Description

Fortnox: Initiation of Coverage- Is This Diversified SaaS Powerhouse the Future of Nordic Business Platforms?

Fortnox AB reported strong results for the first quarter of 2025, highlighting its robust growth potential and strategic focus despite a challenging macroeconomic environment. The company achieved noteworthy financial performance, with a 25% organic growth in revenue and a 33% increase in EBIT, demonstrating the strength of its business model. Revenue growth reached 21%, and when adjusted for acquisitions and divestitures, the organic growth rate was 25%. The company surpassed its average revenue per customer target, achieving SAR 304, with an EBIT margin of 44%.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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