We increase our sales and OPEX forecasts slightly, resulting in a mostly unchanged EBIT estimate for 2020 – where we forecast a growth rate of 26% and an EBIT margin of 31%. We believe Fortnox will be able to stick to a net customer intake of ~50 000 in 2020, while we forecast a lower ARPC growth relative to the high levels seen in 2019, as we do not expect pricing adjustments or similar.