Fortnox (Buy, TP: SEK68.00) - Still a preferred name
Fortnox remains among our top picks in software, offering defensive high-growth exposure, a superior financial profile, and low estimate risks given 1) a low price point for customers at SEK223/month to access mission-critical ERP software; and 2) its durable opportunity to scale with existing loyal customers via its holistic platform offering. We reiterate our BUY and SEK68 target price.
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.
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