Fortnox: Rising ARPC – Order backlog indicates more will come

Research Update

2019-04-29

07:30

We raise our net sales, OPEX and EBIT estimates for both 2019 and 2020. The increased net sales forecast is due to the solid growth in order backlog, indicating that the robust ARPC growth seen in the two most recent quarters is to continue. To support the accelerating growth, we believe Fortnox will have to increase its net recruitment, which results in raised OPEX forecasts. However, the bottom line revisions are positive both for 2019 and 2020. We raise our Fair Value range to SEK 50-140 with a Base case of SEK 90.

FN

DB

Fredrik Nilsson

Dennis Berggren

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