Fortnox Q3’20: Beating EBIT by 11%, slight miss on ARPC
Research Note
2020-10-22
08:56
Redeye sees a predominantly solid Q3 report, with a net customer intake in line with 2019 – as expected – and an impressive EBIT margin. While transaction-based revenues continued to dampen ARPC growth, Fortnox saw an improvement during the end of the quarter. We will likely increase our EBIT forecasts and Base case.
FN
Fredrik Nilsson
Disclosures and disclaimers