Good market conditions have remained in Q3
Fortnox delivered a strong H1’20, despite the pandemic outbreak. We expect it to do the same in Q3e, due to 1) Sweden’s number of bankruptcies declined 25% y-o-y in Q3 (source: UC and SCB); 2) a continued high demand for cloud-based solutions amid increased remote working; and 3) a solid number of newly started companies in Q3, which rose by 12% vs. Q3’19, according to data from Bolagsverket.
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