Fortnox Q4’20: Higher customer intake, lower ARPC
Research Note
2021-02-16
09:10
Redeye retains a positive view on Fortnox following a Q4 report largely in line with our forecast. The net customer intake came in above our estimate, while Fortnox Finance did not reach our expectations. We will likely lower our sales and costs forecasts slightly, resulting in largely unchanged EBIT forecasts and Base case.
FN
Fredrik Nilsson
Disclosures and disclaimers