While the transaction multiple is rich on recently reported numbers, Fortnox’s own multiple on 2021e EV/sales is currently 39x. All else equal, the acquisition lifts cons. ’22e-‘23e sales forecasts by ~2%. However, on the back of the clear synergies, some extrapolation is likely to be done on cons. ‘23e estimates. As such, we could see cons. ‘23e sales rise by ~3% on today’s announcement.
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