Nordea har mod betaling udarbejdet denne analyse af Netcompany:
Netcompany has had a solid start to 2021, with no real negative impact from Covid-19. Given the wins by the operations in Norway and the UK, utilisation should significantly improve, while Holland may be impacted by the recent election due to the division’s high exposure to the public sector. We expect Netcompany to see a positive effect in Q1 from an increase in the number of billable hours per employee as lockdowns and travel restrictions likely have meant fewer people being on holiday during the quarter. We expect Netcompany to reiterate its 2021 guidance, although it may be more positive in its wording. We leave our 2021-23 estimates unchanged, but because of multiple expansion with the peer group, our our updated DCF- and peer group-based valuation now suggests a fair value range of DKK 590-690 (up from DKK 525-615).
Q1 2021 revenue: 16.5% y/y
We estimate 16.5% revenue growth y/y (consensus: 17.6%) based on solid revenue growth within Denmark, Norway and Holland (y/y), while the UK is expected to show a decline due to the strong Q1 2020, albeit positive growth q/q. Netcompany entered 2021 with a 16.6% higher revenue visibility y/y, hence in-line with our Q1 revenue growth estimate.
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.
