Fortnox
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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.
Many small companies in Sweden have not yet utilized the digital transformation. While Fortnox has historically had rapid growth, there is still a domestic market to grow in. Also, we see that the company has a strong competitive offering that eventually could be expanded to other markets. Two other segments that Fortnox has recently made investments in are finance and insurance. We find these segments to be interesting areas in which to expand the current customer base. This could pay off in the future, both in terms of profitability and having a fully covered offering - i.e. stickiness.
We see two major risks for Fortnox. 1) Increased competition due to a highly profitable, growing market. This could affect prices, customer growth, as well as the current customer base. 2) Expansion into the new verticals might not pay off. There is a risk that Fortnox’s investments into finance and insurance may not pay off as anticipated, mainly due to expansion outside the company’s key area.
Financials
FORTNOX
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 369 | 77 | 77 | 95 | 95 | 130 | 130 | 189 | 189 | 272 | 272 | 369 | 369 | 475 | 475 | 586 | 586 | ||
| Sales growth (%) | 35,7 | 32 | 32 | 24,7 | 24,7 | 35,9 | 35,9 | 46 | 46 | 43,8 | 43,8 | 35,7 | 35,7 | 28,7 | 28,7 | 23,3 | 23,3 | ||
| EBITDA | 121 | 7 | 7 | 19 | 19 | 27 | 27 | 52 | 52 | 81 | 81 | 121 | 121 | 171 | 171 | N/A | N/A | ||
| EBITDA margin (%) | 29,8 | 9,6 | 9,6 | 9,6 | 9,6 | 19,5 | 19,5 | 20,5 | 20,5 | 27,5 | 27,5 | 29,8 | 29,8 | 32,6 | 32,6 | 35,9 | 35,9 | ||
| EBIT adj | 67 | 5 | 5 | 5 | 5 | 17 | 17 | 25 | 25 | 44 | 44 | 67 | 67 | 99 | 99 | 147 | 147 | ||
| EBIT adj margin (%) | 24,5 | 7,2 | 7,2 | 7,2 | 7,2 | 17,5 | 17,5 | 18,9 | 18,9 | 23,3 | 23,3 | 24,5 | 24,5 | 26,7 | 26,7 | 30,9 | 30,9 | ||
| Pretax profit | 96 | 6 | 6 | 17 | 17 | 22 | 22 | 42 | 42 | 63 | 63 | 96 | 96 | 147 | 147 | 203 | 203 | ||
| EPS rep | 1,23 | 0,08 | 0,08 | 0,22 | 0,22 | 0,29 | 0,29 | 0,54 | 0,54 | 0,83 | 0,83 | 1,23 | 1,23 | 1,92 | 1,92 | 2,66 | 2,66 | ||
| EPS growth (%) | 48,5 | -10,2 | -10,2 | 188,3 | 188,3 | 29,7 | 29,7 | 88,5 | 88,5 | 53,4 | 53,4 | 48,5 | 48,5 | 56,6 | 56,6 | 38,4 | 38,4 | ||
| EPS adj | 1,27 | 0,08 | 0,08 | 0,22 | 0,22 | 0,34 | 0,34 | 0,58 | 0,58 | 0,89 | 0,89 | 1,27 | 1,27 | 1,92 | 1,92 | 2,66 | 2,66 | ||
| DPS | 0,4 | 0,12 | 0,12 | 0,13 | 0,13 | 0,16 | 0,16 | 0,2 | 0,2 | 0,25 | 0,25 | 0,4 | 0,4 | 0,6 | 0,6 | 0,85 | 0,85 | ||
| EV/EBITDA (x) | 35,3 | 64,8 | 64,8 | 33,1 | 33,1 | 35,1 | 35,1 | 32,6 | 32,6 | 30,2 | 30,2 | 35,3 | 35,3 | 24,2 | 24,2 | 17,6 | 17,6 | ||
