Aankondiging • 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 Aankondiging • 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. Aankondiging • 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 Aankondiging • 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. Aankondiging • 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 Buy Or Sell Opportunity • Nov 01
Now 21% undervalued Over the last 90 days, the stock has risen 4.7% to €5.53. The fair value is estimated to be €7.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: kr0.31 (vs kr0.24 in 3Q 2023) 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 is forecast to grow 20% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Aug 18
Chairman of the Board recently bought €3.2m worth of stock On the 14th of August, Karl Hallrup bought around 676k shares on-market at roughly €4.78 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. This was Karl's only on-market trade for the last 12 months. New Risk • Aug 07
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 German stocks, typically moving 6.7% 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. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: kr0.27 (vs kr0.21 in 2Q 2023) 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 is forecast to grow 20% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Software industry in Germany. 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 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 22
Now 24% overvalued Over the last 90 days, the stock has fallen 5.2% to €6.23. The fair value is estimated to be €5.01, 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. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: kr0.24 (vs kr0.17 in 1Q 2023) 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 is forecast to grow 19% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Software industry in Germany. 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 6% 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 German dividend payers (4.7%). Lower than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €5.67, the stock trades at a forward P/E ratio of 58x. Average forward P/E is 19x in the Software industry in Germany. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.30 per share. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €6.40, the stock trades at a forward P/E ratio of 61x. Average forward P/E is 18x in the Software industry in Germany. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.37 per share. New Risk • Feb 17
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 German stocks, typically moving 7.0% 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. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: kr0.94 (vs kr0.57 in FY 2022) 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 is forecast to grow 19% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Software industry in Germany. 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 7% per year, which means it is significantly lagging earnings growth. 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. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.20, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 26x in the Software industry in Germany. Total returns to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.24 per share. Buying Opportunity • Oct 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be €4.56, 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. Aankondiging • Sep 27
Fortnox AB (publ), Annual General Meeting, Apr 11, 2024 Fortnox AB (publ), Annual General Meeting, Apr 11, 2024. Aankondiging • 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 6.9% growth forecast for the Software industry in Germany. New Risk • Jun 17
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 German stocks, typically moving 6.9% 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. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: kr0.17 (vs kr0.11 in 1Q 2022) 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 is forecast to grow 23% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in Germany. 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 German dividend payers (4.7%). Lower than average of industry peers (1.7%). Recent Insider Transactions • Feb 22
Director recently sold €170k worth of stock On the 16th of February, Anna Frick sold around 30k shares on-market at roughly €5.68 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 €812k more than they bought in the last 12 months. Reported Earnings • Feb 21
Full year 2022 earnings released: EPS: kr0.57 (vs kr0.40 in FY 2021) 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 is forecast to grow 24% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Software industry in Germany. 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. Aankondiging • Nov 16
Fortnox AB (publ) (OM:FNOX) acquired 51% stake in Cling Group AB. Fortnox AB (publ) (OM:FNOX) acquired 51% stake in Cling Group AB on November 1, 2022.Cling Group AB had sale of SEK 2.2 million in 2021.
Fortnox AB (publ) (OM:FNOX) completed the acquisition 51% stake in Cling Group AB on November 1, 2022. Buying Opportunity • Oct 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be €5.14, 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 7.8% growth forecast for the Software industry in Germany. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: kr0.11 (vs kr0.076 in 1Q 2021) First quarter 2022 results: EPS: kr0.11 (up from kr0.076 in 1Q 2021). Revenue: kr282.2m (up 42% from 1Q 2021). Net income: kr66.6m (up 45% from 1Q 2021). Profit margin: 24% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 35%, compared to a 14% growth forecast for the industry in Germany. Board Change • Apr 27
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. Aankondiging • Apr 16
Fortnox AB (publ)(OM:FNOX) dropped from NASDAQ Composite Index Fortnox AB (publ)(OM:FNOX) dropped from NASDAQ Composite Index Upcoming Dividend • Mar 24
Upcoming dividend of kr0.08 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 06 April 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (1.8%). Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr3.97 (up from kr0.34 in FY 2020). Revenue: kr948.5m (up 37% from FY 2020). Net income: kr241.1m (up 17% from FY 2020). Profit margin: 25% (down from 30% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 31%, compared to a 14% growth forecast for the industry in Germany. Buying Opportunity • Feb 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be kr5.11, 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% per annum over the last 3 years. Earnings per share has grown by 38% per annum over the last 3 years. Aankondiging • Feb 03
Fortnox AB Ordinary Shares to Be Deleted from Other OTC Fortnox AB (publ) Ordinary Shares (Sweden) will be deleted from Other OTC effective from February 03, 2022, due to CUSIP Suspended. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS kr1.30 (vs kr1.06 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: kr236.5m (up 36% from 3Q 2020). Net income: kr79.4m (up 25% from 3Q 2020). Profit margin: 34% (down from 37% in 3Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS kr0.89 (vs kr0.80 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: kr235.0m (up 38% from 2Q 2020). Net income: kr54.3m (up 13% from 2Q 2020). Profit margin: 23% (down from 28% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • May 01
First quarter 2021 earnings released: EPS kr0.76 (vs kr0.69 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: kr198.5m (up 24% from 1Q 2020). Net income: kr45.9m (up 12% from 1Q 2020). Profit margin: 23% (down from 26% in 1Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 03
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr708.3m (up 28% from FY 2019). Net income: kr205.4m (up 52% from FY 2019). Profit margin: 29% (up from 24% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue misses expectations Revenue missed analyst estimates by 0.7%. Over the next year, revenue is forecast to grow 31%, compared to a 26% growth forecast for the Software industry in Germany. Aankondiging • Feb 18
Fortnox AB (NGM:FNOX) agreed to acquire Offerta Group AB for SEK 300 million. Fortnox AB (NGM:FNOX) agreed to acquire Offerta Group AB for SEK 300 million on February 16, 2021. The consideration will be paid with Fortnox newly issued shares. The transaction is expected in the long term to lead to significant revenue synergies from the integration of Offerta Group Customers.