New Risk • Jun 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: kr23m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Significant insider selling over the past 3 months (kr23m sold). Recent Insider Transactions • Jun 16
Insider recently sold kr673k worth of stock On the 12th of June, Michael Hansen sold around 8k shares on-market at roughly kr89.75 per share. This transaction amounted to 75% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr39m more than they sold in the last 12 months. Price Target Changed • Apr 25
Price target increased by 7.4% to kr79.63 Up from kr74.17, the current price target is an average from 6 analysts. New target price is 7.9% below last closing price of kr86.50. The company is forecast to post earnings per share of kr1.50 for next year compared to kr1.16 last year. Reported Earnings • Apr 25
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: kr0.34 (up from kr0.24 in 1Q 2024). Revenue: kr563.0m (up 21% from 1Q 2024). Net income: kr210.0m (up 41% from 1Q 2024). Profit margin: 37% (up from 32% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Bekanntmachung • Apr 24
Fortnox AB (publ) to Report Fiscal Year 2025 Results on Feb 12, 2026 Fortnox AB (publ) announced that they will report fiscal year 2025 results on Feb 12, 2026 Upcoming Dividend • Apr 04
Upcoming dividend of kr0.25 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 17 April 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Swedish dividend payers (4.3%). Lower than average of industry peers (2.1%). New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 3.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to kr86.98, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 25x in the Software industry in Sweden. Total returns to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr64.16 per share. Buy Or Sell Opportunity • Mar 31
Now 36% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to kr86.98. The fair value is estimated to be kr64.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Bekanntmachung • Mar 31
First Kraft Ab, EQT X and EQT AB (publ) (OM:EQT) proposed to acquire remaining 81.05% stake in Fortnox AB (publ) (OM:FNOX) from AMF Fonder AB and other shareholders for approximately SEK 44.5 billion. First Kraft Ab, EQT X and EQT AB (publ) (OM:EQT) proposed to acquire remaining 81.05% stake in Fortnox AB (publ) (OM:FNOX) from AMF Fonder AB and other shareholders for approximately SEK 44.5 billion on March 27, 2025. A cash consideration valued at SEK 90 per share will be paid by First Kraft Ab, EQT X and EQT AB (publ). If the annual general meeting in Fortnox on 10 April 2025 approves the proposed dividend of SEK 0.25 per share, the Bidder will decrease the offered consideration to SEK 89.75 in cash for each share in Fortnox. As part of consideration, an SEK 54.9 billion value is paid towards common equity of Fortnox AB (publ). The price per share in the Offer represents a premium of 38% compared to the closing price of SEK 65.1 on 28 March 2025. First Kraft, which is the Company’s largest shareholder, already owns 115,517,633 shares, corresponding to 18.9% of all outstanding shares and votes of the Company. All shares in the Company held by First Kraft will be contributed to the Bidder upon completion of the Offer.
The board of directors’ decision to issue this statement has been made by the board members Per Bertland, Anna Frick, Magnus Gudéhn, and Lena Glader. The chairman of the board, Olof Hallrup, owns all shares in First Kraft and is therefore deemed to have a conflict of interest pursuant to Rule II.18 of the Takeover Rules. Consequently, Olof Hallrup has not participated, and will not participate, in the board of directors’ handling of or decisions regarding this statement or the Offer. The board of directors has obtained such fairness opinion from Ernst & Young AB (“EY”). EY deems the Offer to be fair from a financial point of view for the shareholders of the Company. The board of directors unanimously recommends the shareholders of Fortnox to accept the Offer.
Completion of the Offer is conditional upon, among other things, the Offer being accepted to such extent that the Bidder becomes the owner of shares representing more than 90 per cent of the total number of outstanding shares in the Company as well as the receipt of all necessary approvals, clearances, decisions, and other actions from authorities or similar, required for the Offer and the Bidder’s acquisition of the Company. The board of directors has allowed the Bidder to carry out a due diligence review of the Company in connection with the preparations of the Offer. The Company has not disclosed any inside information relating to the Company to the Bidder during the due diligence review. The Bidder expects to publish an offer document regarding the Offer on or around 13 May 2025. The acceptance period in the Offer is expected to commence on or around 14 May 2025 and end on or around 18 June 2025.
