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Ikke-uafhængig analyse: Netcompany – Næste store vækst kan komme fra UK

Frederik Lorenzen

torsdag 11. marts 2021 kl. 10:54

Netcompany

Uddrag fra Nordeas analyse af Netcompany:

The main business of Netcompany is selling hours and developing larger systems; hence the embedded operating leverage in the business model is low, but as part of the further development the company, Netcompany is gradually adding software and high-margin-like exposure. So far, its Govtech library and the development of an airport platform have been announced. The possible next steps might include solutions based on the digitalisation of the private sector. In 2019, Netcompany won the development contract for the next generation (mit.dk = My DK) of the platform that handles the digital communication between the public sector and citizens in Denmark. Besides the obvious positive from winning the development contract for this platform used by ~4.6m Danes, Netcompany now communicates that it will also target the corporate communication market as part of the platform, which could open up an attractive (recurrent) revenue potential, which comes with a very high incremental profit margin. The potential is impossible to quantify at this point, but the existing system (e-boks) is handling ~40m logins per month and maybe more than 1bn documents being send per year, which may be translated to an annual DKK 50-100m market potential (revenue) with a very high margin. Netcompany expects its system to handle 100m documents during the first year. In addition, an interesting UK project has also been won.

Læs hele analysen her. 

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