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Fortnox

Fortnox

SEKm 2021 2022e 2023e
Sales 934 1261 1643
Sales growth (%) 34,6 35,1 30,2
EBITDA 404 567 777
EBITDA margin (%) 43,3 44,9 47,3
EBIT adj 324 476 679
EBIT adj margin (%) 34,8 37,8 41,4
Pretax profit 316 472 675
EPS rep 4,07 6,04 8,64
EPS growth (%) 19,5 48,4 43
EPS adj 4,21 6,15 8,75
DPS 1 1,25 1,75
EV/EBITDA (x) 75,8 53,6 38,5
EV/EBIT adj (x) 94,5 63,8 44,1
P/E (x) 124,8 84,1 58,8
P/E adj (x) 120,6 82,6 58
EV/sales (x) 32,8 24,1 18,2
FCF yield (%) -0,4 1,2 1,7
Dividend yield (%) 0,2 0,2 0,3
Net IB debt/EBITDA -0,8 -1,1 -1,3
Lease adj. FCF yield (%) -0,5 1,1 1,6
Lease adj. ND/EBITDA -1,3 -1,5 -1,6
SEKm 2021 2022e 2023e
Sales 934 1261 1643
COGS -85 -122 -195
Gross profit 849 1139 1447
Other operating items -444 -573 -671
EBITDA 404 567 777
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -74 -81 -88
EBITA 327 483 686
Goodwill impairment charges 0 0 0
Other impairment and amortisation -9 -12 -12
EBIT 321 476 679
Other financial items 0 0 0
Net financial items -5 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 316 472 675
Tax -68 -104 -149
Net profit 248 368 527
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 248 368 527
EPS 4,07 6,04 8,64
EPS Adj 4,21 6,15 8,75
Total extraordinary items after tax -3,2 0 0
Tax rate (%) -21,5 -22 -22
Gross margin (%) 90,9 90,3 88,1
EBITDA margin (%) 43,3 44,9 47,3
EBITA margin (%) 35 38,3 41,8
EBIT margin (%) 34,4 37,8 41,4
Pretax margin (%) 33,9 37,4 41,1
Net margin (%) 26,6 29,2 32,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 34,6 35,1 30,2
EBITDA growth (%) 21,8 40,1 37,1
EBIT growth (%) 21 48,3 42,7
Net profit growth (%) 20,9 48,4 43
EPS growth (%) 19,5 48,4 43
Profitability 2021 2022 2023
ROE (%) 34,7 33 35,2
ROE Adj (%) 35,9 33,6 35,7
ROCE (%) 35,8 36,5 40,4
ROCE Adj(%) 36,7 37,1 40,8
ROIC (%) 51,3 52,6 72,3
ROIC Adj (%) 51,8 52,6 72,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 407 567 777
EBITDA Adj margin (%) 43,7 44,9 47,3
EBITA Adj 330 483 686
EBITA Adj margin (%) 35,3 38,3 41,8
EBIT Adj 324 476 679
EBIT Adj margin (%) 34,8 37,8 41,4
Pretax profit Adj 325 479 682
Net profit Adj 257 375 534
Net profit to shareholders Adj 257 375 534
Net Adj margin (%) 27,5 29,7 32,5
Depreciation and amortisation -78 -83 -91
Of which leasing depreciation -21 -21 -21
EO items -3 0 0
Impairment and PPA amortisation -5 -7 -7
EBITDA lease Adj 386 545 755
EBITDA lease Adj margin (%) 41,4 43,2 46
Leasing payments -21 -21 -21
SEKm 2021 2022e 2023e
EBITDA 404 567 777
Net financial items -5 -4 -4
Paid tax -68 -104 -149
Non-cash items 0 0 0
Cash flow before change in WC 331 459 624
Change in WC 9 9 7
Operating cash flow 341 467 631
CAPEX tangible fixed assets -11 -12 -13
CAPEX intangible fixed assets -84 -91 -97
Acquisitions and disposals -370 0 0
Free cash flow -124 364 521
Dividend paid -45 -61 -76
Share issues and buybacks 290 0 0
Other non cash items -9 0 0
Decrease in net IB debt 198 304 437
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 239 239 239
Indefinite intangible assets 215 204 193
Definite intangible assets 0 0 0
