Fortnox AB (publ)

LSE:0G3T Stock Report

Market Cap: SEK 41.0b

Fortnox Valuation

Is 0G3T 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 0G3T when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0G3T (SEK67.46) is trading below our estimate of fair value (SEK76.72)

Significantly Below Fair Value: 0G3T 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 0G3T?

Key metric: As 0G3T is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0G3T. This is calculated by dividing 0G3T's market cap by their current earnings.
What is 0G3T's PE Ratio?
PE Ratio59.4x
EarningsSEK 690.00m
Market CapSEK 41.02b

Price to Earnings Ratio vs Peers

How does 0G3T's PE Ratio compare to its peers?

The above table shows the PE ratio for 0G3T vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average52.9x
BYIT Bytes Technology Group
21x6.7%UK£1.1b
GBG GB Group
115.8x36.6%UK£942.9m
SGE Sage Group
40.3x12.5%UK£13.0b
CER Cerillion
34.5x8.5%UK£525.8m
0G3T Fortnox
59.4x22.5%SEK 41.0b

Price-To-Earnings vs Peers: 0G3T is expensive based on its Price-To-Earnings Ratio (59.4x) compared to the peer average (52.9x).

Price to Earnings Ratio vs Industry

How does 0G3T's PE Ratio compare vs other companies in the GB Software Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
SORT Sorted Group Holdings
3xn/aUS$5.52m
No more companies available in this PE range
0G3T 59.4xIndustry Avg. 34.5xNo. of Companies5PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0G3T is expensive based on its Price-To-Earnings Ratio (59.4x) compared to the UK Software industry average (34.8x).

Price to Earnings Ratio vs Fair Ratio

What is 0G3T'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.

0G3T PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio59.4x
Fair PE Ratio45x

Price-To-Earnings vs Fair Ratio: 0G3T is expensive based on its Price-To-Earnings Ratio (59.4x) compared to the estimated Fair Price-To-Earnings Ratio (45x).

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 0G3T forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 67.46
SEK 77.75
+15.3%
11.7%SEK 90.00SEK 57.00n/a8
Nov ’25SEK 64.50
SEK 77.50
+20.2%
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 65.50
SEK 73.00
+11.4%
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 64.14
SEK 73.00
+13.8%
23.1%SEK 88.00SEK 34.00n/a9
May ’25SEK 64.97
SEK 71.50
+10.1%
24.3%SEK 88.00SEK 34.00n/a8
Apr ’25SEK 66.95
SEK 68.71
+2.6%
25.0%SEK 88.00SEK 34.00n/a7
Mar ’25SEK 75.20
SEK 67.43
-10.3%
25.2%SEK 88.00SEK 34.00n/a7
Feb ’25SEK 58.89
SEK 59.17
+0.5%
23.4%SEK 74.00SEK 34.00n/a6
Jan ’25SEK 60.36
SEK 63.60
+5.4%
15.7%SEK 74.00SEK 45.00n/a5
Dec ’24SEK 56.23
SEK 62.00
+10.3%
17.0%SEK 74.00SEK 45.00n/a4
Nov ’24SEK 44.29
SEK 65.75
+48.4%
19.8%SEK 79.00SEK 45.00SEK 64.504
Oct ’24SEK 58.85
SEK 75.00
+27.4%
9.5%SEK 81.00SEK 65.00SEK 62.703
Sep ’24SEK 55.99
SEK 76.00
+35.7%
8.8%SEK 83.00SEK 65.00SEK 58.464
Aug ’24SEK 64.77
SEK 76.00
+17.3%
8.8%SEK 83.00SEK 65.00SEK 65.504
Jul ’24SEK 64.82
SEK 76.25
+17.6%
10.0%SEK 85.00SEK 64.00SEK 63.604
Jun ’24SEK 70.01
SEK 76.50
+9.3%
10.1%SEK 85.00SEK 64.00SEK 64.144
May ’24SEK 69.45
SEK 73.75
+6.2%
12.1%SEK 85.00SEK 60.00SEK 64.974
Apr ’24SEK 69.70
SEK 73.75
+5.8%
12.1%SEK 85.00SEK 60.00SEK 66.954
Mar ’24SEK 64.14
SEK 68.00
+6.0%
9.7%SEK 78.00SEK 60.00SEK 75.204
Feb ’24SEK 54.23
SEK 61.75
+13.9%
8.2%SEK 68.00SEK 55.00SEK 58.894
Jan ’24SEK 48.20
SEK 61.75
+28.1%
8.2%SEK 68.00SEK 55.00SEK 60.364
Dec ’23SEK 48.75
SEK 62.67
+28.6%
8.9%SEK 68.00SEK 55.00SEK 56.233
Nov ’23SEK 47.71
SEK 62.67
+31.3%
8.9%SEK 68.00SEK 55.00SEK 44.293

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

Discover undervalued companies

Computacenter

UK£2.3b

Provides technology and services to corporate and public sector organizations in the United Kingdom, Germany, France, North America, and internationally.

CCCL

UK£22.28

7D

0.09%

1Y

-17.1%

Truecaller

SEK 16.7b

Develops and publishes mobile caller ID applications for individuals and business in India, the Middle East, Africa, and internationally.

0AA7

SEK 48.56

7D

4.0%

1Y

53.3%

Kontron

€1.0b

Engages in the provision of internet of things (IoT) solutions in Austria and internationally.

0L9J

€17.03

7D

0.9%

1Y

-22.1%