Based on the Q3 report alone, our ’21-’23 EBIT estimates would rise by 4-2%. On our unrevised estimates, Fortnox’s share is trading at 70.5x ‘22e EV/EBIT. Furthermore, the share is up 27% YTD, which compares to -13% YTD for other Nordic SaaS peers.
Sales in line but Q3 EBIT was 13% vs. ABGSCe
Lower investments than in H1 drove strong margins
We expect cons. to raise ’21-‘23e EBIT by 5-3%.
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