Nordea har mod betaling udarbejdet denne analyse af Netcompany:
Netcompany reported a solid Q3. Compared with company-compiled
consensus, Q3 revenue ended 1% below expectations and EBITA 1% above
(EBITA margin 28.1%, up 0.4 pp y/y). With 18.1% organic revenue growth y/
y in Q3 (consensus: 18.8%), Netcompany continued its solid sales growth,
despite lockdowns and restrictions. However, the recent restrictions
imposed in the UK have had a negative impact in this market, which will
continue in Q4. As a result, Netcompany lowered its 2020 guidance to
16-18% organic revenue growth (from 18-20%) and expects to end in the
low end of this range. Netcompany also, as expected, announced its
ambitions for 2021, which suggest unchanged strong revenue growth
(15-20%), albeit below the consensus expectation of 20.1%. We could see
consensus for 2021 EBITA downgraded by ~5-10%. We derive a combined
DCF- and SOTP-based fair value range of DKK 550-645 per share.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