| EV/EBIT adj (x) | 43,2 | 87 | 87 | 36,8 | 36,8 | 37,9 | 37,9 | 38,5 | 38,5 | 36,9 | 36,9 | 43,2 | 43,2 | 28,2 | 28,2 | 19,8 | 19,8 | ||
| P/E (x) | 60,7 | 113,2 | 113,2 | 49,9 | 49,9 | 58,4 | 58,4 | 55,5 | 55,5 | 52,1 | 52,1 | 60,7 | 60,7 | 38,8 | 38,8 | 28 | 28 | ||
| P/E adj (x) | 58,8 | 113,2 | 113,2 | 49,9 | 49,9 | 49,5 | 49,5 | 51,7 | 51,7 | 48,3 | 48,3 | 58,8 | 58,8 | 38,8 | 38,8 | 28 | 28 | ||
| EV/sales (x) | 11,5 | 6,2 | 6,2 | 6,4 | 6,4 | 7,2 | 7,2 | 9 | 9 | 9 | 9 | 11,5 | 11,5 | 8,7 | 8,7 | 6,9 | 6,9 | ||
| FCF yield (%) | 1,5 | 0,8 | 0,8 | 0 | 0 | -0,3 | -0,3 | 0,7 | 0,7 | 1,1 | 1,1 | 1,5 | 1,5 | 2,3 | 2,3 | 3,3 | 3,3 | ||
| Dividend yield (%) | 0,5 | 1,4 | 1,4 | 1,2 | 1,2 | 1 | 1 | 0,7 | 0,7 | 0,6 | 0,6 | 0,5 | 0,5 | 0,8 | 0,8 | 1,1 | 1,1 | ||
| Net IB debt/EBITDA | -1,5 | -3,8 | -3,8 | -1,5 | -1,5 | -1,7 | -1,7 | -0,9 | -0,9 | -1,4 | -1,4 | -1,5 | -1,5 | -1,7 | -1,7 | -1,9 | -1,9 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 369 | 77 | 77 | 95 | 95 | 130 | 130 | 189 | 189 | 272 | 272 | 369 | 369 | 475 | 475 | 586 | 586 | ||
| COGS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross profit | 369 | 77 | 77 | 95 | 95 | 130 | 130 | 189 | 189 | 272 | 272 | 369 | 369 | 475 | 475 | 586 | 586 | ||
| Other operating items | -249 | -69 | -69 | -77 | -77 | -103 | -103 | -137 | -137 | -191 | -191 | -249 | -249 | -304 | -304 | -358 | -358 | ||
| EBITDA | 121 | 7 | 7 | 19 | 19 | 27 | 27 | 52 | 52 | 81 | 81 | 121 | 121 | 171 | 171 | 228 | 228 | ||
| Depreciation on tangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles | -24 | -2 | -2 | -2 | -2 | -5 | -5 | -10 | -10 | -18 | -18 | -24 | -24 | -24 | -24 | -25 | -25 | ||
| EBITA | 96 | 5 | 5 | 17 | 17 | 22 | 22 | 42 | 42 | 63 | 63 | 96 | 96 | 147 | 147 | 203 | 203 | ||
| Goodwill impairment charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | 96 | 5 | 5 | 17 | 17 | 22 | 22 | 42 | 42 | 63 | 63 | 96 | 96 | 147 | 147 | 203 | 203 | ||
| Other financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Associated income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | 96 | 6 | 6 | 17 | 17 | 22 | 22 | 42 | 42 | 63 | 63 | 96 | 96 | 147 | 147 | 203 | 203 | ||
| Tax | -23 | -1 | -1 | -4 | -4 | -5 | -5 | -10 | -10 | -14 | -14 | -23 | -23 | -32 | -32 | -45 | -45 | ||
| Net profit | 73 | 4 | 4 | 13 | 13 | 16 | 16 | 32 | 32 | 49 | 49 | 73 | 73 | 115 | 115 | 159 | 159 | ||
| Minority interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | 73 | 4 | 4 | 13 | 13 | 17 | 17 | 31 | 31 | 49 | 49 | 73 | 73 | 115 | 115 | 159 | 159 | ||
| EPS | 1,23 | 0,08 | 0,08 | 0,22 | 0,22 | 0,29 | 0,29 | 0,54 | 0,54 | 0,83 | 0,83 | 1,23 | 1,23 | 1,92 | 1,92 | 2,66 | 2,66 | ||
| EPS Adj | 1,27 | 0,08 | 0,08 | 0,22 | 0,22 | 0,34 | 0,34 | 0,58 | 0,58 | 0,89 | 0,89 | 1,27 | 1,27 | 1,92 | 1,92 | 2,66 | 2,66 | ||
