 21 21
Fixed assets 111 123 134
Inventories 0 0 0
Receivables 94 121 151
Other current assets 0 0 0
Cash and liquid assets 198 318 454
Total assets 402 561 739
Shareholders equity 165 285 419
Minority 0 0 0
Total equity 165 285 419
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 237 276 320
Other current liabilities 0 0 0
Total liabilities and equity 157 348 402
Net IB debt -198 -318 -454
Net IB debt excl. pension debt -198 -318 -454
Capital invested -53 -53 -56
Working capital -143 -155 -169
EV breakdown 2018 2019 2020
Market cap. diluted (m) 3983 5521 5521
Net IB debt Adj -198 -318 -454
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 3785 5203 5067
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 99,8 101,7 92,8
Capital invested turnover (%) -463,9 -922,2 -1104,3
Capital employed turnover (%) -1575,3 -1519,8 -1787,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 64,8 52,3 49,4
Working capital / sales (%) -44,4 -30,4 -26,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -119,5 -111,3 -108,4
Net debt / market cap (%) -5,1 -5,8 -8,2
Equity ratio (%) 41,1 50,8 56,7
Net IB debt adj. / equity (%) -119,5 -111,3 -108,4
Current ratio (%) 123,1 158,9 189,2
EBITDA / net interest (%) 108201,7 0 0
Net IB debt / EBITDA (%) -158,7 -178,2 -193,5
Interest cover (%) N/A N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 60 60 60
Fully diluted shares Adj 60 60 60
EPS 1,28 2,01 2,74
Dividend per share Adj 0,3 0,5 0,7
EPS Adj 1,32 2,01 2,74
BVPS 2,77 4,78 7,03
BVPS Adj 1,36 3,16 5,21
Net IB debt / share -3 -5 -7,3
Share price 64,41 92,6 92,6
Market cap. (m) 3840 5521 5521
Valuation 2018 2019 2020
P/E 52,1 46,1 33,7
EV/sales 10,11 10,62 8,39
EV/EBITDA 30,4 29,2 21,6
EV/EBITA 38 33,9 24,2
EV/EBIT 38 33,9 24,2
Dividend yield (%) 0,5 0,5 0,7
FCF yield (%) 1,8 2 2,8
P/BVPS 24,09 19,36 13,18
P/BVPS Adj 49,12 29,29 17,77
P/E Adj 50,5 46,1 33,7
EV/EBITDA Adj 29,8 29,2 21,6
EV/EBITA Adj 37,1 33,9 24,2
EV/EBIT Adj 37,1 33,9 24,2
EV/cap. employed -117,6 -161,1 -143,8
Investment ratios 2018 2019 2020
Capex / sales 9 7,4 6
Capex / depreciation 136,7 148,9 144
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 40,1 37,6 33,2
Depreciation on intangibles / definite intangibles 29,3 25,3 23,1
Depreciation on tangibles / tangibles 0 0 0

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.

33,8

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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24,3

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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8,4

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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13,3