Ernst & Young Aktiebolag acted as fairness opinion provider for Fortnox AB. Carnegie Investment Bank AB acted as financial advisor for Fortnox AB. Gernandt & Danielsson Advokatbyrå KB acted as legal advisor for Fortnox AB. Reported Earnings • Mar 21
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: kr1.17 (up from kr0.94 in FY 2023). Revenue: kr2.04b (up 25% from FY 2023). Net income: kr710.0m (up 25% from FY 2023). Profit margin: 35% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.6%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 16
Dividend increased to kr0.25 Dividend of kr0.25 is 25% higher than last year. Ex-date: 11th April 2025 Payment date: 17th April 2025 Dividend yield will be 0.4%, which is about the same as the industry average. Payout Ratios Payout ratio: 21%. Cash payout ratio: 28%. Bekanntmachung • Mar 15
Fortnox AB (publ) to Report Q2, 2025 Results on Jul 11, 2025 Fortnox AB (publ) announced that they will report Q2, 2025 results on Jul 11, 2025 Bekanntmachung • Mar 14
Fortnox AB (publ) announces Annual dividend, payable on April 17, 2025 Fortnox AB (publ) announced Annual dividend of SEK 0.2500 per share payable on April 17, 2025, ex-date on April 11, 2025 and record date on April 14, 2025. Bekanntmachung • Mar 12
Fortnox AB (publ), Annual General Meeting, Apr 10, 2025 Fortnox AB (publ), Annual General Meeting, Apr 10, 2025, at 14:00 W. Europe Standard Time. Location: at fortnox ab, bollgatan 3 b vaxjo., Sweden Recent Insider Transactions • Feb 20
Insider recently bought kr450k worth of stock On the 14th of February, Charlotta Lundberg bought around 6k shares on-market at roughly kr75.16 per share. This transaction increased Charlotta's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr39m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 14
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: kr1.17 (up from kr0.94 in FY 2023). Revenue: kr2.10b (up 28% from FY 2023). Net income: kr710.0m (up 25% from FY 2023). Profit margin: 34% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.4%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: kr0.31 (up from kr0.24 in 3Q 2023). Revenue: kr530.0m (up 27% from 3Q 2023). Net income: kr189.0m (up 27% from 3Q 2023). Profit margin: 36% (in line with 3Q 2023). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 1.6%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 24
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.7% to kr60.76. The fair value is estimated to be kr79.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Recent Insider Transactions • Aug 15
Insider recently bought kr429k worth of stock On the 13th of August, Michael Hansen bought around 8k shares on-market at roughly kr57.17 per share. This transaction increased Michael's direct individual holding by 4x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr678k. Insiders have collectively bought kr1.2m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 14
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: kr0.27 (up from kr0.21 in 2Q 2023). Revenue: kr515.0m (up 28% from 2Q 2023). Net income: kr164.0m (up 29% from 2Q 2023). Profit margin: 32% (in line with 2Q 2023). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jun 12
Now 20% overvalued Over the last 90 days, the stock has fallen 14% to kr67.04. The fair value is estimated to be kr55.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Buy Or Sell Opportunity • May 27
Now 21% overvalued Over the last 90 days, the stock has fallen 9.9% to kr66.94. The fair value is estimated to be kr55.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Recent Insider Transactions • May 21
Business Area Manager recently sold kr1.1m worth of stock On the 17th of May, Anna Bergius sold around 15k shares on-market at roughly kr70.00 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr118k more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 08
Business Area Manager exercised options to buy kr318k worth of stock. On the 2nd of May, Anna Bergius exercised options to buy 5k shares at a strike price of around kr55.28, costing a total of kr276k. This transaction amounted to 57% of their direct individual holding at the time of the trade. Since September 2023, Anna's direct individual holding has increased from 5.70k shares to 8.81k. Company insiders have collectively bought kr1.2m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Apr 26
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: kr0.24 (up from kr0.17 in 1Q 2023). Revenue: kr467.0m (up 26% from 1Q 2023). Net income: kr149.0m (up 41% from 1Q 2023). Profit margin: 32% (up from 29% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.0%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 05
Upcoming dividend of kr0.20 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 18 April 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Swedish dividend payers (4.2%). Lower than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr66.94, the stock trades at a forward P/E ratio of 58x. Average forward P/E is 22x in the Software industry in Sweden. Total returns to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr50.10 per share. New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Price Target Changed • Mar 01
Price target increased by 12% to kr66.43 Up from kr59.17, the current price target is an average from 7 analysts. New target price is 7.9% below last closing price of kr72.14. Stock is up 10% over the past year. The company is forecast to post earnings per share of kr1.18 for next year compared to kr0.93 last year. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr72.76, the stock trades at a forward P/E ratio of 61x. Average forward P/E is 22x in the Software industry in Sweden. Total returns to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr49.05 per share. Reported Earnings • Feb 16
