contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analytiker

Atte Riikola

Talenom is an accounting agency that offers a wide range of services in bookkeeping, invoice management and payroll issues. In addition to the main business, financial analysis and the possibility of real-time control are offered via the company's web services. The largest proportion of customers can be found among small and medium-sized business customers within the Nordic market. The company was founded in 1972 and has its headquarters in Oulu.

Talenom

Admicom operates in the IT sector. The company is a developer of cloud-based services that mainly concern administration, accounting, payroll management, and project management. In addition to the main business, training and customer support are offered. The customers are found among small and medium-sized corporate customers, with the largest operations in construction and industry. The head office is located in Jyväskylä.

Admicom

Lemonsoft is a Finnish SaaS company that designs, develops, and sells ERP software solutions. The company is primarily a service provider of business systems to small and medium-sized companies. The customer base consists of companies in industrial manufacturing, wholesale and retail, construction and accounting firms. The company conducts its primary operations within Finland.

Lemonsoft

Fortnox operates in the technology industry and focuses on the development and distribution of cloud-based business systems for companies. The company's products include invoicing, payroll and financial systems. The operations are primarily concentrated in Sweden, with a main presence in the Stockholm region. Fortnox was founded in 2000 and is headquartered in Stockholm, Sweden.

Fortnox

On Monday, private equity firm EQT and Fortnox's largest shareholder, First Kraft, announced a public tender offer for Fortnox, a Swedish company offering cloud-based financial management and payroll software.

Automatic translation: Originally published in Finnish on March 31st, 2025 at 11:03 AM EET. Please note that the automatic translation currently only covers the text visible here and may contain errors. You can provide feedback on the translations <a href="https://forms.office.com/e/3yQ0DJ61iJ">here</a>.
On Monday, private equity firm EQT and Fortnox&apos;s largest shareholder, First Kraft, announced a public tender offer for Fortnox, a Swedish company offering cloud-based financial management and payroll software.
At the offer price of SEK 90 per share, Fortnox is valued at approximately SEK 54.9 billion. The company is estimated to generate approximately SEK 2.5 billion in revenue this year with an EBITDA margin of approximately 54%. Consequently, based on this year&apos;s estimates, Fortnox&apos;s valuation in the tender offer corresponds to approximately 22x EV/S and nearly 41x EV/EBITDA. Based on the figures for 2024, the corresponding multiples would be approximately 27x and 61x.
Fortnox has a very strong history of profitable growth, and the company has practically always been priced significantly higher on the stock exchange than other Nordic software companies. The company is also expected to continue growing at over 20% in the coming years with very high margins. In light of this, the high valuation is justifiable, but the multiples paid in the deal are extremely high in absolute terms.
For comparison, Talenom, which competes with Fortnox in some of the same markets in Sweden, has a valuation (2025e EV/S 1.8x, EV/EBITDA 6x) that is on a completely different planet, although the company&apos;s growth and margin profile is also clearly weaker than Fortnox&apos;s. Admicom, which to some extent belongs to the same group of Nordic financial management and ERP SaaS software companies, trades at 6.5x EV/S and 19x EV/EBITDA multiples for this year. Lemonsoft, which falls into the same category, trades at 3.5x EV/S and 13x EV/EBITDA multiples. The combination of growth and margin at both Admicom and Lemonsoft clearly lags behind Fortnox&apos;s superior pace, and the lower valuation is justified. In the big picture, the offer made for Fortnox is a reminder of the kind of valuations people are willing to pay for software companies at their best.