Fortnox AB
LSE:0G3T

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Fortnox AB
LSE:0G3T
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Price: 46.0863 SEK -9.9% Market Closed
Market Cap: kr2.8B

EV/EBITDA

57.3
Current
3%
More Expensive
vs 3-y average of 55.6

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
57.3
=
Enterprise Value
kr53.8B
/
EBITDA
kr938m

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
57.3
=
Enterprise Value
kr53.8B
/
EBITDA
kr938m

Valuation Scenarios

Fortnox AB is trading above its 3-year average

If EV/EBITDA returns to its 3-Year Average (55.6), the stock would be worth kr44.71 (3% downside from current price).

Statistics
Positive Scenarios
0/4
Maximum Downside
-74%
Maximum Upside
No Upside Scenarios
Average Downside
37%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 57.3 kr46.09
0%
3-Year Average 55.6 kr44.71
-3%
5-Year Average 57.3 kr46.09
0%
Industry Average 17.1 kr13.76
-70%
Country Average 14.9 kr11.94
-74%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
kr53.8B
/
Apr 2025
kr938m
=
57.3
Current
kr53.8B
/
Dec 2025
kr1.4B
=
39.1
Forward
kr53.8B
/
Dec 2026
kr1.7B
=
31
Forward
kr53.8B
/
Dec 2027
kr2.1B
=
25.4
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
SE
Fortnox AB
LSE:0G3T
54.5B SEK 57.3 70.7
US
Ezenia! Inc
OTC:EZEN
567B USD -182 667.2 -180 630.8
US
Palantir Technologies Inc
NASDAQ:PLTR
341B USD 231.5 209.4
DE
SAP SE
XETRA:SAP
171.8B EUR 14.4 23.4
US
Salesforce Inc
NYSE:CRM
166.9B USD 13.4 22.4
US
Applovin Corp
NASDAQ:APP
151.7B USD 35.1 45.5
US
Intuit Inc
NASDAQ:INTU
109.9B USD 17.7 25.3
US
Adobe Inc
NASDAQ:ADBE
99.6B USD 10 13.8
US
Synopsys Inc
NASDAQ:SNPS
95.9B USD 50.6 87
US
NCR Corp
LSE:0K45
86.7B USD 233 2 065.2
US
Cadence Design Systems Inc
NASDAQ:CDNS
90.5B USD 47.7 81.6
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
SE
Fortnox AB
LSE:0G3T
Average EV/EBITDA: 71.1
57.3
25%
2.3
US
Ezenia! Inc
OTC:EZEN
Negative Multiple: -182 667.2 N/A N/A
US
Palantir Technologies Inc
NASDAQ:PLTR
231.5
84%
2.8
DE
SAP SE
XETRA:SAP
14.4
15%
1
US
Salesforce Inc
NYSE:CRM
13.4
23%
0.6
US
Applovin Corp
NASDAQ:APP
35.1
36%
1
US
Intuit Inc
NASDAQ:INTU
17.7
27%
0.7
US
Adobe Inc
NASDAQ:ADBE
10
14%
0.7
US
Synopsys Inc
NASDAQ:SNPS
50.6
47%
1.1
US
N
NCR Corp
LSE:0K45
233
9%
25.9
US
Cadence Design Systems Inc
NASDAQ:CDNS
47.7
25%
1.9
P/E Multiple
Earnings Growth PEG
SE
Fortnox AB
LSE:0G3T
Average P/E: 264.4
70.7
26%
2.7
US
Ezenia! Inc
OTC:EZEN
Negative Multiple: -180 630.8 N/A N/A
US
Palantir Technologies Inc
NASDAQ:PLTR
209.4
58%
3.6
DE
SAP SE
XETRA:SAP
23.4
17%
1.4
US
Salesforce Inc
NYSE:CRM
22.4
31%
0.7
US
Applovin Corp
NASDAQ:APP
45.5
38%
1.2
US
Intuit Inc
NASDAQ:INTU
25.3
30%
0.8
US
Adobe Inc
NASDAQ:ADBE
13.8
20%
0.7
US
Synopsys Inc
NASDAQ:SNPS
87
44%
2
US
N
NCR Corp
LSE:0K45
2 065.2
52%
39.7
US
Cadence Design Systems Inc
NASDAQ:CDNS
81.6
39%
2.1

Market Distribution

Lower than 95% of companies in Sweden
Percentile
5th
Based on 1 230 companies
5th percentile
2.1
Low
0.2 — 9.4
Typical Range
9.4 — 19.4
High
19.4 —
Distribution Statistics
Sweden
Min 0.2
30th Percentile 9.4
Median 14.9
70th Percentile 19.4
Max 4 325.3

Fortnox AB
Glance View

Market Cap
2.8B SEK
Industry
Technology

Fortnox AB, nestled in the heart of Sweden, has carved a remarkable niche in the realm of cloud-based solutions, catering predominantly to small and medium-sized enterprises (SMEs). Born out of the necessity to simplify and streamline cumbersome business processes, Fortnox offers a spectrum of software services that facilitate accounting, invoicing, payroll, and much more. At its core, the company operates on a subscription-based model, which not only ensures a steady stream of recurring revenue but also allows its customers to customize their usage based on unique business needs. This adaptability and the convenience of cloud services provide Fortnox’s clients with the freedom to manage their business affairs with unparalleled ease and efficiency, from anywhere at any time. Emphasizing integration and user-friendliness, Fortnox thrives on the principle of connectivity—partnering seamlessly with various banks and financial institutions. This interconnectedness enhances the company’s appeal as it transforms financial data management into a more streamlined, automated process, fostering greater agility for its customers. By continuously evolving its product offerings and incorporating cutting-edge technological advancements, Fortnox ensures it remains at the forefront of innovation within the crowded financial technology sector. As businesses increasingly migrate to digital platforms, Fortnox cleverly positions itself as more than just a service provider; it becomes an indispensable partner in the digital transformation journey, effectively creating an ecosystem that encourages growth and innovation for SMEs across Sweden and beyond.

0G3T Intrinsic Value
22.5403 SEK
Overvaluation 51%
Intrinsic Value
Price kr46.0863
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