Redeye retains its positive view of Fortnox. While management should have clarified it was talking about the share of accounting firms using Digital Agency in the first place, accounting firms not using Digital Agency make a very limited sales contribution. Thus, the clarified data does not impact our view of Fortnox’s growth prospects. We leave our Q2 forecasts largely unchanged.

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Fortnox Q2 Preview - Comments on Revised Data and Negligible Changes

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