Nordea har mod betaling udarbejdet denne analyse af Netcompany:
Netcompany’s Q2 report was a mixed bag with the key question being whether it was more important that the UK and Norway had started to show their potential or that Denmark’s profitability was under pressure (albeit for long-term strategic reasons). The poor profit performance was clearly a negative surprise, but in terms of the equity story, we believe it was outweighed by the strong performance by the UK and Norway. The increase in the number of employees (23% y/y) and improvement in revenue visibility (23% y/y) suggest revenue will exceed FY guidance (H2 top end of sales growth guidance: ~17.5% y/y). We trim our EBITA estimates, but our DCF- and peer-group based valuation range is up slightly to DKK 655-760 (645-745) due to peers trading at higher margins.
Q2 2021: Decreasing profit level in Denmark
While Q2 revenue was in line with the company-compiled consensus, EBITA was a 14% lower due to a higher cost base caused by higher of external consultants (~40), a high proportion of tendering activity, which reduced the number of billable hours, and DKK 7m in severance pay (UK).
