Fortnox Q2’2021 Review: Ready for Accelerating ARPC Growth

Redeye retains its positive stance on Fortnox following a Q2 in line with expectations. The pandemic and likely the platform migrations have reduced ARPC growth during recent quarters. As the pandemic seems to fade and as the migrations are near completion, we believe ARPC growth will pick up from now on – and there were a few positive early indications in the report. We keep our forecasts and Base case unchanged.

FN

Fredrik Nilsson

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