Web-based ERP systems for small enterprises

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 268 365 464
Sales growth (%) 41,7 36 27
EBITDA 77 121 181
EBITDA margin (%) 28,8 33,3 38,9
EBIT adj 55 100 156
EBIT adj margin (%) 20,4 27,4 33,6
Pretax profit 59 100 156
EPS rep 0,76 1,3 2,04
EPS growth (%) 40,9 71,5 56,5
EPS adj 0,69 1,3 2,04
DPS 0,25 0,4 0,7
EV/EBITDA (x) 32,1 32,9 21,5
EV/EBIT adj (x) 45,3 40 25
P/E (x) 56,8 53,9 34,5
P/E adj (x) 62,3 53,9 34,5
EV/sales (x) 9,2 11 8,4
FCF yield (%) -0,1 1,5 2,5
Dividend yield (%) 0,6 0,6 1
Net IB debt/EBITDA -1,2 -1,5 -1,6