| Total extraordinary items after tax | -2,4 | 0 | 0 | 0 | 0 | -3 | -3 | -2,3 | -2,3 | -3,9 | -3,9 | -2,4 | -2,4 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | -23,7 | -22,8 | -22,8 | -23,1 | -23,1 | -23,9 | -23,9 | -23,5 | -23,5 | -22,1 | -22,1 | -23,7 | -23,7 | -22 | -22 | -22 | -22 | ||
| Gross margin (%) | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | ||
| EBITDA margin (%) | 32,6 | 9,6 | 9,6 | 19,5 | 19,5 | 20,5 | 20,5 | 27,5 | 27,5 | 29,8 | 29,8 | 32,6 | 32,6 | 35,9 | 35,9 | 39 | 39 | ||
| EBITA margin (%) | 26 | 7,2 | 7,2 | 17,5 | 17,5 | 16,6 | 16,6 | 22,1 | 22,1 | 23 | 23 | 26 | 26 | 30,9 | 30,9 | 34,7 | 34,7 | ||
| EBIT margin (%) | 26 | 7,2 | 7,2 | 17,5 | 17,5 | 16,6 | 16,6 | 22,1 | 22,1 | 23 | 23 | 26 | 26 | 30,9 | 30,9 | 34,7 | 34,7 | ||
| Pretax margin (%) | 26 | 7,6 | 7,6 | 17,7 | 17,7 | 16,6 | 16,6 | 22,1 | 22,1 | 23 | 23 | 26 | 26 | 30,9 | 30,9 | 34,7 | 34,7 | ||
| Net margin (%) | 19,8 | 5,8 | 5,8 | 13,6 | 13,6 | 12,6 | 12,6 | 16,9 | 16,9 | 17,9 | 17,9 | 19,8 | 19,8 | 24,1 | 24,1 | 27,1 | 27,1 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | 35,7 | 32 | 32 | 24,7 | 24,7 | 35,9 | 35,9 | 46 | 46 | 43,8 | 43,8 | 35,7 | 35,7 | 28,7 | 28,7 | 23,3 | 23,3 | ||
| EBITDA growth (%) | 48,6 | -22,8 | -22,8 | 152,2 | 152,2 | 42,8 | 42,8 | 96,5 | 96,5 | 55,8 | 55,8 | 48,6 | 48,6 | 41,7 | 41,7 | 33,6 | 33,6 | ||
| EBIT growth (%) | 53,4 | -30,7 | -30,7 | 204,4 | 204,4 | 28,9 | 28,9 | 94,4 | 94,4 | 49,8 | 49,8 | 53,4 | 53,4 | 52,8 | 52,8 | 38,4 | 38,4 | ||
| Net profit growth (%) | 50 | -10,2 | -10,2 | 190,8 | 190,8 | 26,3 | 26,3 | 95,1 | 95,1 | 52,6 | 52,6 | 50 | 50 | 56,4 | 56,4 | 38,4 | 38,4 | ||
| EPS growth (%) | 48,5 | -10,2 | -10,2 | 188,3 | 188,3 | 29,7 | 29,7 | 88,5 | 88,5 | 53,4 | 53,4 | 48,5 | 48,5 | 56,6 | 56,6 | 38,4 | 38,4 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | 56,2 | 16 | 16 | 55,7 | 55,7 | 52,5 | 52,5 | 66,7 | 66,7 | 62,4 | 62,4 | 56,2 | 56,2 | 52,3 | 52,3 | 46,9 | 46,9 | ||
| ROE Adj (%) | 58 | 16 | 16 | 55,7 | 55,7 | 61,9 | 61,9 | 71,6 | 71,6 | 67,4 | 67,4 | 58 | 58 | 52,3 | 52,3 | 46,9 | 46,9 | ||
| ROCE (%) | -526,5 | 138,6 | 138,6 | -348,6 | -348,6 | -419,5 | -419,5 | 1916,4 | 1916,4 | -6140,4 | -6140,4 | -526,5 | -526,5 | -676,2 | -676,2 | -855,9 | -855,9 | ||
| ROCE Adj(%) | -539,6 | 138,6 | 138,6 | -348,6 | -348,6 | -477,9 | -477,9 | 2022,4 | 2022,4 | -6522,4 | -6522,4 | -539,6 | -539,6 | -676,2 | -676,2 | -855,9 | -855,9 | ||
| ROIC (%) | -97,2 | -146,4 | -146,4 | -110,5 | -110,5 | -193,3 | -193,3 | -463,5 | -463,5 | -87,7 | -87,7 | -97,2 | -97,2 | -265,2 | -265,2 | -350,6 | -350,6 | ||
