Commissioned Research fra Nordea om Netcompany:

M&A in Holland: Small step in the right direction
Netcompany announced today (13 May) that it has acquired Q Delta in the Netherlands. Q Delta employs 105 employee, has had ~20% revenue growth (CAGR) in the past couple of years, and 2018 revenue of above DKK 50m. The market potential is significant, partly as the public sector in Holland, like Denmark, is in the midst of a major digitalisation process.

We see the acquisition as a step, although small, in the right direction. We adjust our estimates to take the acquisition into account but leave our combined DCF-model and peer group value range unchanged (DKK 280-325 per share).