Fortnox (Buy, TP: SEK85.00) - Trend justifies recent rally
While many technology companies have been forced to downsize and hit the brakes, Fortnox has been able to keep its foot on the gas. We believe investors have rewarded Fortnox’s stock YTD and expect it to continue to demonstrate defensive high-growth characteristics with expanding profitability in its Q2 results, given the company’s dominance in financial administration software and untapped monetisation potential. We reiterate our BUY and SEK85 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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