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: kr0.94 (up from kr0.57 in FY 2022). Revenue: kr1.67b (up 31% from FY 2022). Net income: kr570.0m (up 64% from FY 2022). Profit margin: 34% (up from 27% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 15
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 46% to kr75.00. The fair value is estimated to be kr62.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Per Bertland was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 20
Price target decreased by 9.5% to kr62.00 Down from kr68.50, the current price target is an average from 4 analysts. New target price is 18% above last closing price of kr52.72. Stock is up 11% over the past year. The company is forecast to post earnings per share of kr0.84 for next year compared to kr0.57 last year. Buying Opportunity • Oct 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be kr52.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings is also forecast to grow by 29% per annum over the same time period. Price Target Changed • Oct 06
Price target decreased by 9.9% to kr68.50 Down from kr76.00, the current price target is an average from 3 analysts. New target price is 28% above last closing price of kr53.66. Stock is up 16% over the past year. The company is forecast to post earnings per share of kr0.85 for next year compared to kr0.57 last year. Bekanntmachung • Sep 27
Fortnox AB (publ), Annual General Meeting, Apr 11, 2024 Fortnox AB (publ), Annual General Meeting, Apr 11, 2024. Bekanntmachung • Sep 04
Fortnox AB (publ) to Report Q3, 2023 Results on Oct 27, 2023 Fortnox AB (publ) announced that they will report Q3, 2023 results on Oct 27, 2023 Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: kr0.21 (vs kr0.12 in 2Q 2022) Second quarter 2023 results: EPS: kr0.21 (up from kr0.12 in 2Q 2022). Revenue: kr412.0m (up 34% from 2Q 2022). Net income: kr127.0m (up 71% from 2Q 2022). Profit margin: 31% (up from 24% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • May 07
Deputy CEO & CFO recently bought kr90k worth of stock On the 2nd of May, Roger Hartelius bought around 1k shares on-market at roughly kr69.90 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Roger has been a net seller over the last 12 months, reducing personal holdings by kr6.8m. Reported Earnings • May 03
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: kr0.17 (up from kr0.11 in 1Q 2022). Revenue: kr378.0m (up 36% from 1Q 2022). Net income: kr106.0m (up 59% from 1Q 2022). Profit margin: 28% (up from 24% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 5.1%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 31
Price target increased by 7.3% to kr73.75 Up from kr68.75, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of kr70.92. Stock is up 33% over the past year. The company is forecast to post earnings per share of kr0.85 for next year compared to kr0.57 last year. Upcoming Dividend • Mar 24
Upcoming dividend of kr0.12 per share at 0.2% yield Eligible shareholders must have bought the stock before 31 March 2023. Payment date: 06 April 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Swedish dividend payers (5.1%). Lower than average of industry peers (0.4%). Recent Insider Transactions • Feb 22
Director recently sold kr1.9m worth of stock On the 16th of February, Anna Frick sold around 30k shares on-market at roughly kr63.22 per share. This transaction amounted to 97% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr8.9m more than they bought in the last 12 months. Reported Earnings • Feb 21
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: kr0.57 (up from kr0.40 in FY 2021). Revenue: kr1.30b (up 39% from FY 2021). Net income: kr346.8m (up 44% from FY 2021). Profit margin: 27% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Dec 20
Price target decreased to kr61.75 Down from kr67.00, the current price target is an average from 3 analysts. New target price is 31% above last closing price of kr47.20. Stock is down 17% over the past year. The company is forecast to post earnings per share of kr0.57 for next year compared to kr0.40 last year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Per Bertland was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be kr54.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 36% per annum over the same time period. Buying Opportunity • Aug 22
Now 24% undervalued Over the last 90 days, the stock is up 4.6%. The fair value is estimated to be kr65.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 36% per annum over the same time period. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: kr0.12 (vs kr0.089 in 2Q 2021) Second quarter 2022 results: EPS: kr0.12 (up from kr0.089 in 2Q 2021). Revenue: kr312.3m (up 36% from 2Q 2021). Net income: kr74.4m (up 37% from 2Q 2021). Profit margin: 24% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 35%, compared to a 33% growth forecast for the Software industry in Sweden. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be kr65.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 35% per annum over the same time period. Buying Opportunity • Jun 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.1%. The fair value is estimated to be kr61.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 35% per annum over the same time period. 