| ROIC Adj (%) | -99,6 | -146,4 | -146,4 | -110,5 | -110,5 | -220,3 | -220,3 | -489,1 | -489,1 | -93,1 | -93,1 | -99,6 | -99,6 | -265,2 | -265,2 | -350,6 | -350,6 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | 123 | 7 | 7 | 19 | 19 | 30 | 30 | 54 | 54 | 85 | 85 | 123 | 123 | 171 | 171 | 228 | 228 | ||
| EBITDA Adj margin (%) | 33,3 | 9,6 | 9,6 | 19,5 | 19,5 | 22,8 | 22,8 | 28,7 | 28,7 | 31,3 | 31,3 | 33,3 | 33,3 | 35,9 | 35,9 | 39 | 39 | ||
| EBITA Adj | 99 | 5 | 5 | 17 | 17 | 25 | 25 | 44 | 44 | 67 | 67 | 99 | 99 | 147 | 147 | 203 | 203 | ||
| EBITA Adj margin (%) | 26,7 | 7,2 | 7,2 | 17,5 | 17,5 | 18,9 | 18,9 | 23,3 | 23,3 | 24,5 | 24,5 | 26,7 | 26,7 | 30,9 | 30,9 | 34,7 | 34,7 | ||
| EBIT Adj | 99 | 5 | 5 | 17 | 17 | 25 | 25 | 44 | 44 | 67 | 67 | 99 | 99 | 147 | 147 | 203 | 203 | ||
| EBIT Adj margin (%) | 26,7 | 7,2 | 7,2 | 17,5 | 17,5 | 18,9 | 18,9 | 23,3 | 23,3 | 24,5 | 24,5 | 26,7 | 26,7 | 30,9 | 30,9 | 34,7 | 34,7 | ||
| Pretax profit Adj | 98 | 6 | 6 | 17 | 17 | 25 | 25 | 44 | 44 | 67 | 67 | 98 | 98 | 147 | 147 | 203 | 203 | ||
| Net profit Adj | 76 | 4 | 4 | 13 | 13 | 19 | 19 | 34 | 34 | 53 | 53 | 76 | 76 | 115 | 115 | 159 | 159 | ||
| Net profit to shareholders Adj | 76 | 4 | 4 | 13 | 13 | 20 | 20 | 34 | 34 | 53 | 53 | 76 | 76 | 115 | 115 | 159 | 159 | ||
| Net Adj margin (%) | 20,5 | 5,8 | 5,8 | 13,6 | 13,6 | 15 | 15 | 18,1 | 18,1 | 19,4 | 19,4 | 20,5 | 20,5 | 24,1 | 24,1 | 27,1 | 27,1 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 121 | 7 | 7 | 19 | 19 | 27 | 27 | 52 | 52 | 81 | 81 | 121 | 121 | 171 | 171 | 228 | 228 | ||
| Net financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Paid tax | -23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -23 | -23 | -32 | -32 | -45 | -45 | ||
| Non-cash items | 0 | -30 | -30 | -6 | -6 | -27 | -27 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | 98 | -22 | -22 | 12 | 12 | 0 | 0 | 52 | 52 | 81 | 81 | 98 | 98 | 139 | 139 | 184 | 184 | ||
| Change in WC | -56 | 30 | 30 | 5 | 5 | 27 | 27 | 5 | 5 | 126 | 126 | -56 | -56 | 15 | 15 | 16 | 16 | ||
| Operating cash flow | 100 | 8 | 8 | 18 | 18 | 27 | 27 | 43 | 43 | 67 | 67 | 100 | 100 | 139 | 139 | 184 | 184 | ||
| CAPEX tangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| CAPEX intangible fixed assets | -34 | -4 | -4 | -18 | -18 | -30 | -30 | -31 | -31 | -8 | -8 | -34 | -34 | -38 | -38 | -39 | -39 | ||
| Acquisitions and disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32 | -32 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | 66 | 4 | 4 | 0 | 0 | -3 | -3 | 12 | 12 | 28 | 28 | 66 | 66 | 101 | 101 | 145 | 145 | ||
| Dividend paid | -15 | -6 | -6 | -7 | -7 | -8 | -8 | -9 | -9 | -12 | -12 | -15 | -15 | -24 | -24 | -36 | -36 | ||
| Share issues and buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | 13 | 10 | 10 | 7 | 7 | 28 | 28 | -3 | -3 | 38 | 38 | 13 | 13 | 39 | 39 | 16 | 16 | ||
