Fortnox (Buy, TP: SEK85.00) - Second consecutive price increase
We expect Fortnox to see 33% organic growth YOY at a 42% EBIT margin for 2023, which should ease investor concerns about weakened macro and SME exposure. The recent price increase has led us to raise our 2023–2024e EPS by 4–15%, and we continue to like Fortnox's under-monetised platform opportunity. We reiterate our BUY and have raised our target price to SEK85 (78).
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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