Webbaserade affärssytem för småföretagare

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 2017 2018 2019
Sales 272 368 470
Sales growth (%) 43,8 35,3 27,7
EBITDA 81 122 184
EBITDA margin (%) 29,8 33,2 39,2
EBIT adj 67 101 159
EBIT adj margin (%) 24,5 27,4 33,9
Pretax profit 63 101 159
EPS rep 0,83 1,3 2,09
EPS growth (%) 53,4 57,8 59,8
EPS adj 0,89 1,3 2,09
DPS 0,25 0,4 0,7
EV/EBITDA (x) 30,5 34,4 22,4
EV/EBIT adj (x) 37,2 41,8 25,9
P/E (x) 52,1 56,6 35,4
P/E adj (x) 48,3 56,6 35,4
EV/sales (x) 9,1 11,4 8,8
FCF yield (%) -0,1 1,4 2,4
Dividend yield (%) 0,6 0,5 0,9
Net IB debt/EBITDA -1,1 -1,5 -1,5

Main shareholders

Fortnox

Main shareholders Share capital % Voting shares %
Olof Hallrup 21.0 % 21.0 %
Swedbank Robur Fonder 7.0 % 7.0 %
Spiltan Fonder 3.9 % 3.9 %
Peder Klas-Åke Bengtsson 3.0 % 3.0 %
Norges Bank 2.8 % 2.8 %
Avanza Pension 2.7 % 2.7 %
Keel Capital 2.5 % 2.5 %
Wasatch Advisors Inc. 2.3 % 2.3 %
SEB Fonder 2.2 % 2.2 %
Nordnet Pensionsförsäkring 1.8 % 1.8 %