Fortnox AB (publ)

BATS-CHIXE:FNOXS Stock Report

Market Cap: SEK 47.0b

Fortnox Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • 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 FNOXS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
SEK 77.43
Fair Value
0.08% overvalued intrinsic discount
8
Number of Analysts

Below Fair Value: FNOXS (SEK77.49) is trading above our estimate of fair value (SEK77.43)

Significantly Below Fair Value: FNOXS is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FNOXS?

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

The above table shows the Price to Earnings ratio for FNOXS. This is calculated by dividing FNOXS's market cap by their current earnings.
What is FNOXS's PE Ratio?
PE Ratio68.2x
EarningsSEK 690.00m
Market CapSEK 47.03b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FNOXS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average50.1x
BYIT Bytes Technology Group
21.5x7.2%UK£1.1b
SGE Sage Group
41.1x12.4%UK£13.3b
GBG GB Group
108x38.9%UK£879.4m
ALFA Alfa Financial Software Holdings
29.8x7.1%UK£659.6m
FNOXS Fortnox
68.2x23.9%SEK 47.0b

Price-To-Earnings vs Peers: FNOXS is expensive based on its Price-To-Earnings Ratio (68.2x) compared to the peer average (50.1x).

Price to Earnings Ratio vs Industry

How does FNOXS's PE Ratio compare vs other companies in the GB Software Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
SORT Sorted Group Holdings
2.1xn/aUS$3.74m
No more companies available in this PE range
No. of Companies5PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FNOXS is expensive based on its Price-To-Earnings Ratio (68.2x) compared to the UK Software industry average (30.6x).

Price to Earnings Ratio vs Fair Ratio

What is FNOXS'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.

FNOXS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio68.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate FNOXS's Price-To-Earnings Fair Ratio for valuation analysis.

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 FNOXS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 77.49
SEK 78.13
+0.8%
10.7%SEK 90.00SEK 60.00n/a8
Jan ’26n/a
SEK 78.63
0%
11.8%SEK 90.00SEK 57.00n/a8
Dec ’25n/a
SEK 77.75
0%
11.7%SEK 90.00SEK 57.00n/a8
Nov ’25n/a
SEK 77.50
0%
11.7%SEK 90.00SEK 57.00n/a8
Oct ’25n/a
SEK 77.50
0%
11.1%SEK 85.00SEK 57.00n/a8
Sep ’25n/a
SEK 77.88
0%
11.3%SEK 85.00SEK 57.00n/a8
Aug ’25n/a
SEK 73.00
0%
22.1%SEK 85.00SEK 34.00n/a9
Jul ’25n/a
SEK 73.78
0%
22.6%SEK 88.00SEK 34.00n/a9
Jun ’25n/a
SEK 73.00
0%
23.1%SEK 88.00SEK 34.00n/a9
May ’25n/a
SEK 71.50
0%
24.3%SEK 88.00SEK 34.00n/a8
Apr ’25n/a
SEK 68.71
0%
25.0%SEK 88.00SEK 34.00n/a7
Mar ’25n/a
SEK 67.43
0%
25.2%SEK 88.00SEK 34.00n/a7
Feb ’25n/a
SEK 59.17
0%
23.4%SEK 74.00SEK 34.00SEK 77.496
Jan ’25n/a
SEK 63.60
0%
15.7%SEK 74.00SEK 45.00n/a5
Dec ’24n/a
SEK 62.00
0%
17.0%SEK 74.00SEK 45.00n/a4
Nov ’24n/a
SEK 65.75
0%
19.8%SEK 79.00SEK 45.00n/a4
Oct ’24n/a
SEK 75.00
0%
9.5%SEK 81.00SEK 65.00n/a3
Sep ’24n/a
SEK 76.00
0%
8.8%SEK 83.00SEK 65.00n/a4
Aug ’24n/a
SEK 76.00
0%
8.8%SEK 83.00SEK 65.00n/a4
Jul ’24SEK 64.28
SEK 76.25
+18.6%
10.0%SEK 85.00SEK 64.00n/a4
Jun ’24SEK 69.76
SEK 76.50
+9.7%
10.1%SEK 85.00SEK 64.00n/a4
May ’24SEK 69.45
SEK 73.75
+6.2%
12.1%SEK 85.00SEK 60.00n/a4
Apr ’24SEK 66.36
SEK 73.75
+11.1%
12.1%SEK 85.00SEK 60.00n/a4
Mar ’24SEK 62.64
SEK 68.00
+8.6%
9.7%SEK 78.00SEK 60.00n/a4
Feb ’24SEK 52.40
SEK 61.75
+17.8%
8.2%SEK 68.00SEK 55.00n/a4
Analyst Price Target
Consensus Narrative from 8 Analysts
SEK 78.52
Fair Value
1.3% undervalued intrinsic discount
8
Number of Analysts

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 Analysis2025/02/02 02:21
End of Day Share Price 2025/01/30 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 14 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Simon GranathABG Sundal Collier Sponsored
Victor ChengBofA Global Research