-2% sales miss, but EBIT was 6% above our forecast
While Fortnox Q3 sales of SEK 175m were -2% vs. ABGSCe at SEK 179m, EBIT was SEK 82m for a margin of 47% (vs. 40% in Q3’19); this corresponds to 6% above our margin forecast and +49% y-o-y. As such, Fortnox achieved an incremental margin of 71%, which once again demonstrates the company’s highly scalable business model. In addition, owing to supportive market conditions (low bankruptcy rates, solid demand for cloud-based solutions, etc.), customer intake was 10,000 q-o-q (ABGSCe 11,000), which we think was solid. The only real negative impact that the company experienced from the pandemic has been in its transaction-based sales, which the company reports had started to return to normal levels by the end of the quarter.
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