Analyst Charles Brennan of Jefferies maintained a Hold rating on Fortnox AB (FNOX – Research Report), retaining the price target of SEK80.00.
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Charles Brennan has given his Hold rating due to a combination of factors surrounding Fortnox AB’s recent developments. The company has received a cash offer of SEK90 per share from EQT and First Kraft, which represents a significant 38% premium over its previous closing price. This offer is recommended by Fortnox and involves First Kraft, the investment vehicle of a major shareholder and the company’s Chairman, Olof Hallrup.
Given the substantial premium and the involvement of key stakeholders, Brennan sees the likelihood of a competitive bidding process as low. Consequently, he anticipates that investors will likely accept the offer. Despite Fortnox’s strong market position in Sweden, these circumstances lead him to maintain a Hold rating, suggesting that the current offer price reflects the company’s near-term value adequately.