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TaxesAreTheft
@TaxesAreTheft
1Wk·

Fortnox Q4/FY2024 Earnings

Traumhafte Zahlen von Fortnox $FNOX (-2.23%)
und eine fette Dividendenerhöhung


Q4 in mln sek

  • Net Sales 540 +20%
  • EBIT 254 +36%
  • EBIT Margin 47% +600bps
  • FCF 217 +21%
  • EPS 0,34 +10%
  • Working Capital 967 +78%
  • Subscription Customers 598000 +12%


Revenue by Segment

  • Subscription based 364 +14%
  • Transaction based 130 +30%
  • Lending based 46 +41%
  • Other 36 + 874%


Revenue by Business Areas in mln sek

  • Core Products 206 +20% I 73% operating margin +200bps
  • Businesses 120 +22% I 77% operating margin +200bps
  • Accounting Firms 112 +29% I 56% operating margin -300bps
  • Financial Services 84 +35% I 18% operating margin +600bps
  • Marketplaces 30 -21% I 66% operating margin +2800bps


FY2024 in mln sek

  • Net Sales 1642 +25%
  • EBIT 876 +30%
  • EBIT margin 43% +200bps
  • FCF 763 +25%
  • EPS 1,16 +24%


Revenue by Segment in mln sek

  • Subscription based 1419 +20%
  • Transaction based 466 +33%
  • Lending based 159 +50%
  • Other 55 +98%


Dividend increase to 0,25 SEK +25%


Revenue by Business Areas in mln sek

  • Core Products 771 +22% I 73% operating margin +300bps
  • Businesses 439 +23% I 76% operating margin +100bps
  • Accounting Firms 413 +30% I 57% operating margin -100bps
  • Financial Services 299 +31% I 15% operating margin +500bps
  • Marketplaces 165 +13% I 43% operating margin +800bps


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28 Comments
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Jan@Barrd
1Wk
I recently discovered this little gem! It's in my savings plan! Great numbers and if they start to expand at some point🫣🥰

Thanks for your summary!
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TaxesAreTheft@TaxesAreTheft
1Wk
@Barrd also in my savings plan
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Jan@Barrd
1Wk
@TaxesAreTheft I think that's a good decision and in a few years it will pay for itself 🙌🏻
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TaxesAreTheft@TaxesAreTheft
1Wk
@Barrd the dividend is also growing at around 20% at the moment. With the long runway, this will be a very cool thing.
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TaxesAreTheft@TaxesAreTheft
1Wk
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Tenbagger2024@Tenbagger2024
1Wk
@TaxesAreTheft
I've had it on my watch for a long time because you can increase profits and sales by double digits every year. And the EbiT margin is almost 50%. The KUV is of course very high.
I find Sweden very interesting anyway.
I've been following it for some time now
$HMS
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TaxesAreTheft@TaxesAreTheft
1Wk
@Tenbagger2024 I love the Swedes, great companies with a great dividend policy. I only use WER (weighted efficiency ratio) in some cases, I don't even know if this actually exists as a valuation method, I actually made it up myself. It's practically like PEG ratio only adjusted with ROE ROCE ROIC
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Tenbagger2024@Tenbagger2024
1Wk
@TaxesAreTheft
Sounds interesting. I don't think you should look too closely at the valuation of such growth stocks anyway. You're only just growing into the valuation. Fundamentally, I really like Fortnox.
What do you think of $HMS?
I really like the business model. When a machine is down, it costs the company a lot of money. That's why remote maintenance, analysis and perhaps repair will be a great help. I think the solutions could also play a role in making machines more and more AI-capable
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TaxesAreTheft@TaxesAreTheft
1Wk
@Tenbagger2024 I really like HMS, but unfortunately I'm already very well positioned with Addtech and Lifco in terms of specialized machinery. $INDT is also very interesting.
I found a real gem that I am currently analyzing $4498 Japanese cyber security small cap with really great growth and recurring revenue.
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Tenbagger2024@Tenbagger2024
1Wk
Thank you, both very interesting. I'll take a look at them. In terms of Japanese stocks, I'm currently following
$5803
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TaxesAreTheft@TaxesAreTheft
1Wk
@Tenbagger2024 very cool thanks
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TaxesAreTheft@TaxesAreTheft
1Wk
@Tenbagger2024 I just got a tax refund from TR and opened a tracking position with Cybertrust, which was a sign.
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Tenbagger2024@Tenbagger2024
1Wk
@TaxesAreTheft
This is the way
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Tenbagger2024@Tenbagger2024
1Wk
@TaxesAreTheft
Hard to find any figures on Cybertrust
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TaxesAreTheft@TaxesAreTheft
1Wk
@Tenbagger2024 I got everything from their quarterly reports. it's always difficult with the Japanese. And they are a small cap on the Japanese stock exchange that went public in 2021, so I don't think you can make it any harder for us.

https://pdf.irpocket.com/C4498/wLlX/v16v/JRJq.pdf

https://pdf.irpocket.com/C4498/wLlX/cl3b/aviK.pdf
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