Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Fortnox

Fortnox

SEKm 2019 2020e 2021e
Sales 532 693 865
Sales growth (%) 42,1 30,3 24,7
EBITDA 205 320 400
EBITDA margin (%) 38,5 46,2 46,2
EBIT adj 177 258 336
EBIT adj margin (%) 33,3 37,2 38,9
Pretax profit 172 255 333
EPS rep 2,26 3,29 4,29
EPS growth (%) 70,8 45,9 30,2
EPS adj 2,39 3,29 4,29
DPS 0,5 0,75 1
EV/EBITDA (x) 47,7 54,9 43,4
EV/EBIT adj (x) 55,2 68 51,6
P/E (x) 74,4 89,2 68,5
P/E adj (x) 70,2 89,2 68,5
EV/sales (x) 18,4 25,3 20,1
FCF yield (%) 1,4 1 1,5
Dividend yield (%) 0,3 0,3 0,3
Net IB debt/EBITDA -1,3 -0,7 -1,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 532 693 865
COGS 0 0 0
Gross profit 532 693 865
Other operating items -327 -373 -465
EBITDA 205 320 400
Depreciation on tangibles -2 -1 -1
Depreciation on intangibles -28 -50 -51
EBITA 175 258 336
Goodwill impairment charges 0 0 0
Other impairment and amortisation -3 0 0
EBIT 172 258 336
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 172 255 333
Tax -37 -55 -73
Net profit 135 199 260
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 135 199 260
EPS 2,26 3,29 4,29
EPS Adj 2,39 3,29 4,29
Total extraordinary items after tax -4,9 0 0
Tax rate (%) -21,6 -21,7 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 38,5 46,2 46,2
EBITA margin (%) 33 37,2 38,9
EBIT margin (%) 32,4 37,2 38,9
Pretax margin (%) 32,3 36,7 38,5
Net margin (%) 25,4 28,8 30
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 42,1 30,3 24,7
EBITDA growth (%) 61,5 56,3 24,9
EBIT growth (%) 68,7 50 30,3
Net profit growth (%) 71,1 47,8 30,2
EPS growth (%) 70,8 45,9 30,2
Profitability 2019 2020 2021
ROE (%) 60,5 54,6 46,6
ROE Adj (%) 64,2 54,6 46,6
ROCE (%) 69,6 57,1 46
ROCE Adj(%) 72,8 57,1 46
ROIC (%) 291,3 132,4 101,9
ROIC Adj (%) 299,6 132,4 101,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 210 320 400
EBITDA Adj margin (%) 39,4 46,2 46,2
EBITA Adj 180 258 336
EBITA Adj margin (%) 33,9 37,2 38,9
EBIT Adj 177 258 336
EBIT Adj margin (%) 33,3 37,2 38,9
Pretax profit Adj 180 255 333
Net profit Adj 143 199 260
Net profit to shareholders Adj 143 199 260
Net Adj margin (%) 26,9 28,8 30
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 205 320 400
Net financial items 0 -4 -4
Paid tax -37 -55 -73
Non-cash items 11 0 0
Cash flow before change in WC 179 261 323
Change in WC 6 5 5
Operating cash flow 185 266 328
CAPEX tangible fixed assets -3 -25 -8
CAPEX intangible fixed assets -43 -59 -56
Acquisitions and disposals 0 0 0
Free cash flow 138 182 265
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 -34 208
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 97 106 110
Definite intangible assets 0 0 0
Tangible fixed assets 7 31 38
Other fixed assets 34 34 34
Fixed assets 137 345 356
Inventories 0 0 0
Receivables 116 158 202
Other current assets 32 45 61
Cash and liquid assets 267 408 617
Total assets 552 956 1236
Shareholders equity 280 450 665
Minority 0 0 0
Total equity 280 450 665
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 29 40
Other current liabilities 215 265 319
Total liabilities and equity 552 956 1236
Net IB debt -267 -233 -442
Net IB debt excl. pension debt -267 -233 -442
Capital invested 51 254 261
Working capital -86 -91 -96
EV breakdown 2019 2020 2021
Market cap. diluted (m) 10044 17799 17799
Net IB debt Adj -267 -233 -442
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 17566 17358
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 111,5 91,9 78,9
Capital invested turnover (%) 1148,1 454,2 336,1
Capital employed turnover (%) 215 153,2 118,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 26,4 27,6 28,1
Payables / sales (%) 3,2 3,5 4
Working capital / sales (%) -14,6 -12,8 -10,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -95,2 -51,9 -66,5
Net debt / market cap (%) -3,5 -1,3 -2,5
Equity ratio (%) 50,8 47 53,8
Net IB debt adj. / equity (%) -95,2 -51,9 -66,5
Current ratio (%) 177,2 195,6 233
EBITDA / net interest (%) 193214,2 9125,5 11401
Net IB debt / EBITDA (%) -130,4 -72,9 -110,4
Interest cover (%) 165424,5 7360 9587
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 60 60 60
Fully diluted shares Adj 60 61 61
EPS 2,26 3,29 4,29
Dividend per share Adj 0,5 0,8 1
EPS Adj 2,39 3,29 4,29
BVPS 4,69 7,48 11,05
BVPS Adj 4,69 7,48 11,05
Net IB debt / share -4,5 -3,9 -7,3
Share price 128,22 294 294
Market cap. (m) 7665 17680 17680
Valuation 2019 2020 2021
P/E 74,4 89,2 68,5
EV/sales 18,37 25,33 20,06
EV/EBITDA 47,7 54,9 43,4
EV/EBITA 55,8 68 51,6
EV/EBIT 56,8 68 51,6
Dividend yield (%) 0,3 0,3 0,3
FCF yield (%) 1,4 1 1,5
P/BVPS 35,81 39,29 26,6
P/BVPS Adj 35,81 39,29 26,6
P/E Adj 70,2 89,2 68,5
EV/EBITDA Adj 46,6 54,9 43,4
EV/EBITA Adj 54,2 68 51,6
EV/EBIT Adj 55,2 68 51,6
EV/cap. employed 34,9 28,1 20,7
Investment ratios 2019 2020 2021
Capex / sales 8,7 12,1 7,4
Capex / depreciation 157,2 165,6 121,7
Capex tangibles / tangible fixed assets 45,9 80,9 21
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 26,8 3,2 3,1
N/A N/A N/A

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.

Update

P/E

Learn more

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.

68,5

EV/EBIT

Learn more

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.

(
)
51,2

EV/Sales

Learn more

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.

(
)
19,9

P/BVPS

Learn more

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. 

 

(
)
26,5