Fortnox (Buy, TP: SEK74.00) - Top sector pick
After the recent 40%+ multiples contraction, we reiterate our BUY and SEK74 (740) target price (adjusted for the recent 10:1 stock split). Our 2022–2023e is broadly unchanged, which means the valuation should become more digestible for investors. We continue to see Fortnox as a domestic champion with a generational moat offering a superior financial profile with significant optionality in the coming years.Fortnox AB is a Sweden-based company, which offers Internet-based business applications for companies, associations, as well as accounting and auditing firms. The Company's product portfolio includes programs for accounting, billing, sales support and payroll, such as Fortnox Accounting, Fortnox Invoicing, Fortnox order, Fortnox Archive, Fortnox Time and Fortnox CRM, as well as other programs. The Company's services allow its users to access the applications thorugh the Internet and be logged in simultaneously from multiple locations. As of December 31, 2011, the Company's three largest shareholders were Karlo Forvaltnings AB (10.45%), Banque Ohman S.A. (6.45%) and Nordea Life & Pensions (5.8%).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.