Fortnox Q1’21 Review: Investments to pressure margins in 2021 – Long-term outlook unchanged
Redeye remains positive to Fortnox following an overall soft Q1 report, where the important net customer intake, however, reached all-time high. While lowering our EBIT forecasts for 2021 and 2022, the report gives us no reason to revise our positive long-term outlook. We keep our Base case unchanged.