We only make minor estimate changes and forecast Q4 sales and EBIT of SEK 188m and SEK 61m, respectively, giving an EBIT margin of 32.3%. While the incremental adj. EBIT margin has exceeded 40% for seven subsequent quarters, we foresee a Q4 figure of 30%. This is due to challenging comps and the fact that Fortnox grew its headcount by 39 in Q3, entailing higher opex. That said, we believe that the recent investments in personnel will enable Fortnox to capture further growth in the coming quarters. Among other things, we expect further traction for its financial vertical, while we also think that the company will go live with several other new initiatives (e.g. relating to its integration platform).
New targets will address the long-term growth story
On 15 Jan CET 14.00, Fortnox will host its first CMD since the IPO. We expect its management to map out its strategy going forward; especially with comments around its financial vertical, its integration platform, and possibly also around the M&A topic. In addition, we expect Fortnox to announce new financial goals, plausibly including a sales growth rate (e.g. 25% sales growth per year) and an EBIT margin target (e.g. >40% EBIT margin) for the coming years.
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