Fortnox Valuation
Is FNOX undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
2/6Valuation Score 2/6
Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast
Share Price vs Fair Value
What is the Fair Price of FNOX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: FNOX (SEK67.1) is trading below our estimate of fair value (SEK82.12)
Significantly Below Fair Value: FNOX is trading below fair value, but not by a significant amount.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for FNOX?
Other financial metrics that can be useful for relative valuation.
| What is FNOX's n/a Ratio? | |
|---|---|
| n/a | 0x |
| n/a | n/a |
| Market Cap | SEK 40.93b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 20.7x |
| Enterprise Value/EBITDA | 46.8x |
| PEG Ratio | 2.6x |
Price to Earnings Ratio vs Peers
How does FNOX's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 78.3x | ||
SINCH Sinch | 135.5x | 45.9% | SEK 26.5b |
VIT B Vitec Software Group | 49.2x | 18.4% | SEK 19.3b |
TRUE B Truecaller | 34.5x | 21.8% | SEK 16.5b |
BFG Byggfakta Group Nordic HoldCo | 94.2x | 52.1% | SEK 11.2b |
FNOX Fortnox | 59.3x | 22.9% | SEK 40.9b |
Price-To-Earnings vs Peers: FNOX is good value based on its Price-To-Earnings Ratio (59.3x) compared to the peer average (78.3x).
Price to Earnings Ratio vs Industry
How does FNOX's PE Ratio compare vs other companies in the SE Software Industry?
Price-To-Earnings vs Industry: FNOX is expensive based on its Price-To-Earnings Ratio (59.3x) compared to the European Software industry average (29x).
Price to Earnings Ratio vs Fair Ratio
What is FNOX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 59.3x |
| Fair PE Ratio | 40.8x |
Price-To-Earnings vs Fair Ratio: FNOX is expensive based on its Price-To-Earnings Ratio (59.3x) compared to the estimated Fair Price-To-Earnings Ratio (40.8x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | SEK 67.10 | SEK 77.63 +15.7% | 11.6% | SEK 90.00 | SEK 57.00 | n/a | 8 |
| Oct ’25 | SEK 62.70 | SEK 77.50 +23.6% | 11.1% | SEK 85.00 | SEK 57.00 | n/a | 8 |
| Sep ’25 | SEK 58.46 | SEK 77.88 +33.2% | 11.3% | SEK 85.00 | SEK 57.00 | n/a | 8 |
| Aug ’25 | SEK 65.02 | SEK 73.00 +12.3% | 22.1% | SEK 85.00 | SEK 34.00 | n/a | 9 |
| Jul ’25 | SEK 63.60 | SEK 73.78 +16.0% | 22.6% | SEK 88.00 | SEK 34.00 | n/a | 9 |
| Jun ’25 | SEK 64.86 | SEK 73.00 +12.6% | 23.1% | SEK 88.00 | SEK 34.00 | n/a | 9 |
| May ’25 | SEK 65.38 | SEK 71.50 +9.4% | 24.3% | SEK 88.00 | SEK 34.00 | n/a | 8 |
| Apr ’25 | SEK 66.94 | SEK 68.71 +2.7% | 25.0% | SEK 88.00 | SEK 34.00 | n/a | 7 |
| Mar ’25 | SEK 79.82 | SEK 67.43 -15.5% | 25.2% | SEK 88.00 | SEK 34.00 | n/a | 7 |
| Feb ’25 | SEK 58.88 | SEK 59.17 +0.5% | 23.4% | SEK 74.00 | SEK 34.00 | n/a | 6 |
| Jan ’25 | SEK 60.28 | SEK 63.60 +5.5% | 15.7% | SEK 74.00 | SEK 45.00 | n/a | 5 |
| Dec ’24 | SEK 56.40 | SEK 62.00 +9.9% | 17.0% | SEK 74.00 | SEK 45.00 | n/a | 4 |
| Nov ’24 | SEK 44.20 | SEK 65.75 +48.8% | 19.8% | SEK 79.00 | SEK 45.00 | n/a | 4 |
| Oct ’24 | SEK 58.40 | SEK 75.00 +28.4% | 9.5% | SEK 81.00 | SEK 65.00 | SEK 62.70 | 3 |
| Sep ’24 | SEK 55.40 | SEK 76.00 +37.2% | 8.8% | SEK 83.00 | SEK 65.00 | SEK 58.46 | 4 |
| Aug ’24 | SEK 64.66 | SEK 76.00 +17.5% | 8.8% | SEK 83.00 | SEK 65.00 | SEK 65.02 | 4 |
| Jul ’24 | SEK 63.68 | SEK 76.25 +19.7% | 10.0% | SEK 85.00 | SEK 64.00 | SEK 63.60 | 4 |
| Jun ’24 | SEK 70.00 | SEK 76.50 +9.3% | 10.1% | SEK 85.00 | SEK 64.00 | SEK 64.86 | 4 |
| May ’24 | SEK 70.52 | SEK 73.75 +4.6% | 12.1% | SEK 85.00 | SEK 60.00 | SEK 65.38 | 4 |
| Apr ’24 | SEK 70.92 | SEK 73.75 +4.0% | 12.1% | SEK 85.00 | SEK 60.00 | SEK 66.94 | 4 |
| Mar ’24 | SEK 64.78 | SEK 68.00 +5.0% | 9.7% | SEK 78.00 | SEK 60.00 | SEK 79.82 | 4 |
| Feb ’24 | SEK 54.12 | SEK 61.75 +14.1% | 8.2% | SEK 68.00 | SEK 55.00 | SEK 58.88 | 4 |
| Jan ’24 | SEK 47.29 | SEK 61.75 +30.6% | 8.2% | SEK 68.00 | SEK 55.00 | SEK 60.28 | 4 |
| Dec ’23 | SEK 48.62 | SEK 62.67 +28.9% | 8.9% | SEK 68.00 | SEK 55.00 | SEK 56.40 | 3 |
| Nov ’23 | SEK 46.49 | SEK 62.67 +34.8% | 8.9% | SEK 68.00 | SEK 55.00 | SEK 44.20 | 3 |
| Oct ’23 | SEK 43.30 | SEK 67.00 +54.8% | 6.8% | SEK 72.00 | SEK 61.00 | SEK 58.40 | 3 |
Analyst Forecast: Target price is less than 20% higher than the current share price.