Transaction based sales are starting to recover
Overall, Fortnox delivered Q2 results in line with our expectations. Sales were SEK 230m, 0% vs. ABGSCe. Although the company’s transaction-based sales remain hurt by the pandemic, they grew 20% q-o-q (16% organically) which boosts our expectation of further improvements in the coming quarters. Fortnox Finance sales, however, came in 2% below our forecast. Customer intake of +15,000 (ABGSCe 16,000) was robust, as the second quarters of the last three years all saw growth of just +13,000. Adj. EBIT grew 14% y-o-y (vs. total sales growth of 35%), hurt by increased investments in its platform. With these projects now having entered their final stages, we think the company’s internal efficiency will improve.
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