Netcompany’s CMD was mainly educational, which was expected following its recent Q3 report, changed 2020 guidance, and announced
2021 expectations. Our key takaway from the CMD was solid potential, notably within the Danish public sector (unchanged), while Norway came
across as very optimistic. The Netherlands division also appears to be on a good track. The UK is in a difficult spot, which leaves its potential at
question, in our view. Two client cases were presented, confirming Netcompany’s many qualities and strong position in Denmark. We reiterate
our combined DCF- and peer-group-based valuation of DKK 525-615 per share.
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.