| Decrease in net IB debt | 65 | 8 | 8 | 0 | 0 | 18 | 18 | 0 | 0 | 54 | 54 | 65 | 65 | 116 | 116 | 126 | 126 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Indefinite intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Definite intangible assets | 85 | 7 | 7 | 23 | 23 | 46 | 46 | 58 | 58 | 74 | 74 | 85 | 85 | 99 | 99 | 113 | 113 | ||
| Tangible fixed assets | 6 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 7 | 7 | 6 | 6 | 5 | 5 | 5 | 5 | ||
| Other fixed assets | 21 | 9 | 9 | 5 | 5 | 2 | 2 | 16 | 16 | 93 | 93 | 21 | 21 | 21 | 21 | 21 | 21 | ||
| Fixed assets | 112 | 17 | 17 | 29 | 29 | 49 | 49 | 76 | 76 | 174 | 174 | 112 | 112 | 125 | 125 | 139 | 139 | ||
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Receivables | 87 | 9 | 9 | 15 | 15 | 16 | 16 | 35 | 35 | 60 | 60 | 87 | 87 | 116 | 116 | 141 | 141 | ||
| Other current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 183 | 28 | 28 | 28 | 28 | 46 | 46 | 45 | 45 | 114 | 114 | 183 | 183 | 299 | 299 | 424 | 424 | ||
| Total assets | 382 | 53 | 53 | 73 | 73 | 110 | 110 | 157 | 157 | 348 | 348 | 382 | 382 | 540 | 540 | 704 | 704 | ||
| Shareholders equity | 162 | 20 | 20 | 27 | 27 | 37 | 37 | 58 | 58 | 99 | 99 | 162 | 162 | 276 | 276 | 399 | 399 | ||
| Minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 162 | 20 | 20 | 27 | 27 | 37 | 37 | 59 | 59 | 99 | 99 | 162 | 162 | 276 | 276 | 399 | 399 | ||
| Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pension debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Accounts payable | 220 | 34 | 34 | 46 | 46 | 74 | 74 | 98 | 98 | 249 | 249 | 220 | 220 | 263 | 263 | 305 | 305 | ||
| Other current liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total liabilities and equity | 157 | 39 | 39 | 46 | 46 | 53 | 53 | 73 | 73 | 110 | 110 | 157 | 157 | 348 | 348 | 382 | 382 | ||
| Net IB debt | -183 | -28 | -28 | -28 | -28 | -46 | -46 | -45 | -45 | -114 | -114 | -183 | -183 | -299 | -299 | -424 | -424 | ||
| Net IB debt excl. pension debt | -183 | -28 | -28 | -28 | -28 | -46 | -46 | -45 | -45 | -114 | -114 | -183 | -183 | -299 | -299 | -424 | -424 | ||
| Capital invested | -43 | -17 | -17 | -6 | -6 | -11 | -11 | -3 | -3 | -108 | -108 | -43 | -43 | -44 | -44 | -47 | -47 | ||
| Working capital | -133 | -25 | -25 | -30 | -30 | -58 | -58 | -63 | -63 | -189 | -189 | -133 | -133 | -148 | -148 | -164 | -164 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 4442 | 505 | 505 | 643 | 643 | 976 | 976 | 1747 | 1747 | 2570 | 2570 | 4442 | 4442 | 4442 | 4442 | 4442 | 4442 | ||
| Net IB debt Adj | -183 | -28 | -28 | -28 | -28 | -46 | -46 | -45 | -45 | -114 | -114 | -183 | -183 | -299 | -299 | -424 | -424 | ||
