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Redeye: Fortnox - Stronger Numbers Despite Macro Headwinds

Redeye takes a neutral view on Fortnox as the stock is trading slightly above our Base Case despite a strong Q4 resulting in a raised Base Case. The strong net customer intake and transaction-based revenue growth drove the sales beat and OPEX was lower than anticipated.

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Fortnox - Stronger Numbers Despite Macro Headwinds

Source:MFN
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