We keep our sales forecasts largely intact after the report, but reduce our underlying EBIT estimates due to higher cost assumptions. Fortnox recently announced the acquisition of Bolagspartner, which contributes with sales of roughly SEK 20m and EBIT of SEK 10m. As we also incorporate this into our forecasts, our total ‘21e EBIT is down 5%, while our ‘22e-‘23e EBIT is +0-1%, respectively.
Strong foundation for continued profitable growth
We reiterate our assessment that Fortnox has built a foundation for continued strong, profitable growth over the coming years. While we forecast margins contracting in ‘21e on higher costs and the acquisition of Offerta, we expect them to expand in ‘22e and beyond on operational leverage. Our 2025 EBIT forecast of SEK 1,315m corresponds to a ’20-‘25e EBIT CAGR of 38%. On our new 2022 estimates, Fortnox’s share is trading at 21x EV/sales and 58x EV/EBIT.
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