| Market value of minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 4259 | 477 | 477 | 615 | 615 | 930 | 930 | 1701 | 1701 | 2455 | 2455 | 4259 | 4259 | 4143 | 4143 | 4017 | 4017 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 101,3 | 154,6 | 154,6 | 151,5 | 151,5 | 141,7 | 141,7 | 141,8 | 141,8 | 107,9 | 107,9 | 101,3 | 101,3 | 103,2 | 103,2 | 94,3 | 94,3 | ||
| Capital invested turnover (%) | -489,5 | -2641,8 | -2641,8 | -820,9 | -820,9 | -1529,4 | -1529,4 | -2739,1 | -2739,1 | -488,7 | -488,7 | -489,5 | -489,5 | -1100,4 | -1100,4 | -1295,9 | -1295,9 | ||
| Capital employed turnover (%) | -2025,1 | 1835,4 | 1835,4 | -1969,6 | -1969,6 | -2525,2 | -2525,2 | 8675 | 8675 | -26666,5 | -26666,5 | -2025,1 | -2025,1 | -2188,3 | -2188,3 | -2467,5 | -2467,5 | ||
| Inventories / sales (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Customer advances / sales (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Payables / sales (%) | 63,4 | 28,2 | 28,2 | 41,8 | 41,8 | 46 | 46 | 45,3 | 45,3 | 63,7 | 63,7 | 63,4 | 63,4 | 50,8 | 50,8 | 48,5 | 48,5 | ||
| Working capital / sales (%) | -43,6 | -13,2 | -13,2 | -29 | -29 | -33,9 | -33,9 | -31,8 | -31,8 | -46,3 | -46,3 | -43,6 | -43,6 | -29,5 | -29,5 | -26,6 | -26,6 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | -113,1 | -142,9 | -142,9 | -104,9 | -104,9 | -124,3 | -124,3 | -77,3 | -77,3 | -115,5 | -115,5 | -113,1 | -113,1 | -108,1 | -108,1 | -106,3 | -106,3 | ||
| Net debt / market cap (%) | -4,8 | -5,4 | -5,4 | -4,2 | -4,2 | -6,3 | -6,3 | -3,4 | -3,4 | -5,2 | -5,2 | -4,8 | -4,8 | -6,7 | -6,7 | -9,6 | -9,6 | ||
| Equity ratio (%) | 42,4 | 36,6 | 36,6 | 36,8 | 36,8 | 33,4 | 33,4 | 37,5 | 37,5 | 28,5 | 28,5 | 42,4 | 42,4 | 51,2 | 51,2 | 56,7 | 56,7 | ||
| Net IB debt adj. / equity (%) | -113,1 | -142,9 | -142,9 | -104,9 | -104,9 | -124,3 | -124,3 | -77,3 | -77,3 | -115,5 | -115,5 | -113,1 | -113,1 | -108,1 | -108,1 | -106,3 | -106,3 | ||
| Current ratio (%) | 122,8 | 108,8 | 108,8 | 95 | 95 | 84,1 | 84,1 | 82 | 82 | 70 | 70 | 122,8 | 122,8 | 157,3 | 157,3 | 185,4 | 185,4 | ||
| EBITDA / net interest (%) | 104877,3 | -2521,5 | -2521,5 | -10045,2 | -10045,2 | -224422,3 | -224422,3 | 127930,4 | 127930,4 | 3116633,3 | 3116633,3 | 104877,3 | 104877,3 | 0 | 0 | 0 | 0 | ||
| Net IB debt / EBITDA (%) | -151,7 | -378,6 | -378,6 | -151 | -151 | -172,8 | -172,8 | -87,1 | -87,1 | -141 | -141 | -151,7 | -151,7 | -174,8 | -174,8 | -185,9 | -185,9 | ||
| Interest cover (%) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares outstanding adj. | 60 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 60 | 60 | 60 | 60 | 60 | 60 | 60 | 60 | ||
| Fully diluted shares Adj | 60 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 60 | 60 | 60 | 60 | 60 | 60 | 60 | 60 | ||
| EPS | 1,23 | 0,08 | 0,08 | 0,22 | 0,22 | 0,29 | 0,29 | 0,54 | 0,54 | 0,83 | 0,83 | 1,23 | 1,23 | 1,92 | 1,92 | 2,66 | 2,66 | ||
