Fortnox AB (publ)

OM:FNOX Stock Report

Market Cap: SEK 43.9b

Fortnox Valuation

Is FNOX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • 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 (SEK71.92) is trading below our estimate of fair value (SEK76.99)

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?

Key metric: As FNOX is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FNOX. This is calculated by dividing FNOX's market cap by their current earnings.
What is FNOX's PE Ratio?
PE Ratio63.6x
EarningsSEK 690.00m
Market CapSEK 43.87b

Price to Earnings Ratio vs Peers

How does FNOX's PE Ratio compare to its peers?

The above table shows the PE ratio for FNOX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average59.1x
VIT B Vitec Software Group
53.9x18.2%SEK 21.2b
TRUE B Truecaller
35.2x23.6%SEK 17.2b
BFG Byggfakta Group Nordic HoldCo
94.2x52.1%SEK 11.2b
LIME Lime Technologies
53x23.6%SEK 4.7b
FNOX Fortnox
63.6x22.8%SEK 43.9b

Price-To-Earnings vs Peers: FNOX is expensive based on its Price-To-Earnings Ratio (63.6x) compared to the peer average (59.1x).

Price to Earnings Ratio vs Industry

How does FNOX's PE Ratio compare vs other companies in the SE Software Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
SPEONE SpectrumOne
1.6xn/aUS$8.88m
No more companies available in this PE range
FNOX 63.6xIndustry Avg. 40.4xNo. of Companies3PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FNOX is expensive based on its Price-To-Earnings Ratio (63.6x) compared to the Swedish Software industry average (40.4x).

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.

FNOX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio63.6x
Fair PE Ratio39.2x

Price-To-Earnings vs Fair Ratio: FNOX is expensive based on its Price-To-Earnings Ratio (63.6x) compared to the estimated Fair Price-To-Earnings Ratio (39.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FNOX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 71.92
SEK 78.63
+9.3%
11.8%SEK 90.00SEK 57.00n/a8
Dec ’25SEK 68.10
SEK 77.75
+14.2%
11.7%SEK 90.00SEK 57.00n/a8
Nov ’25SEK 64.64
SEK 77.50
+19.9%
11.7%SEK 90.00SEK 57.00n/a8
Oct ’25SEK 62.70
SEK 77.50
+23.6%
11.1%SEK 85.00SEK 57.00n/a8
Sep ’25SEK 58.46
SEK 77.88
+33.2%
11.3%SEK 85.00SEK 57.00n/a8
Aug ’25SEK 65.02
SEK 73.00
+12.3%
22.1%SEK 85.00SEK 34.00n/a9
Jul ’25SEK 63.60
SEK 73.78
+16.0%
22.6%SEK 88.00SEK 34.00n/a9
Jun ’25SEK 64.86
SEK 73.00
+12.6%
23.1%SEK 88.00SEK 34.00n/a9
May ’25SEK 65.38
SEK 71.50
+9.4%
24.3%SEK 88.00SEK 34.00n/a8
Apr ’25SEK 66.94
SEK 68.71
+2.7%
25.0%SEK 88.00SEK 34.00n/a7
Mar ’25SEK 79.82
SEK 67.43
-15.5%
25.2%SEK 88.00SEK 34.00n/a7
Feb ’25SEK 58.88
SEK 59.17
+0.5%
23.4%SEK 74.00SEK 34.00n/a6
Jan ’25SEK 60.28
SEK 63.60
+5.5%
15.7%SEK 74.00SEK 45.00n/a5
Dec ’24SEK 56.40
SEK 62.00
+9.9%
17.0%SEK 74.00SEK 45.00SEK 68.104
Nov ’24SEK 44.20
SEK 65.75
+48.8%
19.8%SEK 79.00SEK 45.00SEK 64.644
Oct ’24SEK 58.40
SEK 75.00
+28.4%
9.5%SEK 81.00SEK 65.00SEK 62.703
Sep ’24SEK 55.40
SEK 76.00
+37.2%
8.8%SEK 83.00SEK 65.00SEK 58.464
Aug ’24SEK 64.66
SEK 76.00
+17.5%
8.8%SEK 83.00SEK 65.00SEK 65.024
Jul ’24SEK 63.68
SEK 76.25
+19.7%
10.0%SEK 85.00SEK 64.00SEK 63.604
Jun ’24SEK 70.00
SEK 76.50
+9.3%
10.1%SEK 85.00SEK 64.00SEK 64.864
May ’24SEK 70.52
SEK 73.75
+4.6%
12.1%SEK 85.00SEK 60.00SEK 65.384
Apr ’24SEK 70.92
SEK 73.75
+4.0%
12.1%SEK 85.00SEK 60.00SEK 66.944
Mar ’24SEK 64.78
SEK 68.00
+5.0%
9.7%SEK 78.00SEK 60.00SEK 79.824
Feb ’24SEK 54.12
SEK 61.75
+14.1%
8.2%SEK 68.00SEK 55.00SEK 58.884
Jan ’24SEK 47.29
SEK 61.75
+30.6%
8.2%SEK 68.00SEK 55.00SEK 60.284
Dec ’23SEK 48.62
SEK 62.67
+28.9%
8.9%SEK 68.00SEK 55.00SEK 56.403

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/23 23:04
End of Day Share Price 2024/12/23 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Fortnox AB (publ) is covered by 12 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Simon GranathABG Sundal Collier Sponsored
Victor ChengBofA Global Research
Frederic Emile BoulanBofA Global Research