Kepler raises Fortnox to 'accept offer' on 'rich' multiples

Fortnox AB

04/06/2025 10:37

** Kepler Cheuvreux upgrades Swedish accounting software firm Fortnox FNOX.ST to "accept offer" from "hold", saying the takeover bid offers "rich" multiples

** The broker changes its rating following EQT X and First Kraft's (acting through Omega II AB) cash offer of 89.75 Swedish crowns ($9.36) per share, where the acceptance period is ongoing

** Kepler also lowers its price target to 89.75 Swedish crowns ($9.36) from 90 crowns, reflecting the 0.25 crown dividend resolved by Fortnox's AGM on April 10

** EQT X and First Kraft made a cash offer for Fortnox in March, valuing it at $5.5 billion

** "The bidder has stated it will not sweeten the offer," adds Kepler

** Out of eight analysts covering the stock, one rates it "buy", five "hold", and two "sell", as per LSEG data

($1 = 9.5927 Swedish crowns)

 (Reporting by Vera Dvorakova)

 ((vera.dvorakova@thomsonreuters.com))