Nordea har mod betaling udarbejdet denne analyse af Netcompany:
We expect Netcompany’s solid performance continued in Q2, which may trigger a positive revision to its 2021 guidance, or at least a comment that it expects to meet the upper end of its guidance range. We expect broadbased solid performance, including a normalisation in the Netherlands (q/q). Continued progress in the UK may have had a moderately negative impact on margins, as Netcompany is using more senior resources from its Danish operation in the UK, but without being able to charge the same rates. Thanks to multiple expansion in the peer group, our updated valuation, based on DCF and the peer group, now suggests a fair value range of DKK 645-745 (up from DKK 620-720).
Broad-based performance
We expect limited impact from COVID-19 on revenue, while reduced costs for travel and events likely boosted profitability. We expect Dutch operations are normalising after the election, although we still forecast flattish development q/q, and that the UK operation is enjoying solid momentum. The latter is partly serviced using resources from the Danish operation, as capacity within the UK division is limited by reduced use of independent consultants. Netcompany was awarded a multi-year Dutch development contract worth more than EUR 50m in July.
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.
