Solid customer intake, but COVID-19 burdens transac. sales
For Q4’20, we expect a continued high customer intake of 14,000 q-o-q (vs. 16,000 in Q4’19), supported by the fact that the number of SME bankruptcies remains low. While our estimated y-o-y sales growth of 23% is a strong metric, it represents a slowdown compared with previous quarters (e.g. +28% in Q3 and +32% in Q2), mainly due to decelerating growth rates for its customer base (amid the law of larger numbers). While we think that Fortnox’s transaction-based revenue will remain burdened in Q4 due to the second wave of the pandemic, we forecast ARPC of SEK 175/month, up SEK 7 q-o-q, mainly driven by seasonality.
LÄS MER
