Nordea har lavet en kort analyse af Netcompany efter deres Q2 2021:
Netcompany reported solid Q2 2021 results. Compared with the company-compiled consensus, Q2 revenue and EBITA ended 1% and -14%, respectively (EBITA margin 20.2%, -3.7 pp y/y). The EBITA miss/higher cost base is mainly explained by the combination of DKK -7m linked to severance payment in the UK, the increased use of external consultants (DK), continued investments in Govtech etc., and high tender activity. EBITA in Denmark ended surprisingly down y/y, despite 20% revenue growth. Q2 organic revenue growth was 21.2% y/y (consensus: 21.6%) driven by Norway and UK, while Holland decreased by 3% y/y. As expected, Netcompany raised its 2021 guidance, however only for its revenue growth (18-20%, was 15-20%), while the EBITA margin was left untouched at 23-25% (consensus: 25.5%). We expect consensus (2021E EBITA) to be cut by ~3-5% and a negative share price reaction. Our combined DCF- and SOTP-based fair value range is DKK 645-745 per share.
Key details from the Q2 report:
Employees: The number of employees increased by 22% y/y (average)
Revenue visibility: +23% y/y
Denmark: 20% LCY revenue growth y/y
Norway: 47% LCY revenue growth y/y
UK: 22% LCY revenue growth y/y
Holland: -3% LCY revenue growth y/y
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.
