` Comparison: FNOX, SAP - Alpha Spread

FNOX
vs
SAP

Over the past 12 months, FNOX has significantly outperformed SAP, delivering a return of +23% compared to the SAP's 13% drop.

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FNOX
SAP
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Stocks Compared:
FNOX SAP
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Valuation Comparison

FNOX Intrinsic Value
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SAP Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Fortnox AB
STO:FNOX
89.4 SEK
SAP SE
XETRA:SAP
209.95 EUR
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Valuation Scenario:
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Growth Comparison

Growth Over Time
FNOX, SAP

FNOX
SAP
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Fortnox AB
Revenue
SAP SE
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
FNOX, SAP

FNOX
SAP
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Fortnox AB
STO:FNOX
SAP SE
XETRA:SAP
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What is Free Cash Flow?

Gross Margin

FNOX
99.3%
SAP
73.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortnox AB
SAP SE

Operating Margin

FNOX
43.8%
SAP
27.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortnox AB
SAP SE

Net Margin

FNOX
36%
SAP
19.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortnox AB
SAP SE

FCF Margin

FNOX
30.4%
SAP
17.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortnox AB
SAP SE

ROE

FNOX
34.3%
SAP
16.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortnox AB
SAP SE

ROA

FNOX
23.7%
SAP
10.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortnox AB
SAP SE

ROIC

FNOX
29.2%
SAP
13%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortnox AB
SAP SE

ROCE

FNOX
38.2%
SAP
19.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Fortnox AB
SAP SE

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
FNOX, SAP

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FNOX
SAP
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Performance Gap
FNOX, SAP

Performance Gap Between FNOX and SAP
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Performance By Year
FNOX, SAP

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FNOX
SAP
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