Nordea har mod betaling udarbejdet denne analyse af Netcompany:
The Q2 results were disappointing due to new project-related writedowns and higher-than-normal sickness levels. At first, it may seem odd that the latter could have such a big impact, but this is the consequence of having a highly efficient setup with a high FTE utilisation rate: with no unused resources available, it is difficult to absorb unexpected events. Just a 1 pp lower utilisation rate may hurt revenue and profitability as much as DKK ~50m, and the reported 2.5 pp margin dilution in Q2 translates to just ~1.5 to two extra sickness days. Our updated combined DCF and peer group valuation suggests a fair value range of DKK 535-620 (520-600) per share.
Q2 2022E: Significant miss versus consensus
Netcompany missed company-compiled consensus for revenue and EBITDA by 4% and 28%, respectively. The solid performances by the UK and Intrasoft were a positive surprise, but this was more than offset by notably the developments in Denmark and Norway. The Danish operation grew just 7% y/y and the gross margin declined to 37.1% (-2.6 pp y/y) as a consequence of a higher level of sickness during the quarter, likely related to the reopening of society. At the investor call, the CEO appeared optimistic that the Danish operation will soon return to its historical performance; we see this as essential.
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