Web-based administration software

Fortnox

Fortnox develops and sells software in the administration segment for small and medium sized enterprises. The company offers software for bookkeeping, CRM, archiving, invoicing, orders, time reports, webshops and client management. Through its cloud-based solution, customers can access the software and their data from any place at any time. Revenues are generated through a subscription-based model, where customers pay per system and per active user. Due to small variable costs whenever a new customer is acquired, the business model is highly scalable, giving Fortnox the potential to reach higher margins.

Financials

FORTNOX

SEKm 2018 2019 2020
Sales 369 475 586
Sales growth (%) 35,7 28,7 23,3
EBITDA 121 171 N/A
EBITDA margin (%) 29,8 32,6 35,9
EBIT adj 67 99 147
EBIT adj margin (%) 24,5 26,7 30,9
Pretax profit 96 147 203
EPS rep 1,23 1,92 2,66
EPS growth (%) 48,5 56,6 38,4
EPS adj 1,27 1,92 2,66
DPS 0,4 0,6 0,85
EV/EBITDA (x) 35,3 24,2 17,6
EV/EBIT adj (x) 43,2 28,2 19,8
P/E (x) 60,7 38,8 28
P/E adj (x) 58,8 38,8 28
EV/sales (x) 11,5 8,7 6,9
FCF yield (%) 1,5 2,3 3,3
Dividend yield (%) 0,5 0,8 1,1
Net IB debt/EBITDA -1,5 -1,7 -1,9

Main shareholders

Fortnox

Main shareholders Share capital % Voting shares % Verified
Olof Hallrup 21.0 % 21.0 % 31 Dec 2018
Swedbank Robur Fonder 7.0 % 7.0 % 31 Dec 2018
Spiltan Fonder 3.6 % 3.6 % 31 Dec 2018
Peder Klas-Åke Bengtsson 2.8 % 2.8 % 31 Dec 2018
Norges Bank 2.8 % 2.8 % 31 Dec 2018
Avanza Pension 2.6 % 2.6 % 31 Dec 2018
Keel Capital 2.5 % 2.5 % 31 Dec 2018
Wasatch Advisors Inc. 2.3 % 2.3 % 31 Dec 2018
SEB Fonder 2.2 % 2.2 % 30 Nov 2018
Nordnet Pensionsförsäkring 1.9 % 1.9 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Fortnox

Name
Sofia Frick
Kerstin Elisabeth Sundberg
Roger Hartelius Nilsson
Andreas Kemi
Andreas Kemi
Andreas Kemi
Sara Nylén
Sara Nylén
Sara Nylén
Sara Nylén
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