| Dividend per share Adj | 0,4 | 0,1 | 0,1 | 0,1 | 0,1 | 0,2 | 0,2 | 0,2 | 0,2 | 0,3 | 0,3 | 0,4 | 0,4 | 0,6 | 0,6 | 0,8 | 0,8 | ||
| EPS Adj | 1,27 | 0,08 | 0,08 | 0,22 | 0,22 | 0,34 | 0,34 | 0,58 | 0,58 | 0,89 | 0,89 | 1,27 | 1,27 | 1,92 | 1,92 | 2,66 | 2,66 | ||
| BVPS | 2,71 | 0,33 | 0,33 | 0,46 | 0,46 | 0,63 | 0,63 | 0,99 | 0,99 | 1,66 | 1,66 | 2,71 | 2,71 | 4,64 | 4,64 | 6,7 | 6,7 | ||
| BVPS Adj | 1,29 | 0,21 | 0,21 | 0,07 | 0,07 | -0,15 | -0,15 | 0 | 0 | 0,42 | 0,42 | 1,29 | 1,29 | 2,98 | 2,98 | 4,81 | 4,81 | ||
| Net IB debt / share | -2,8 | -0,5 | -0,5 | -0,5 | -0,5 | -0,8 | -0,8 | -0,8 | -0,8 | -1,7 | -1,7 | -2,8 | -2,8 | -4,7 | -4,7 | -6,8 | -6,8 | ||
| Share price | 64,41 | 8,87 | 8,87 | 11,41 | 11,41 | 12,44 | 12,44 | 22,68 | 22,68 | 36,9 | 36,9 | 64,41 | 64,41 | 74,5 | 74,5 | 74,5 | 74,5 | ||
| Market cap. (m) | 3840 | 518 | 518 | 667 | 667 | 727 | 727 | 1325 | 1325 | 2200 | 2200 | 3840 | 3840 | 4442 | 4442 | 4442 | 4442 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | 60,7 | 113,2 | 113,2 | 49,9 | 49,9 | 58,4 | 58,4 | 55,5 | 55,5 | 52,1 | 52,1 | 60,7 | 60,7 | 38,8 | 38,8 | 28 | 28 | ||
| EV/sales | 11,53 | 6,24 | 6,24 | 6,44 | 6,44 | 7,17 | 7,17 | 8,99 | 8,99 | 9,02 | 9,02 | 11,53 | 11,53 | 8,72 | 8,72 | 6,85 | 6,85 | ||
| EV/EBITDA | 35,3 | 64,8 | 64,8 | 33,1 | 33,1 | 35,1 | 35,1 | 32,6 | 32,6 | 30,2 | 30,2 | 35,3 | 35,3 | 24,2 | 24,2 | 17,6 | 17,6 | ||
| EV/EBITA | 44,3 | 87 | 87 | 36,8 | 36,8 | 43,2 | 43,2 | 40,6 | 40,6 | 39,2 | 39,2 | 44,3 | 44,3 | 28,2 | 28,2 | 19,8 | 19,8 | ||
| EV/EBIT | 44,3 | 87 | 87 | 36,8 | 36,8 | 43,2 | 43,2 | 40,6 | 40,6 | 39,2 | 39,2 | 44,3 | 44,3 | 28,2 | 28,2 | 19,8 | 19,8 | ||
| Dividend yield (%) | 0,5 | 1,4 | 1,4 | 1,2 | 1,2 | 1 | 1 | 0,7 | 0,7 | 0,6 | 0,6 | 0,5 | 0,5 | 0,8 | 0,8 | 1,1 | 1,1 | ||
| FCF yield (%) | 1,5 | 0,8 | 0,8 | 0 | 0 | -0,3 | -0,3 | 0,7 | 0,7 | 1,1 | 1,1 | 1,5 | 1,5 | 2,3 | 2,3 | 3,3 | 3,3 | ||
| P/BVPS | 27,44 | 25,9 | 25,9 | 24,06 | 24,06 | 26,45 | 26,45 | 30,35 | 30,35 | 25,94 | 25,94 | 27,44 | 27,44 | 16,07 | 16,07 | 11,13 | 11,13 | ||
| P/BVPS Adj | 57,54 | 41,13 | 41,13 | 157,12 | 157,12 | -110,99 | -110,99 | -6050,18 | -6050,18 | 103,16 | 103,16 | 57,54 | 57,54 | 24,99 | 24,99 | 15,5 | 15,5 | ||
| P/E Adj | 58,8 | 113,2 | 113,2 | 49,9 | 49,9 | 49,5 | 49,5 | 51,7 | 51,7 | 48,3 | 48,3 | 58,8 | 58,8 | 38,8 | 38,8 | 28 | 28 | ||
| EV/EBITDA Adj | 34,6 | 64,8 | 64,8 | 33,1 | 33,1 | 31,5 | 31,5 | 31,3 | 31,3 | 28,9 | 28,9 | 34,6 | 34,6 | 24,2 | 24,2 | 17,6 | 17,6 | ||
| EV/EBITA Adj | 43,2 | 87 | 87 | 36,8 | 36,8 | 37,9 | 37,9 | 38,5 | 38,5 | 36,9 | 36,9 | 43,2 | 43,2 | 28,2 | 28,2 | 19,8 | 19,8 | ||
