Analyst Estimates: Here's What Brokers Think Of Fortnox AB (publ) (STO:FNOX) After Its Third-Quarter Report

It's been a pretty great week for Fortnox AB (publ) (STO:FNOX) shareholders, with its shares surging 11% to kr66.88 in the week since its latest quarterly results. Fortnox reported in line with analyst predictions, delivering revenues of kr523m and statutory earnings per share of kr0.31, suggesting the business is executing well and in line with its plan. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.

Check out our latest analysis for Fortnox

After the latest results, the eight analysts covering Fortnox are now predicting revenues of kr2.54b in 2025. If met, this would reflect a huge 30% improvement in revenue compared to the last 12 months. Per-share earnings are expected to shoot up 32% to kr1.50. Yet prior to the latest earnings, the analysts had been anticipated revenues of kr2.59b and earnings per share (EPS) of kr1.48 in 2025. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results.

The analysts reconfirmed their price target of kr78.25, showing that the business is executing well and in line with expectations. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on Fortnox, with the most bullish analyst valuing it at kr90.00 and the most bearish at kr57.00 per share. As you can see, analysts are not all in agreement on the stock's future, but the range of estimates is still reasonably narrow, which could suggest that the outcome is not totally unpredictable.

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. The period to the end of 2025 brings more of the same, according to the analysts, with revenue forecast to display 23% growth on an annualised basis. That is in line with its 27% annual growth over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to see their revenues grow 15% per year. So although Fortnox is expected to maintain its revenue growth rate, it's definitely expected to grow faster than the wider industry.

The Bottom Line

The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target held steady at kr78.25, with the latest estimates not enough to have an impact on their price targets.

Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. At Simply Wall St, we have a full range of analyst estimates for Fortnox going out to 2026, and you can see them free on our platform here..

You can also see our analysis of Fortnox's Board and CEO remuneration and experience, and whether company insiders have been buying stock.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.