Fortnox Q4’18: Robust growth above forecast

Research Note

2019-02-13

09:26

Sales was SEK 107m (78), corresponding to a YoY growth of 38%, our estimate was 32%. While the net customer intake was slightly below forecast, the average revenue per customer (ARPC) exceeded by SEK 7 per customer. OPEX was in line with our estimate. Consequently, EBITDA/EBIT beat our forecast.

FN

Fredrik Nilsson

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