| EV/EBIT Adj | 43,2 | 87 | 87 | 36,8 | 36,8 | 37,9 | 37,9 | 38,5 | 38,5 | 36,9 | 36,9 | 43,2 | 43,2 | 28,2 | 28,2 | 19,8 | 19,8 | ||
| EV/cap. employed | -201,6 | -57,1 | -57,1 | -465,7 | -465,7 | -103,9 | -103,9 | 127,8 | 127,8 | -159,9 | -159,9 | -201,6 | -201,6 | -185,6 | -185,6 | -159,5 | -159,5 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 9,2 | 4,6 | 4,6 | 18,8 | 18,8 | 23 | 23 | 16,3 | 16,3 | 2,8 | 2,8 | 9,2 | 9,2 | 7,9 | 7,9 | 6,6 | 6,6 | ||
| Capex / depreciation | 138,5 | 189,4 | 189,4 | 960,2 | 960,2 | 597,7 | 597,7 | 301,8 | 301,8 | 41,1 | 41,1 | 138,5 | 138,5 | 157,1 | 157,1 | 154 | 154 | ||
| Capex tangibles / tangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Capex intangibles / definite intangibles | 40 | 49,2 | 49,2 | 79,2 | 79,2 | 65,3 | 65,3 | 53,5 | 53,5 | 10,2 | 10,2 | 40 | 40 | 38,2 | 38,2 | 34,2 | 34,2 | ||
| Depreciation on intangibles / definite intangibles | 28,9 | 26 | 26 | 8,2 | 8,2 | 10,9 | 10,9 | 17,7 | 17,7 | 24,9 | 24,9 | 28,9 | 28,9 | 24,3 | 24,3 | 22,2 | 22,2 | ||
| Depreciation on tangibles / tangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity research
FORTNOX
Fortnox - Growth, growth, growth
25 October 2018 Fortnox Post-results comment
Media
FORTNOX
Company news
FORTNOX
Automatiserad tjänstepension från Fortnox
3 December 2018
Olof Hallrup invald i Fortnox styrelse
16 November 2018
Förslag till ny styrelse
13 November 2018
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 | Code | Quantity | Date | |
|---|---|---|---|---|
| Sofia Frick | - 330 | SELL | - 330 | 9 Nov 2018 |
| Kerstin Elisabeth Sundberg | + 2 000 | BUY | + 2 000 | 20 Jun 2018 |
| Roger Hartelius Nilsson | + 50 000 | BUY | + 50 000 | 1 Jun 2018 |
| Andreas Kemi | + 2 000 | BUY | + 2 000 | 4 May 2018 |
| Andreas Kemi | + 1 000 | BUY | + 1 000 | 3 May 2018 |
| Andreas Kemi | + 2 000 | BUY | + 2 000 | 26 Apr 2018 |
| Sara Nylén | - 13 820 | SELL | - 13 820 | 20 Mar 2018 |
| Sara Nylén | - 11 180 | SELL | - 11 180 | 19 Mar 2018 |
| Sara Nylén | - 25 000 | Redemp | - 25 000 | 2 Mar 2018 |
| Sara Nylén | + 25 000 | Redemp | + 25 000 | 2 Mar 2018 |
QUICK FACTS
- Nils Carlsson
- Andreas Kemi
- IT
- www.fortnox.se
- NGM Nordic MTF
- 4 359,2 MSEK
- FNOX MTF
- Q4 Report 13 Feb 2019
QUICK FACTS
- CEO
- Nils Carlsson
- Chairman
- Andreas Kemi
- List
- NGM Nordic MTF
- Sector
- IT
QUICK FACTS
- Market Cap
- 4 359,2 MSEK
- Ticker
- FNOX MTF
- Next Event
- 13 Feb 2019
- Website
- www.fortnox.se
Latest articles
-
Fortnox - Present growth trajectory to continue in Q4
15 Jan 2019 / Analys
-
Automatiserad tjänstepension från Fortnox
3 Dec 2018 / Press release
-
Olof Hallrup invald i Fortnox styrelse
16 Nov 2018 / Press release
-
Förslag till ny styrelse
13 Nov 2018 / Press release
-
Inbjudan till Introduce Investor Day 4 december
6 Nov 2018 / Article
