Fortnox: A bright cloud
Initiating Coverage
2018-12-18
07:30
We initiate coverage of Fortnox with a Base case of SEK 60. We believe Fortnox is in a position to drive continued, strong sales growth in the years ahead. There are two key drivers: (i) expanding the customer base, and; (ii) growing revenues per customer. However, while our outlook regarding Fortnox’ key drivers is positive, the current valuation of SEK 74 implies an even better outcome.
FN
DB
Fredrik Nilsson
Dennis Berggren
Disclosures and disclaimers