Tangible fixed assets 43 54 66
Other fixed assets 1 1 1
Fixed assets 740 774 808
Inventories 0 0 0
Receivables 65 88 115
Other current assets 184 255 335
Cash and liquid assets 513 795 1218
Total assets 1502 1912 2476
Shareholders equity 963 1270 1721
Minority 0 0 0
Total equity 963 1270 1721
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 57 57 57
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 27 43 57
Other current liabilities 268 354 455
Total liabilities and equity 1502 1912 2476
Net IB debt -326 -608 -1031
Net IB debt excl. pension debt -326 -608 -1031
Capital invested 694 720 747
Working capital -46 -55 -61
EV breakdown 2021 2022 2023
Market cap. diluted (m) 30975 30975 30975
Net IB debt Adj -326 -608 -1031
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 30649 30367 29944
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 76,7 73,9 74,9
Capital invested turnover (%) 216 212,1 278,3
Capital employed turnover (%) 106,7 97 98,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 23,6 24,1 24,2
Payables / sales (%) 2,4 2,8 3
Working capital / sales (%) -4,4 -4 -3,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -33,9 -47,8 -59,9
Net debt / market cap (%) -1,1 -2 -3,3
Equity ratio (%) 64,1 66,4 69,5
Net IB debt adj. / equity (%) -33,9 -47,8 -59,9
Current ratio (%) 236,4 267,8 309,7
EBITDA / net interest (%) 7850 14163,4 19419,7
Net IB debt / EBITDA (%) -80,6 -107,2 -132,7
Interest cover (%) 6340,4 12076,9 17155,7
Lease liability amortisation -21 -21 -21
Other intangible assets 276 299 321
Right-of-use asset 182 182 182
Total other fixed assets 1 1 1
Leasing liability 187 187 187
Total other long-term liabilities 57 57 57
Net IB debt excl. leasing -513 -795 -1218
Net IB debt / EBITDA lease Adj (%) -132,9 -145,8 -161,3
SEKm 2021 2022e 2023e
Shares outstanding adj. 61 61 61
Fully diluted shares Adj 61 61 61
EPS 4,07 6,04 8,64
Dividend per share Adj 1 1,3 1,8
EPS Adj 4,21 6,15 8,75
BVPS 15,79 20,83 28,22
BVPS Adj 11,87 16,91 24,3
Net IB debt / share -5,3 -10 -16,9
Share price 476,87 508 508
Market cap. (m) 29077 30975 30975
Valuation 2021 2022 2023
P/E 124,8 84,1 58,8
EV/sales 32,83 24,08 18,23
EV/EBITDA 75,8 53,6 38,5
EV/EBITA 93,9 62,9 43,6
EV/EBIT 95,4 63,8 44,1
Dividend yield (%) 0,2 0,2 0,3
FCF yield (%) -0,4 1,2 1,7
P/BVPS 32,18 24,39 18
P/BVPS Adj 42,79 30,04 20,9
P/E Adj 120,6 82,6 58
EV/EBITDA Adj 75,2 53,6 38,5
EV/EBITA Adj 93 62,9 43,6
EV/EBIT Adj 94,5 63,8 44,1
EV/cap. employed 26,7 20,8 15,7
Investment ratios 2021 2022 2023
Capex / sales 10,2 8,2 6,7
Capex / depreciation 168,6 166,4 158,8
Capex tangibles / tangible fixed assets 26,1 22,9 19,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 2,3 1,8 1,7
Lease adj. FCF yield (%) -0,5 1,1 1,6

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

58,8

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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44,1

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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18,2

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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18,0