Fortnox (Buy, TP: SEK83.00) - Q2 strong all around
Fortnox’s Q2 results were strong, notably its customer intake, financial services growth, and 40% FCF margin. We see the recent share-price pullback as attractive and expect the company to continue to demonstrate defensive high-growth characteristics at expanding margins, given its dominance in financial administration software and untapped monetisation potential. We reiterate our BUY but have lowered our target price to SEK83 (85).
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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