Fortnox (Buy, TP: SEK78.00) - Climbing the ‘wall of SME worry’
Fortnox referred to its accelerating 52% EBIT growth YOY in Q4 as a “stable quarter”. We still believe the stock offers defensive high-growth exposure, a superior financial profile, and low estimate risk despite macro headwinds affecting its SME customers, given the mission-critical nature of its offering and under-monetised platform opportunity. We reiterate our BUY and have raised our target price to SEK78 (68).
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.